New York Stock Exchange

New York Stock Exchange (NYSE)

World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. It was formally constituted as the New York Stock and Exchange Board in 1817, and its present name was adopted in 1863. Since 1868 membership has been obtained by purchasing a seat from an existing member; membership has been limited to 1,366 since 1953. The exchange provided capital for the industrialization of the U.S. in the 19th century. After the Panic of 1837 it began to demand that companies disclose information about their finances to the public as a condition of offering stock. The stock-market crash of 1929 led to regulation by the Securities and Exchange Commission. To be listed on the NYSE, a company must earn $2.5 million before taxes, have more than one million shares of stock outstanding, give common stockholders voting rights, and publish periodic financial statements. See also American Stock Exchange; NASDAQ.