American Stock Exchange

Also see: NYSE Amex
The American Stock Exchange (AMEX) traces its roots back to the late 18th century when stockbrokers, known as "curbstone brokers," traded securities on the streets of New York City. These traders specialized in emerging industries and smaller companies, which were often unable to meet the listing requirements of the more established New York Stock Exchange (NYSE).
During the 1830s, these traders focused on the stocks of newly created enterprises such as turnpikes, canals, and railroads. The California Gold Rush of the 1840s and the discovery of oil in Pennsylvania in 1859 further expanded the curb market's offerings.
== Formalization and Growth ==
In 1908, the New York Curb Market Agency was established to codify trading practices and promote ethical dealings. A significant milestone occurred on June 27, 1921, when the market moved indoors to a new building at 86 Trinity Place in lower Manhattan. This event marked the beginning of a new era in securities trading, technological development, and service to public investors.
The exchange continued to evolve, changing its name to the New York Curb Exchange in 1929 and finally to the American Stock Exchange in 1953. Throughout the 1950s and 1960s, the AMEX attracted a growing number of young, entrepreneurial companies, with the value of listed shares growing significantly.
== Innovation and Expansion ==
The AMEX gained a reputation for innovation in financial products:
##In 1975, it launched its options market, becoming the second-largest equity options market in the United States.
##In 1993, the AMEX pioneered derivatives trading with the introduction of the first exchange-traded fund (ETF), the Standard & Poor's Depositary Receipts (SPDRs), also known as "Spiders".
The exchange continued to lead in ETF innovation, listing 121 of the 123 ETFs in the U.S. market by the early 2000s, including the Nasdaq 100 ETF (QQQ) and the Dow Jones Industrial Average ETF (DIA).
== Regulatory Challenges and Reform ==
In the 1960s, the AMEX faced significant regulatory scrutiny. A 1962 Securities and Exchange Commission (SEC) investigation revealed ineffective disciplinary procedures and inadequate member regulation. This led to substantial reforms, including leadership changes and tightened listing requirements.
== Modern Era and Mergers ==
In 1998, the AMEX merged with the National Association of Securities Dealers to create "The Nasdaq-Amex Market Group," though it regained independence in 2004. In January 2008, NYSE Euronext announced its acquisition of the AMEX, enhancing its position in U.S. options, ETFs, and cash equities. The acquisition was completed later that year, and the trading floor at 86 Trinity Place was subsequently closed.
== Legacy and Current Status ==
Today, the former AMEX operates as the NYSE American, focusing primarily on small-cap stocks. Throughout its history, the American Stock Exchange demonstrated resilience and adaptability, evolving from street trading to a modern electronic exchange while maintaining its niche in fostering emerging businesses and financial innovation.
The AMEX building at 86 Trinity Place was declared a National Historic Landmark in 1978, commemorating its significance in American financial history.
== History ==
The Amex was acquired by NYSE Euronext on Oct. 1, 2008. Its name was changed to NYSE Alternext U.S., and it shed its old technology and market model and adopted those of the NYSE. The equities group is known as NYSE Alternext, and the options group is called NYSE Amex Options. Memberships are gone and traders access the market for small caps via trading permits. Specialists are now called designated market makers and function like those of the NYSE.
 
On June 17, 2008, NYSE Euronext and Amex announced that members of The Amex Membership Corporation (AMC) had approved the adoption of the merger agreement between AMC and NYSE Euronext and some subsidiaries. 
Preliminary results indicated that the AMC memberships voted 695 to 7 in favor of the transaction. The number of AMC memberships voted in favor of the transaction represented approximately 84 percent of the total AMC memberships outstanding and entitled to vote on this transaction. 
== References ==
Category:Exchanges
Category:North American Exchanges
Category:Stock Exchanges
Category:American Stock Exchange
Category:Acquired Companies
Category:Stock Exchanges in the United States
Category:Financial markets
Category:Exchange-traded funds
Category:Options Exchanges
Category:Financial History
Category:National Historic Landmarks in New York City