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American Stock Exchange also called the Curb is the second-largest stock exchange in the US after the New York Stock Exchange NYSE The AMEX started as an alternative to the NYSE It originated when brokers began meeting on the curb outside the NYSE in order to trade stocks that failed to meet the Big Boards stringent listing requirements but the AMEX now has its own trading floor In 1998 the parent company of the NASDAQ purchased the AMEX and combined their markets although the two continue to operate separately The listing rules are a little more lenient than those of the NYSE therefore AMEX has a larger representation of stocks and bonds issued by smaller companies than the NYSE Index and interest rate options trading also occurs on the AMEX New York Stock Exchange also called the Big Board is the oldest and largest stock exchange in the US located on Wall Street in New York City The NYSE is responsible for setting policy supervising member activities listing securities overseeing the transfer of member seats and evaluating applicants It traces its origins back to 1792 when a group of brokers met under a tree at the tip of Manhattan and signed an agreement to trade securities Unlike some of the newer exchanges the NYSE still uses a large trading floor in order to conduct its transactions It is here that the representatives of buyers and sellers professionals known as brokers meet and shout out prices at one another in order to strike a deal This is called the open outcry system and it usually produces fair market pricing 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 Of the exchanges the NYSE has the most stringent set of requirements in place for the companies whose stocks it lists
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