Glossary of Terms>N>New York Stock Exchange (NYSE)

The oldest and largest stock exchange in the United States, located on Wall Street in New York City. The New York Stock Exchange traces its origins to 1792, when 24 New York City stockbrokers and merchants met under a tree at the tip of Manhattan and signed the Buttonwood Agreement. NYSE is a corporation, operated by a board of directors, responsible for listing securities, setting policies, and managing the stock exchange and its member activities. The NYSE also oversees the transfer of members' seats on the Exchange, judging whether a potential applicant is qualified to be a specialist. The NYSE uses floor traders and the open outcry system, whereas the Nasdaq and many other exchanges are electronic. In order to facilitate the exchange of stocks, the NYSE employs individuals called specialists who are assigned to manage the buying and selling of specific stocks and to buy those stocks when no one else will, to create a liquid market. Also referred to as: the Big Board. See also: Nasdaq, Amex

Website: nyse.com