The AMEX Exchange, the American Stock Exchange, is one of the exchanges that has lost its independence in recent years. Geographically located in New York, AMEX was at one time the largest US securities trading platform - in the mid-1950s, it accounted for more than 50% of all transactions.
In 1998, the exchange was bought by NASDAQ, but in 2004 AMEX participants bought the site back. Later merged with NYSE.
Emmanuel Mendels and Karl Forzheimer were inspired to create AMEX, which is an acronym for American Stock Exchange, by the great American panic of 1907 on the NYSE and the growing demand for processed products, in particular, kerosene. It was decided to create a platform for especially small enterprises in the oil, metallurgical, textile and chemical sectors. The exchange was named the New York Curb Market Agency.
Like most sites of that time, the office did not have a full-fledged office, and announcements about the sale and purchase of assets were posted on concrete pedestals. Thus, it was possible to save on the maintenance of the premises, and the number of participants was much higher than what was present on the NYSE floor.
Soon the “street brokers” had a constitution and rules. In 1921, at the end of World War I, the exchange was quite wealthy, and in 1921 moved to an office on Greenwich Street in Lower Manhattan, proudly named the New York Curb Exchange Building.
In 1929, the site was renamed the New York Curb Exchange (NYCE), emphasizing the "abandonment" of the marketing agency form and the pivot to stock trading.
After World War II, when the American economy began to lose momentum due to a halt in the flow of government orders, NYCE was again renamed, this time to the American Stock Exchange.
In 1977, AMEX received a takeover bid from the NYSE. The head of AMEX, Paul Colton, spoke out against it - at that time the NYSE was not yet the world leader in stock trading, and AMEX's positions seemed unshakable. I had to agree after more than 20 years, when investors faced the 2008 crisis.
Wall Street Education
The AMEX Exchange, the American Stock Exchange, is one of the exchanges that has lost its independence in recent years. Geographically located in New York, AMEX was at one time the largest US securities trading platform - in the mid-1950s, it accounted for more than 50% of all transactions.
In 1998, the exchange was bought by NASDAQ, but in 2004 AMEX participants bought the site back. Later merged with NYSE.
Emmanuel Mendels and Karl Forzheimer were inspired to create AMEX, which is an acronym for American Stock Exchange, by the great American panic of 1907 on the NYSE and the growing demand for processed products, in particular, kerosene. It was decided to create a platform for especially small enterprises in the oil, metallurgical, textile and chemical sectors. The exchange was named the New York Curb Market Agency.
Like most sites of that time, the office did not have a full-fledged office, and announcements about the sale and purchase of assets were posted on concrete pedestals. Thus, it was possible to save on the maintenance of the premises, and the number of participants was much higher than what was present on the NYSE floor.
Soon the “street brokers” had a constitution and rules.
In 1921, at the end of World War I, the exchange was quite wealthy, and in 1921 moved to an office on Greenwich Street in Lower Manhattan, proudly named the New York Curb Exchange Building.
In 1929, the site was renamed the New York Curb Exchange (NYCE), emphasizing the "abandonment" of the marketing agency form and the pivot to stock trading.
After World War II, when the American economy began to lose momentum due to a halt in the flow of government orders, NYCE was again renamed, this time to the American Stock Exchange.
In 1977, AMEX received a takeover bid from the NYSE. The head of AMEX, Paul Colton, spoke out against it - at that time the NYSE was not yet the world leader in stock trading, and AMEX's positions seemed unshakable. I had to agree after more than 20 years, when investors faced the 2008 crisis.
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