Hi, I’m going to talk about the American Stock Exchange right now. By the way this financial institution is also known as AMEX and it located in New York. I should say that from the very beginning this stock exchange was considered to be a mutual organization. Moreover it had another name at that time. I mean the period before 1929. Excuse me, but I don’t remember this name. you can find it by yourself if it’s interesting for you. It was taken over by NYSE and to be exact it happened in 2008. The whole acquisition process was finished this year in October.
I’d like to stress that this stock exchange comes from the colonial times. So some stock brokers started up their spontaneous outdoor markets exactly in the New York City. Their purpose was to trade new government-issued securities. In 1842 AMEX started its financial activity. To be exact at that time it was situated on Broad Street close to Exchange Place. So once these brokers gathered by mail boxes and made lists of stocks for sale. They were the first in this field. Then their financial activity increased and dealers joined them. I should say that at that time special stock hand signals were invented and from that moment the trading system was normally understood by all the participants of the trading process. I should say that in 1921 the market shifted to so called indoor premises situated at 86 Trinity Place, Manhattan. And those signals were officially recognized as means of communication on the stock exchange. By the way this building became a real National Historic Landmark. To be exact it was officially declared in 1978.
By the way 1990s are known for very important events in the world of stock exchange. So at that time AMEX united with NASDAQ and as the result a new company appeared. And this company was famous worldwide too. So AMEX remained an independent character on the stock market together with NASD as its parent company. But then very soon in 2004 AMEX took over NASD. AMEX was famous for its extremely liberal policy regarding the company listing among these three major American Stock Exchanges. In fact the vast majority of the listed companies were rather small when compared with such stock exchanges as NYSE and NASDAQ. By the way exactly so called hybrid securities dominated on that stock exchange at that time.
By the way terrorist attacks of September 11 had a great impact on this AMEX. As the result the trading process stopped and then shifted to the Philadelphia Stock exchange. I hope you remember that scaring time for the financial world. I hope you’ve learnt much about the history of the American Stock Exchange.
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