Also known as the Big Board, the New York Stock Exchange (NYSX) is the largest stock exchange in the world. Along with London Stock Exchange and Tokyo Stock Exchange, the NYSX is a crucial financial hub that has a combined capitalization of $25.0 trillion. Currently, there are 2,764 securities listed under its wing.
The NYSX was first established in May 17, 1792. before it became a large organization, it was initially composed of 24 stock brokers. All of them signed an agreement, called the Buttonwood Agreement, establishing the New York Stock and Exchange Board (as it was previously known). In 1863, the name was shortened to the New York Stock Exchange. The first president of the organization was Anthony Stockholm.
Before the Great Fire destroyed the NYSX in 1835, the NYSX was located in a room at 40 Wall Street. Between the years of 1896 and 1901, the NYSE held a design competition. Among the many architects employed in New York, only eight New York city architects were invited to participate in the contest.
The winner of the competition was architect George B. Post who came up with a neoclassical design for the NYSX building. On June 2, 1978, the building was declared a National Historic Landmark.
Currently, the NYSE continues to trade stocks worth billions of dollars everyday. The stocks don't just come from city-based companies. Stocks traded in NYSX come from large companies all over the world. These companies sell their stocks to the public so they can raise money for their business operations.
Stock brokers who are members of NYSX are in charge of the buying and selling of stocks of their client companies. For example, big companies like Pepsi and Nokia sell stocks to the public through NYSX.
People who buy stocks of these companies become stock holders. This means, they get a share of the company's profit when the company declares its dividends. Stockholders also get a complete financial report from the company where they own stocks.
Selling, buying and trading stocks is a complicated business. If you want to participate in the trading that goes on in the NYSX, you should contact a member firm or one of its stockbrokers. Make sure that the firm has a license to trade at the NYSX before you place your trust in them.
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