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New York Stock Exchange: Nyse Arca
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The New York Stock Exchange imposes fairly stringent restrictions on the companies that wish to list their shares on the exchange. Some of the guidelines that the NYSE uses for an initial listing of a domestic company are national interest in the company and a minimum of 1.1 million shares publicly held among not fewer than 2,000 stockholders holding a minimum of 100 shares each. The publicly held common shares should have a minimum aggregate market value of $18 million. The company should have pre-tax net income in the latest year of over $2.5 million and $2 million in each of the preceding two years.
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For many people the name New York Stock Exchange (NYSE) means "the" stock market. For all intents and purposes, that can be viewed as an accurate statement. The NYSE is the first and oldest stock exchange in the United States, tracing its beginnings back to 1792.
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LAFAYETTE, La., Nov. 18 /PRNewswire-FirstCall/ -- PetroQuest Energy, Inc. (Nasdaq: PQUE - News) announced today that it plans to list its common stock on the New York Stock Exchange (NYSE). PetroQuest anticipates the trading of its common stock to commence on the NYSE on November 30, 2005 under the new symbol "PQ". Until that time, the Company's shares will continue to trade on the NASDAQ National Market under the symbol "PQUE".
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The process became somewhat more organized in 1792 when 24 New York City stockbrokers and merchants signed the Buttonwood Agreement, establishing the New York Stock & Securities Board, the entity now known as the NYSE. A seat on the exchange originally cost $25. With the agreement, trading moved off the street into a rented room in a building at 40 Wall Street. Today the building that stands on the spot is a 71-story skyscraper known as the Trump Building.
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The New York Stock Exchange provides an efficient method for buyers and sellers to trade shares of stock in companies registered for public trading. The exchange provides price discovery via an auction environment designed to produce the fairest price for both parties. Since September 30, 1985, the NYSE trading hours have been 9:30–4:00 ET.
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With the New York Stock Exchange and Archipelago Holdings merger nearly complete, the role of executive vice president of strategy at the new entity would seem full of growth opportunities. But that is apparently not enough for Amy Butte, the NYSE finance chief who announced her resignation last month despite having been tapped for the top strategy job.
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