The trademarked name of the largest and oldest organized securities exchange in the United States. The NYSE, founded in 1792, currently trades a substantial portion of the nation's listed stocks, including those of most large publicly traded firms. The NYSE merged in 2006 with Archipelago Holdings to form NYSE Group, Inc. One year later NYSE Group merged with Euronext to form NYSE Euronext. The New York Stock Exchange is now operated by NYSE Group, a subsidiary of NYSE Euronext. See also
NYSE Arca,
securities exchange.
On March 7, 2006, the New York Stock Exchange was transformed from a member-owned nonprofit exchange into a publicly traded corporation. The world's best-known exchange that commenced business in 1792 issued shares of ownership to the public in an eagerly awaited IPO. In an effort to remain competitive with other exchanges that had embraced cheaper electronic trading, the NYSE (renamed NYSE Group, Inc.) merged with Archipelago, an electronic trading network, and needed capital and a currency (the newly issued stock) to pay for its modernization. As part of the transformation, seat holders (former owners) received $300,000 in cash, $70,571 in dividends, and 80,177 shares of stock. The stock closed the first day of trading at $80 per share, a major increase from the IPO price. In June of the same year, the exchange beat out a German rival and agreed to acquire Paris-based Euronext, with exchanges in Paris, Amsterdam, Brussels, and Lisbon.