7 Facts About the New York Stock Market

The New York stock market or The New York Stock Exchange (NYSE) originated towards the end of 18th century, when 24 stockbrokers signed the Buttonwood Agreement in 1792. The purpose of this agreement was to create a place where trading of businesses could take place. As the NYSE expanded with time, its location had to be changed regularly to accommodate the growing number of traders.

Some Facts about the New York Stock Market

Everybody is familiar with the name of NYSE, as it enjoys the status of being the largest stock market not only in the US but in the whole world. Here are some interesting facts about the New York Stock Market:

* 2700 member companies of the NYSE represent over three fourths of the total market capitalization of the US economy.

* The current market value of the NYSE is three times more than the market value of the Tokyo Stock Exchange (TSE), which is its closest competitor in the International Exchange Market.

* Approximately 1.5 billion shares are traded on the New York stock market each day.
* Trading of shares takes place almost every weekday, except special holidays, with the NYSE opening at 9:30 in the morning and closing at 4 p.m.
* Currently, 1,366 members hold seats in the NYSE that gives them the power of direct trade in the exchange. These seats are much sought after, as direct trade is not possible on the NYSE without it.
* The price for occupying these seats rose to the point of $3.25 million in 2005.

* Till 1995, all transactions were made on paper. An NYSE member named Michael Einersen introduced wireless HHC in September 1995 to allow traders to execute automated auctions.