The New York Stock Exchange is one of the world’s most famous financial institutions and an icon of American capitalism. Founded 225 years ago, the New York Stock Exchange is still held in high regard by financial professionals throughout the world. It is the oldest and largest exchange in the United States and in the world.
The Exchange lists about 3 000 companies, both local and foreign. A number of the companies in CybiWealth’s portfolio are currently listed on the New York Stock Exchange. These companies are 3M, The Coca-Cola Company, Colgate Palmolive, Honeywell, Johnson & Johnson, Medtronic, Pfizer, United Technologies and Procter & Gamble.
Here are just some interesting facts you may not have known about the New York Stock Exchange.
The Oldest Stock
New York Gas Light was listed on the New York Stock Exchange in 1824 and maintains the record as the longest listed stock on the exchange. In the early 20th century, the corporation extended into electricity and in 1936 was renamed Consolidated Edison Company of New York.
Runners and Deer
“Deer” also called “runners” were people who worked at the New York Stock Exchange. Telephones were only installed after 1878, “runners” and “deer” would race across Wall Street from the exchange to brokerage offices to deliver documents such as stock quotes. The New York Stock Exchange was also equipped with a system of air-filled tubes which brokers used to quickly transmit stock orders to each other.
Muriel Siebert, recognised by her colleagues for her fashion flair, was the first woman broker to trade on the floor at the exchange in 1967. A room on the 7th floor of the building is named after her and in her honour features a coat she once wore.
People Still Trade
The New York Stock Exchange is one of the last few exchanges with people trading left in the world. With electronic trading now commonplace, many trading floors have closed. However, the New York Stock Exchange’s equities trading floor is still manned. The New York Stock Exchange uses a combination of both electronic trading and floor trading. Today many exchanges throughout the world are all-electronic.
The number of people working at the exchange has reduced largely from as many as 5 000 down to, on average, 500 to 1 000 people in a day .
The New York Stock Exchange was owned by its members – the companies listed by the exchange, up until 2006. Thereafter the exchange became a publicly traded company whereby individuals could own shares in the exchange.
The facts and opinions presented in this blog article do not necessarily reflect those of the CybiWealth team or FIM Capital Limited. FIM Capital is licensed by the Isle of Man Financial Services Authority and authorized and regulated by the Financial Conduct Authority.