Encyclopedia:
New York Stock Exchange,
Talk:New York Stock Exchange,
Category:New York Stock Exchange,
List of presidents of the New York Stock Exchange,
Category:Companies listed on the New York Stock Exchange,
Companies listed on the New York Stock Exchange (Z),
Companies listed on the New York Stock Exchange (Y),
Companies listed on the New York Stock Exchange (X),
Companies listed on the New York Stock Exchange (W),
Companies listed on the New York Stock Exchange (V)
New York Stock Exchange (
NYSE), nicknamed the "
Big Board," is a
New York City-based
stock exchange. It is the largest stock exchange in the world by
dollar volume and the second largest by number of companies listed. Its share volume was exceeded by that of
NASDAQ during the
1990s, but the total
market capitalization of companies listed on the NYSE is five times that of companies listed on NASDAQ. The New York Stock Exchange has a global capitalization of $21 trillion, including $7.1 trillion in non-U.S. companies.
The NYSE is operated by
NYSE Group, which was formed by merger with the fully electronic stock exchange
Archipelago Holdings. The New York Stock Exchange trading floor is located at 11
Wall Street, and is composed of five rooms used for the facilitation of trading. The main building is listed on the
National Register of Historic Places and is located at 18
Broad Street, between the corners of Wall Street and
Exchange Place.
Business
thumb|200px|New York Stock Exchange (June 2003)thumb|200px|Trades on the floor of the New York Stock Exchange always involve a vis-a-vis interaction. There is one podium or desk on the trading floor for each of the exchange's three thousand or so stocks.]
thumb|right|200px|Early image of the trading floor
[HABS photo]
The NYSE trades in a continuous auction format. There is one specific location on the trading floor where each listed stock trades. Exchange members interested in buying and selling a particular stock on behalf of investors gather around the appropriate post where a specialist broker, who is employed by a NYSE member firm (that is, he/she is not an employee of the New York Stock Exchange), acts as an auctioneer in an open outcry auction market environment to bring buyers and sellers together and to manage the actual auction. They do on occasion (approximately 10% of the time) facilitate the trades by committing their own capital and as a matter of course disseminate information to the crowd that helps to bring buyers and sellers together. Most of the time
natural buyers and sellers meet in a market that provides efficient price discovery in an auction environment that is designed to produce the fairest price for both parties. The human interaction and expert judgment as to order execution differentiates the NYSE from fully electronic markets. However, in excess of 50% of all order flow is now delivered to the floor electronically. Recent proposals have been made to adopt a Hybrid market structure combining elements of open outcry and electronic markets. The frenzied commotion of men and women in colored smocks has been captured in several movies, including
Wall Street 
