| Stocks Discuss specific companies listed on the major exchanges. No penny stocks! |
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Status: Senior Member
Join Date: Jul 2008
Posts: 148
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In 1953 the Curb Exchange changed its name to the American
Stock Exchange and in 1998 the American Stock Exchange merged with the Nasdaq Stock Market. The New York Stock Exchange continues to remain an independent entity owned by its seat holders. The Nasdaq Stock Market was born in 1971 as a result of the Securities and Exchange Commission’s decision that the over-the-counter securities industry needed to be automated. The SEC asked the National Association of Securities Dealers, Inc. to develop a market for these securities. This action created the first electronic stock market. These three—the New York Stock Exchange, the American Stock Exchange, and the Nasdaq Stock Market—are the primary markets where stocks are traded. While regional and other electronic markets operate and have for some time, for the most part stock trades are executed on the NYSE, the AMEX, or the Nasdaq. There are many places to learn about the evolution of the stock markets and how they work, and, as with most subjects these days, the best place to start is the Internet. The NYSE and AMEX differ from the Nasdaq in one significant respect. The New York and American exchanges are both called a “specialist market,” and the Nasdaq is a “dealer market.” The difference is in the way orders are taken and executed. A specialist market—also known as an agency auction market system—is designed to allow the public to meet the public as much as possible, meaning people trade with each other and do not work with dealers. Simply put, it is a place where buyers and sellers meet face-to-face to trade their stocks. The majority of volume in these markets occurs with no intervention from dealers or specialists. |
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