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American Stock Exchange

From Academic Kids

The American Stock Exchange (AMEX) is a stock exchange operated by American Stock Exchange LLC, a subsidiary of the National Association of Securities Dealers, in the United States of America.

The Exchange traces its roots back to colonial times when stock brokers created outdoor markets to trade new government securities. The AMEX started out as such a market at the curbstone on Broad Street near Exchange Place. The curb brokers gathered around the lamp posts and mail boxes, resisting wind and weather, putting up lists of stocks for sale. As trading activity increased, the shouting reached such a high level that special hand signals had to be introduced so that the brokers could continue trading. In 1921 the market was moved indoors into the building where it still resides, and the hand signals remained in place for decades even after the move.

In 1998, the American Stock Exchange merged with the National Association of Securities Dealers (operators of NASDAQ) to create "The Nasdaq-Amex Market Group" where AMEX is an independent entity of the NASD parent company.

Out of the three major American stock exchanges, the AMEX is known to have the most liberal policies concerning company listing, as most of its companies are generally smaller compared to the NYSE and NASDAQ. It was tragically affected on September 11, 2001, but recovered nicely.

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