New York Stock Exchange New York City
New York Stock Exchange – Tourist Attractions in New York City
New York Stock Exchange in NYC, New York, USA
New York Stock Exchange
The New York Stock Exchange (NYSE), nicknamed the “Big Board”, is a New York City-based stock exchange. It is the largest stock exchange in the world by dollar volume and the second largest by number of companies listed. Its share volume was exceeded by that of NASDAQ during the 1990s. The New York Stock Exchange has a global capitalization of $25.0 trillion as of December 31, 2006
The origin of the NYSE can be traced to May 17, 1792, when the Buttonwood Agreement was signed by twenty-four stock brokers outside of 68 Wall Street in New York under a buttonwood tree. On March 8, 1817, the organization drafted a constitution and renamed itself the “New York Stock & Exchange Board”. This name was shortened to its current form in 1863. Anthony Stockholm was elected the Exchange’s first president.
The first central location of the NYSE was a room rented for $200 a month in 1817 located at 40 Wall Street. But the volume of stocks traded had increased sixfold in the years between 1896 and 1901 and a larger space was required to conduct business in the expanding marketplace. Eight New York City architects were invited to participate in a design competition for a new building and the Exchange selected the neoclassic design from architect George B. Post. Demolition of the existing building at 10 Broad Street and the adjacent lots started on 10 May 1901.
The New York Stock Exchange building opened at 18 Broad Street on April 22, 1903 at a cost of $4 million. The trading floor was one of the largest volumes of space in the city at the time at 109 x 140 feet wide (33 x 42.5 meters) with a skylight set into a 72 foot high ceiling (22 m.) The main façade of the building features marble sculpture by John Quincy Adams Ward in the pediment, above six tall Corinthian capitals, called “Integrity Protecting the Works of Man”. The building was listed as a National Historic Landmark and added to the National Register of Historic Places on June 2, 1978.
In 1922, a building designed by Trowbridge & Livingston was added at 11 Broad Street for offices, and a new trading floor called “the garage”. Additional trading floor space was added in 1969 and 1988 (the “blue room”) with the latest technology for information display and communication. Another trading floor was opened at 30 Broad Street in 2000. With the arrival of the Hybrid Market, a greater proportion of trading was executed electronically and the NYSE decided to close the 30 Broad Street trading room in early 2006.
11 Wall Street
New York, NY 10005