American Stock Exchange

For more information on American Stock Exchange, visit Britannica.com.

Type: Subsidiary
On the web: http://www.nyse.com/equities/nysealternextus/1218155408912.html
Employees: 425

NYSE Alternext US, operating as NYSE Amex, is NYSE Euronext's US market for emerging growth companies and a specialist in options and exchange-traded funds (ETFs). Formerly the American Stock Exchange, or AMEX, the company was acquired by NYSE Euronext in 2008 and renamed NYSE Alternext US. The exchange uses a hybrid model of auction-based and exectronic trading; it lists more than 450 companies and is the US's #2 options exchange (behind the Chicago Board Options Exchange). NYSE Euronext rebranded the company as NYSE Amex in 2009.

Key numbers for fiscal year ending December, 2008:
Sales: $42.9M

Officers:
President and COO: Patricia A. (Pat) Rado
SVP and CFO: Paul M. Warner
EVP and CIO: Antoine Shagoury

Competitors:
CBOE
NASDAQ OMX
NYMEX Holdings

The third-largest stock exchange by trading volume in the United States. The AMEX is located in New York City and handles about 10% of all securities traded in the U.S.

Investopedia Says:
The AMEX has now merged with the Nasdaq. It was known as the "curb exchange" until 1921.

It used to be a strong competitor to the New York Stock Exchange, but that role has since been filled by the Nasdaq. Today, almost all trading on the AMEX is in small-cap stocks, exchange-traded funds and derivatives.

Related Links:
If you're new to the stock market and want the basics, this is the tutorial for you! Stock Basics Tutorial
Get to know the most important market indices and the pros and cons of investing in them. Index Investing

One of the largest options exchanges in the United States. Located at 86 Trinity Place in lower Manhattan, AMEX was known as the Curb Exchange until 1921. The exchange pioneered index options and trades options on 25 broad-based and sector indices. It is a leader in the development of Exchange Traded Funds (ETFs), and it calculates and publishes a wide variety of indices to support index-based products such as ETFs, index options, and structured products. The Amex is home to more than 700 companies and trades 20 corporate bonds. The Amex was one of the pioneers in index options and today trades put-and-call options on broad market, industry sector, and international indexes. Index options make it possible for investors to "trade" an entire market to seek either profit or protection from price movements in a stock market as a whole or in broad segments of a particular market. The exchange trades more than 160 ETFs; 17 Holding Company Depositary Receipts (HOLDRs); and more than 350 structured products such as notes linked to currencies, equities, and indexes. The two main indices tracking Amex stocks are the Amex Composite Index and the Amex Major Market Index. Amex derivatives include Diamonds, which tracks the Dow Jones Industrial Average and Standard & Poor's Depositary Receipts (SPDRs), which track the S&P 500 index and are called Spiders. In 2004, the National Association of Securities Dealers (NASD) transferred control of the Amex back to its membership and elected a new board. The board is composed of 15 members, nine independent and six industry governors. The Amex's equity market is a centralized, specialist-based auction market, and the exchange is currently making upgrades to its trading technology, which includes the Amex New Trading Environment (ANTE) for options. The exchange expects to have the upgrades fully implemented by the first quarter of 2006, in order to meet Regulation NMS compliance requirements. As a result, the Amex's trading environment will be largely automated and expects to have the speed of an electronic communication network, but will still retain its human-based Open Outcry system of trading for those investors who desire it. Trading hours: 9:30 A.M.-4 P.M., Monday through Friday. www.amex.com. See also Securities and Commodities Exchanges SPDRs; Stock Indices and Averages.

Stock exchange with the second biggest volume of trading in the United States, located at 86 Trinity Place in downtown Manhattan. Stocks and bonds traded on the Amex are mainly those of small to medium-size companies, as contrasted with the huge companies whose shares are traded on the New York Stock Exchange. Stock options are also traded on the Amex, which is sometimes referred to as the Curb.

The second largest United States stock exchange, after the New York Stock Exchange. It was formerly known as the new york curb exchange or "Curb" and is abbreviated today as either amex or ase.

Traditionally, the second largest stock exchange in the United States, after the New York Stock Exchange. The American Stock Exchange is in New York City. It is often identified in financial pages as AMEX. In 1998, AMEX merged with the NASD, which runs the NASDAQ exchange.

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NYSE Amex Equities
U.S. National Register of Historic Places
U.S. National Historic Landmark
The American Stock Exchange
Location:	86 Trinity Pl, Lower Manhattan, New York City, New York[1]
Coordinates:	40°42′31″N 74°00′45″W / 40.70861°N 74.0125°W / 40.70861; -74.0125
Built/Founded:	1921, expanded in 1931 [2]
Architectural style(s):	Art Deco[2]
Governing body:	NYSE Euronext
Added to NRHP:	June 2, 1978 [3]
Designated NHL:	June 2, 1978 [2]
NRHP Reference#:	78001867

NYSE Amex Equities, formerly known as the American Stock Exchange (AMEX) is an American stock exchange situated in New York. AMEX was a mutual organization, owned by its members. Until 1953 it was known as the New York Curb Exchange.^[4] On January 17, 2008 NYSE Euronext announced it would acquire the American Stock Exchange for $260 million in stock.^[5] On October 1, 2008, NYSE Euronext completed acquisition of the American Stock Exchange.^[6] Before the closing of the acquisition, NYSE Euronext announced that the Exchange will be integrated with Alternext European small-cap exchange and renamed NYSE Alternext U.S.^[7] In March 2009, NYSE Alternext U.S. was again rebranded to NYSE Amex Equities.^[8]

Contents 1 History 2 Hours 3 See also 4 Further reading 5 References 6 External links

History

The Exchange traces its roots back to colonial times, when stock brokers created outdoor markets in New York City to trade new government-issued securities. The AMEX started out in 1842 as such a market at the curbstone on Broad Street near Exchange Place. The curb brokers gathered around the lamp posts and mail boxes, resisting wind and weather, putting up lists of stocks for sale. As trading activity increased so did the volume of the transactions; the shouting reached such a high level that stock hand signals had to be introduced so that the brokers could continue trading over the din. In 1921 the market was moved indoors into the building at 86 Trinity Place, Manhattan, where it still resides. The hand signals remained in place for decades even after the move, as a convenient means of communication. The building was declared a National Historic Landmark in 1978.^[2][9]

AMEX's core business has shifted over the years from stocks to options and Exchange-traded funds, although it continues to trade small to mid-size stocks. An effort in the mid-1990s to initiate an Emerging Company Marketplace ended in failure, as the reduced listing standards (beyond the existing lenient AMEX standards) caused penny stock promoters to move their scams to a national exchange. In the mid 1990s the exchange was dogged by allegations of trading scandals, which were highlighted by BusinessWeek in 1999.^[10] In 1998, the American Stock Exchange merged with the National Association of Securities Dealers (operators of NASDAQ) to create "The Nasdaq-Amex Market Group" where AMEX is an independent entity of the NASD parent company. After tension between the NASD and AMEX members, the latter group bought out the NASD and acquired control of the AMEX in 2004.

Out of the three major American stock exchanges, the AMEX is known to have the most liberal policies concerning company listing, as most of its companies are generally smaller compared to the NYSE and NASDAQ. The Amex also specialises in the trading of ETFs, and hybrid/structured securities. The majority of U.S. listed ETFs are traded at the AMEX including the SPDRs and most PowerShares.

In 2006, the AMEX attempted to popularize an American implementation of the Canadian income trust model. Listed Equity Income Hybrid Securities, (more commonly known as Income Deposit Securities) listed on the AMEX are B & G Foods Holding Corp. (BGF), Centerplate, Inc. (CVP), Coinmach Service Corp. (DRY), and Otelco Inc. (OTT). Recently Coinmach Service Corp, has been attempting to restructure itself away from being an income trust.

As of 31 December 2007, the AMEX had 592 listed companies with a combined market capitalization of $258 billion.^[11]

The AMEX also produces stock market indices; perhaps the most notable of these is an index of stocks of internet companies now known as the Inter@ctive Week Internet Index^[12] Recently, the AMEX has also developed a unique set of indices known as Intellidexes, which attempt to gain alpha by creating indices weighted on fundamental factors. The AMEX Composite, a value-weighted index of all stocks listed on the exchange, established a record monthly close of 2,069.16 points on November 30, 2006.

Street level

Wikimedia Commons has media related to: American Stock Exchange

Located near the World Trade Center, the operation of the AMEX was temporarily affected by the September 11 attacks. The Exchange's operations were temporarily shifted to the Philadelphia Stock Exchange.

Hours

The exchange's normal trading sessions are from 9:30am to 4:00pm on all days of the week except Saturdays, Sundays and holidays declared by the Exchange in advance.^[13]

See also

• List of stock exchanges
• New York Stock Exchange (NYSE)
• Stock exchange
• Economy of New York City
• Amex Major Market Index

Further reading

• Sobel, Robert (1970). The Curbstone Brokers: The Origins of the American Stock Exchange. Washington, D.C.: BeardBooks. ISBN 1893122654. 
• Sobel, Robert (1972). AMEX: A History of the American Stock Exchange. Washington, D.C.: BeardBooks. ISBN 1893122484. 

References

1. ^ New York County listings at the National Register of Historic Places
2. ^ ^{a b c d} "American Stock Exchange". National Historic Landmark summary listing. National Park Service. 2007-09-14. http://tps.cr.nps.gov/nhl/detail.cfm?ResourceID=1770&resourceType=Building. 
3. ^ "National Register Information System". National Register of Historic Places. National Park Service. 2007-01-23. http://www.nr.nps.gov/. 
4. ^ Klein, Maury (2001). Rainbow's End: The Crash of 1929. Oxford University Press. ISBN 0-19-513516-4. 
5. ^ "NYSE Euronext to acquire American Stock Exchange". Business Wire. 2008-01-16. http://www.businesswire.com/portal/site/home/index.jsp?epi-content=NEWS_VIEW_POPUP_TYPE&newsId=20080117006151&ndmHsc=v2*A1197982800000*B1200635511000*DgroupByDate*J2*L4*N1000837*Znyx&newsLang=en&beanID=202776713&viewID=news_view_popup. 
6. ^ "NYSE Euronext Completes Acquisition of American Stock Exchange". 2008-10-01. http://www.nyse.com/press/1222772889985.html. 
7. ^ "Notice of upcoming NYSE system changes to support the NYSE/Amex Integration (NYSE Alternext U.S.)". 2008-07-07. http://traderupdates.nyse.com/2008/07/notice_of_upcoming_nyse_system.html. 
8. ^ "NYSE Amex Equities Information". http://www.nyse.com/equities/nysealternextus/1218155408912.html. 
9. ^ George R. Adams (March, 1977), National Register of Historic Places Inventory-Nomination: American Stock Exchange, National Park Service  and Accompanying photos, from 1925-1976PDF (3.43 MB)
10. ^ The American Stock Exchange: Scandal on Wall Street
11. ^ American Stock Exchange Page via Wikinvest
12. ^ Inter@ctive Week has ceased publication. The exchange has retained the name.
13. ^ Market Hours, American Stock Exchange via Wikinvest

External links

• American Stock Exchange website
• Canadian Stock Exchange Information Database

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