American_Stock

{{Infobox nrhp
| name = American Stock Exchange
| nrhp_type = nhl
| image = AMEX.jpg
| caption = The American Stock Exchange
| location = 86 Trinity Pl, [[Lower Manhattan]], [[New York City]], [[New York]]<ref>{{Nrhp source1|NY|New+York|state}}</ref>
| nearest_city =
| lat_degrees = 40 | lat_minutes = 42 | lat_seconds = 30 | lat_direction = N
| long_degrees = 74 | long_minutes = 00 | long_seconds = 48 | long_direction = W
| area =
| built = 1921, expanded in 1931 <ref name="nhlsum">{{cite web|url=http://tps.cr.nps.gov/nhl/detail.cfm?ResourceID=1770&resourceType=Building
|title=American Stock Exchange|date=[[2007-09-14]]|work=National Historic Landmark summary listing|publisher=National Park Service}}</ref>
| architect =
| architecture = [[Art Deco]]<ref name=nhlsum/>
| designated = [[June 2]], [[1978]] <ref name=nhlsum/>
| added = [[June 2]], [[1978]] <ref name="nris">{{cite web|url=http://www.nr.nps.gov/|title=National Register Information System|date=[[2007-01-23]]|work=National Register of Historic Places|publisher=National Park Service}}</ref>
| visitation_num =
| visitation_year =
| refnum = 78001867
| mpsub =
| governing_body = American Stock Exchange
}}

The '''American Stock Exchange''' ('''AMEX''') is an [[United States|American]] [[stock exchange]] situated in [[New York City|New York]]. AMEX is a mutual organization, owned by its members. Until 1929 it was known as the ''New York Curb Exchange.''<ref>{{cite book|last=Klein|first=Maury|title=Rainbow's End: The Crash of 1929| publisher=Oxford University Press|isbn=0-19-513516-4}}</ref>

==History==
The Exchange traces its roots back to [[colonial]] times when [[stock broker]]s created outdoor markets to trade new government [[security (finance)|securities]]. The AMEX started out in 1842 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 [[stock]]s for sale. As trading activity increased, the shouting reached such a high level that [[stock hand signals]] had to be introduced so that the brokers could continue trading. In 1921 the market was moved indoors into the building at 86 Trinity Place, [[Manhattan]], where it still resides. The hand signals remained in place for decades even after the move. The building was declared a [[National Historic Landmark]] in 1978.<ref name=nhlsum/><ref name="nrhpinv">{{cite web|url={{PDFlink|[http://pdfhost.focus.nps.gov/docs/NHLS/Text/78001867.pdf "American Stock Exchange", March 1977, by George R. Adams]|836 [[Kibibyte|KiB]]}}|title=National Register of Historic Places Inventory-Nomination|date=1977-03|publisher=National Park Service}}</ref><ref name="nrhpphotos">{{cite web|url={{PDFlink|[http://pdfhost.focus.nps.gov/docs/NHLS/Photos/78001867.pdf American Stock Exchange--Accompanying photos, from 1925-1976.]|1.81 [[Mebibyte|MiB]]}}|title=National Register of Historic Places Inventory-Nomination|date=1977-03|publisher=National Park Service}}</ref>

==Market==
AMEX's core business has shifted over the years from stocks to options and [[Exchange-traded fund]]s, although it continues to trade small to mid-size stocks. An effort in the mid-1990s to initiate an [[Emerging Company Marketplace]] ended in failure, as the reduced listing standards (beyond the existing lenient AMEX standards) caused [[penny stock]] promoters to move their scams to a national exchange. In the mid 1990s the exchange was dogged by allegations of trading improprieties, which were highlighted by ''[[BusinessWeek]]'' in 1999.[http://www.businessweek.com/1999/99_17/b3626001.htm].
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. After tension between the NASD and AMEX members, the latter group bought out the NASD and acquired control of the AMEX in 2004.

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. The Amex also specialises in the trading of ETFs, and hybrid/structured securities. The majority of US listed ETF's are traded at the AMEX including the [[Standard & Poor's Depositary Receipts|SPDR]] and most [[Powershares]].

In 2005, the AMEX attempted to popularize an American implementation of the Canadian [[income trust]] model. Listed Equity Income Hybrid Securities, (more commonly known as [[Income Deposit Securities]]) listed on the AMEX are B & G Foods Holding Corp. (BGF), Centerplate, Inc. (CVP), Coinmach Service Corp. (DRY), and Otelco Inc. (OTT). Recently Coinmach Service Corp, has been attempting to restructure itself away from being an income trust.

The large companies listed on the AMEX include [[British American Tobacco]] (ADR) (BTI), [[Imperial Oil]] Limited (IMO), [[Seaboard Corporation]] (SEB) and [[Bio-Rad Laboratories]] (BIO). Seaboard is peninotable for not having split its shares since becoming publicly listed; shares of SEB trade for around $1,640 ([[2007-10-29]]).

The AMEX also produces [[stock market index|stock market indices]]; perhaps the most notable of these is an index of stocks of internet companies now known as the [[Inter@ctive Week]] Internet Index. Recently, the AMEX has also developed a unique set of indices known as Intellidexes, which attempt to gain alpha by creating indices weighted on fundamental factors. The AMEX Composite, a [[value-weighted]] index of all stocks listed on the exchange, established a record monthly close of 2,069.16 points on [[November 30]], [[2006]].

Located near the [[World Trade Center]], the operation of the AMEX was temporarily affected by the [[September 11, 2001 attacks|11 September 2001 attacks]]. The Exchange's operations were temporarily shifted to the [[Philadelphia Stock Exchange]].

==See also==
*[[Exchange-traded fund]] ([http://www.amex.com/?href=/etf/EtMain.jsp American Stock Exchange - ETFs])
* [[List of stock exchanges]]
* [[NASDAQ]]
* [[New York Stock Exchange]] (NYSE)
* [[Stock exchange]]
* [[Economy of New York City]]

==Further reading==
* {{cite book|authorlink=Robert Sobel|last=Sobel|first=Robert|title=The Curbstone Brokers: The Origins of the American Stock Exchange|year=1970|isbn=1893122654}}
* {{cite book|last=Sobel|first=Robert|title=AMEX: A History of the American Stock Exchange|isbn=1893122484| year=1972}}

==References==
{{reflist}}

==External links==
* [http://www.amex.com/ American Stock Exchange website]
{{Geolinks-US-buildingscale|40.7090|-74.0126}}
* [http://www.canadian-stock-exchange.com/ Canadian Stock Exchange Information Database]

{{New York City Historic Sites}}
{{Registered Historic Places}}

[[Category:Buildings and structures in Manhattan]]
[[Category:Landmarks in New York City]]
[[Category:National Historic Landmarks of New York]]
[[Category:New York City building and structure stubs]]
[[Category:Registered Historic Places in Manhattan]]
[[Category:1921 architecture]]
[[Category:Stock exchanges in the United States]]
[[Category:Self-regulatory organizations]]

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[[ja:アメリカン証券取引所]]
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[[zh:美国证券交易所]]
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