The American stock exchange is the once-powerful trading platform, which could not resist on the market and was absorbed by a stronger opponent. In its history, AMEX has achieved great success and was the largest in the country for transactions in foreign securities.
Features of the American Stock Exchange and the end of its existence
The AMEX stock exchange was located in New York, and in the 50s it carried out 50% of all national sales transactions. It could not stand the competition, and in 1998 the platform acquired by NASDAQ. In 2004, the exchange was bought back again, but already by its own members. The name AMEX existed until 2008, and later, in connection with the merger, it was renamed to NYSE MKT LLC.
Over time, many have forgotten about the old merit, but the American stock exchange has brought its unique system of operations with futures and options, which is functioning now. The stock exchange index AMEX – NYSE Arca is one of the most accurate in the world. The trading platform was independent even after the sale, and for a long, the management could not decide what functions it will perform.
AMEX was founded in 1908 after the great American panic, which was replaced by a sharp jump in the demand for processed products, primarily for kerosene. The marketplace was created as a tool for small companies in the oil, metallurgical, textile and chemical industries. The original name of the New York Curb Market Agency. At that time, many exchanges did not have their own office to reduce rental costs of premises. The speed of the platform grew until the end of World War II, after which sales dropped due to the lack of a large number of state orders. During this period, the exchange was renamed into AMEX, which occurred simultaneously with increases in trade operations related to foreign securities.
For the first time, on offer to sell the exchange was received by its head in 1977, but then the platform was stable on its feet and gaining momentum. That all changed in 2008 when the crisis forced many investors to leave the market. The platform was sold to the NYSE, which had already acquired the European Euronext. December 1 of this year is considered as the official end of the era of the American Stock Exchange. All equipment was taken out of the exchange building and sent to Wall Street 11, where the NYSE was located.
But despite the fact that Amex does not exist, it’s stock index plays a big role in the market.