The New York Stock Exchange (NYSE), also called “The Bid Board”, is a stock exchange situated at 11 Wall Street, Lower Manhattan, in New York. It is the world’s largest stock exchange.
The earliest history of the New York Stock Exchange can be traced back to 1792. At that time, 24 brokers founded a security trading organization and signed the Buttonwood Agreement that set a floor commission rate charged to the clients. The agreement also bound those signers to give preference to other signers in terms of security sales.
In 1817, the stockbrokers reformed and reorganized the institution. The organization was then named as the New York Stock and Exchange Board, and it started renting out exclusive space for trading securities. In 1869, The Open Board of Stock Brokers, a competitor to the NYSE, merged with the latter.
After experiencing the panics and crashes of the Great Depression, the NYSE merged with another rival Archipelago, and reorganized itself as a publicly-traded company in 2005. In 2006, the institution started trading under the name of the NYSE Group.
In 2007, the NYSE Group merged with the European combined stock market, Euronext. Thus, the first transatlantic stock exchange, the NYSE Euronext, was formed. It was the parent of the NYSE. In 2013, the NYSE Euronext was owned by the International Exchange (ICE) until now.
The New York Stock Exchange is the world’s largest, oldest, and best-known stock exchange by market capitalization. The NYSE still uses a large trading floor at 11 Wall Street to conduct transactions, which makes it unique compared to other stock exchanges. Many of the oldest publicly traded companies are on the exchange. Its massive size and global presence make it a head start among the major U.S. stock exchanges.