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Lesson 7. The Markets > The American Stock Exchange
The American Stock Exchange
The American Stock Exchange (AMEX) is also based in New York and has a great tale of origin. In 1842 men who were not considered "gentlemanly enough" to be admitted into the New York Stock Exchange stood outside the building, trading stocks on the curb and yelling and hollering loud enough to ensure that they were being heard by the "gentlemen" inside. These rabble-rousers, known as the New York Curb Exchange, traded stocks in this manner until 1921 when they finally moved indoors. Subsequently, in 1953 this exchange changed its name to The American Stock Exchange.
Plain English
The American Stock Exchange is the New York Stock Exchange's rival trading 900 of the nation's largest stock to the NYSE's 1,600. In addition, the AMEX requires the issuing company to maintain a balance of $4 million in assets to the NYSE's minimum requirement of $18 million.
