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NYSE American
NYSE American
NYSE American
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NYSE American, formerly known as the American Stock Exchange (AMEX), and more recently as NYSE MKT, is an American stock exchange situated in New York City. AMEX was previously a mutual organization, owned by its members. Until 1953, it was known as the New York Curb Exchange.[1]

Key Information

NYSE Euronext acquired AMEX on October 1, 2008,[2] with AMEX integrated with the Alternext European small-cap exchange and renamed the NYSE Alternext U.S.[3] In March 2009, NYSE Alternext U.S. was changed to NYSE Amex Equities. On May 10, 2012, NYSE Amex Equities changed its name to NYSE MKT LLC.[4]

Following the SEC aproval of competing stock exchange IEX in 2016, NYSE MKT rebranded as NYSE American and introduced a 350-microsecond delay in trading, referred to as a "speed bump", which is also present on the IEX.[5][6][7]

History

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The Curb market

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See also: Curbstone broker
Curb brokers in Wall Street, New York City, 1920, a year before the trading was moved indoors. That year, journalist Edwin C. Hill described the curb trading on lower Broad Street as "a roaring, swirling whirlpool... like nothing else under the astonishing sky that is its only roof."[8]

The exchange grew out of the loosely organized curb market of curbstone brokers on Broad Street in Manhattan. Efforts to organize and standardize the market started early in the 20th century under Emanuel S. Mendels and Carl H. Pforzheimer.[9] The curb brokers had been kicked out of the Mills Building front by 1907, and had moved to the pavement outside the Blair Building where cabbies lined up. There they were given a "little domain of asphalt" fenced off by the police on Broad Street between Exchange Place and Beaver Street.[10] As of 1907, the curb market operated starting at 10 AM, each day except Sundays, until a gong at 3 PM. Orders for the purchase and sale of securities were shouted down from the windows of nearby brokerages, with the execution of the sale then shouted back up to the brokerage.[10]

Organizing and 'Curb list'

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As of 1907, E. S. Mendels gave the brokers rules "by right of seniority", but the curb brokers intentionally avoided organizing. According to the Times, this came from a general belief that if a curb exchange was organized, the exchange authorities would force members to sell their other exchange memberships.[10] However, in 1908 the New York Curb Market Agency was established, which developed appropriate trading rules for curbstone brokers, organized by Mendels.[11] The informal Curb Association formed in 1910 to weed out undesirables.[8] The curb exchange was for years at odds with the New York Stock Exchange (NYSE), or "Big Board", operating several buildings away. Explained the New York Times in 1910, the Big Board looked at the curb as "a trading place for 'cats and dogs.'"[12] On April 1, 1910, however, when the NYSE abolished its unlisted department, the NYSE stocks "made homeless by the abolition" were "refused domicile" by the curb brokers on Broad Street until they had complied with the "Curb list" of requirements.[12] In 1911, Mendels and his advisers drew up a constitution and formed the New York Curb Market Association, which can be considered the first formal constitution of American Stock Exchange.[11]

1920s-1940s: Move indoors

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American Stock Exchange Building, constructed in 1921

In 1920, journalist Edwin C. Hill wrote that the curb exchange on lower Broad Street was a "roaring, swirling whirlpool" that "tears control of a gold-mine from an unlucky operator, and pauses to auction a puppy-dog. It is like nothing else under the astonished sky that is its only roof."[13] After a group of Curb brokers formed a real estate company to design a building, Starrett & Van Vleck designed the new exchange building on Greenwich Street in Lower Manhattan between Thames and Rector, at 86 Trinity Place. It opened in 1921,[8] and the curbstone brokers moved indoors on June 27, 1921.[14] In 1929, the New York Curb Market changed its name to the New York Curb Exchange.[15] The Curb Exchange soon became the leading international stock market, and according to historian Robert Sobel, "had more individual foreign issues on its list than [...] all other American securities markets combined."[16]

Edward Reid McCormick was the first president of the New York Curb Market Association and is credited with moving the market indoors.[17][18] George Rea was approached about the position of president of the New York Curb Exchange in 1939.[19] He was unanimously elected[19] as the first paid president in the history of the Curb Exchange. He was paid $25,000 per year (equivalent to $565,000 today[20]) and held the position for three years before offering his resignation in 1942.[21] He left the position having "done such a good job that there is virtually no need for a full-time successor."[22]

Modernization as the American Stock Exchange

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In 1953, the Curb Exchange was renamed the American Stock Exchange.[23] The exchange was shaken by a scandal in 1961, and in 1962 began a reorganization.[24] Its reputation recently damaged by charges of mismanagement, in 1962, the American Stock Exchange named Edwin Etherington its president. Writes CNN, he and executive vice president Paul Kolton were "tapped in 1962 to clean up and reinvigorate the scandal-plagued American Stock Exchange."[25]

As of 1971, it was the second largest stock exchange in the United States. Paul Kolton succeeded Ralph S. Saul as AMEX president on June 17, 1971,[24] making him the first person to be selected from within the exchange to serve as its leader, succeeding Ralph S. Saul, who announced his resignation in March 1971.[26][27] In November 1972, Kolton was named as the exchange's first chief executive officer and its first salaried top executive.[28] As chairman, Kolton oversaw the introduction of options trading. Kolton opposed the idea of a merger with the New York Stock Exchange while he headed the exchange saying that "two independent, viable exchanges are much more likely to be responsive to new pressures and public needs than a single institution".[27] Kolton announced in July 1977 that he would be leaving his position at the American Exchange in November of that year.[29]

In 1977, Thomas Peterffy purchased a seat on the American Stock Exchange. Peterffy created a major stir among traders by introducing handheld computers onto the trading floor in the early 1980s.[30][31]

Introducing ETFs

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ETFs or exchange-traded funds had their genesis in 1989 with Index Participation Shares, an S&P 500 proxy that traded on the American Stock Exchange and the Philadelphia Stock Exchange. This product was short-lived after a lawsuit by the Chicago Mercantile Exchange was successful in stopping sales in the United States.[32][33]

In 1990, a similar product, Toronto Index Participation Shares, which tracked the TSE 35 and later the TSE 100 indices, started trading on the Toronto Stock Exchange (TSE) in 1990. The popularity of these products led the American Stock Exchange to try to develop something that would satisfy regulations by the U.S. Securities and Exchange Commission.[34]

Nathan Most and Steven Bloom, under the direction of Ivers Riley, designed and developed Standard & Poor's Depositary Receipts (NYSE Arca: SPY), which were introduced in January 1993.[35][36] Known as SPDRs or "Spiders", the fund became the largest ETF in the world. In May 1995, State Street Global Advisors introduced the S&P 400 MidCap SPDRs (NYSE Arca: MDY).

Barclays, in conjunction with MSCI and Funds Distributor Inc., entered the market in 1996 with World Equity Benchmark Shares (WEBS), which became iShares MSCI Index Fund Shares. WEBS originally tracked 17 MSCI country indices managed by the funds' index provider, Morgan Stanley. WEBS were particularly innovative because they gave casual investors easy access to foreign markets. While SPDRs were organized as unit investment trusts, WEBS were set up as a mutual fund, the first of their kind.[37][38]

In 1998, State Street Global Advisors introduced "Sector Spiders", separate ETFs for each of the sectors of the S&P 500 Index.[39] Also in 1998, the "Dow Diamonds" (NYSE Arca: DIA) were introduced, tracking the Dow Jones Industrial Average. In 1999, the influential "cubes" (Nasdaq: QQQ), were launched, with the goal of replicate the price movement of the NASDAQ-100.

The iShares line was launched in early 2000. By 2005, it had a 44% market share of ETF assets under management.[40] Barclays Global Investors was sold to BlackRock in 2009.

NYSE merger

[edit]

As of 2003, AMEX was the only U.S. stock market to permit the transmission of buy and sell orders through hand signals.[41]

In October 2008 NYSE Euronext completed acquisition of the AMEX for $260 million in stock.[42] Before the closing of the acquisition, NYSE Euronext announced that the AMEX would be integrated with the Alternext European small-cap exchange and renamed the NYSE Alternext U.S.[3] The American Stock Exchange merged with the New York Stock Exchange (NYSE Euronext) on October 1, 2008.[4] Post merger, the Amex equities business was branded "NYSE Alternext US". As part of the re-branding exercise, NYSE Alternext US was re-branded as NYSE Amex Equities.[4] On December 1, 2008, the Curb Exchange building at 86 Trinity Place was closed, and the Amex Equities trading floor was moved to the NYSE Trading floor at 11 Wall Street.[4] 90 years after its 1921 opening, the old New York Curb Market building was empty but remained standing.[8] In March 2009, NYSE Alternext U.S. was changed to NYSE Amex Equities. On May 10, 2012, NYSE Amex Equities changed its name to NYSE MKT LLC.[4]

In June 2016, a competing stock exchange IEX (which operated with a 350-microsecond delay in trading), gained approval from the SEC, despite lobbying protests by the NYSE and other exchanges and trading firms.[43] On July 24, 2017, the NYSE renamed NYSE MKT to NYSE American, and announced plans to introduce its own 350-microsecond "speed bump" in trading on the small and mid-cap company exchange.[5][6][7]

Products

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Management

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Past presidents of the American Stock Exchange include:[44]

  • John L. McCormack (1911–1914)
  • Edward R. McCormick (1914–1923)
  • John W. Curtis (1923–1925)
  • David U. Page (1925–1928)
  • William S. Muller (1928–1932)
  • Howard C. Sykes (1932–1934)
  • E. Burd Grubb (1934–1935)
  • Fred C. Moffatt (1935–1939; 1942–1945)
  • George P. Rea (1939–1942)
  • Edwin Posner (1945–1947; January–September, 1962)
  • Edward C. Werle (February–March, 1947)
  • Francis Adams Truslow (1947–1951)
  • Edward T. McCormick (1951–1961)
  • Joseph F. Reilly (1961–1962)
  • Edwin D. Etherington (1962–1966)
  • Ralph S. Saul (1966–1971)
  • Paul Kolton (1971–1973)
  • Richard M. Burdge (1973–1977)
  • Robert J. Birnbaum (1977–1986)
  • Kenneth R. Leibler (1986–1990)[45]

Past chairmen of the American Stock Exchange include:

  • Clarence A. Bettman (1939–1941)
  • Fred C. Moffatt (1941–1945)
  • Edwin Posner (1945–1947; 1962–1965)
  • Edward C. Werle (1947–1950)
  • Mortimer Landsberg (1950–1951)
  • John J. Mann (1951–1956)
  • James R. Dyer (1956–1960)
  • Joseph E. Reilly (1960–1962)
  • David S. Jackson (1965–1968)
  • Macrae Sykes (1968–1969)
  • Frank C. Graham Jr. (1969–1973)
  • Paul Kolton (1973–1978)
  • Arthur Levitt Jr. (1978–1989)
  • James R. Jones (1989–1993)
  • Salvatore F. Sodano (1999–2005)
[edit]
  • The text reads: "On June 27, 1921, the curbstone brokers moved from their outdoor Market on Broad Street to establish on this site the indoor securities market that became the American Stock Exchange."
    The text reads: "On June 27, 1921, the curbstone brokers moved from their outdoor Market on Broad Street to establish on this site the indoor securities market that became the American Stock Exchange."
  • 2004: Vice Adm. Gary Roughead, right, rings the opening bell at the American Stock Exchange, during the 17th Annual Fleet Week in New York
    2004: Vice Adm. Gary Roughead, right, rings the opening bell at the American Stock Exchange, during the 17th Annual Fleet Week in New York
  • Old American Stock Exchange Building 2009
    Old American Stock Exchange Building 2009

See also

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References

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Further reading

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[edit]
Revisions and contributorsEdit on WikipediaRead on Wikipedia

NYSE American

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from Grokipedia
NYSE American is a fully electronic stock exchange based in , operated by (ICE) through its NYSE Group, and designed primarily for the listing and trading of securities from small- and mid-cap companies that may not meet the stricter requirements of the flagship NYSE. Originally established in 1908 as the New York Curb Market Agency, an informal outdoor trading venue for brokers and traders, it evolved into the New York Curb Exchange in 1921 and was renamed the American Stock Exchange (AMEX) in 1953, becoming a key marketplace for emerging companies and innovative financial products like options (introduced in 1975) and the first U.S. (ETF) in 1993. Following its acquisition by in 2008 for $260 million, the exchange underwent several rebrandings—first as NYSE Alternext U.S., then NYSE Amex Equities, and NYSE MKT—before adopting its current name, NYSE American, in 2017 to emphasize its role in supporting growth-oriented issuers. Today, it facilitates trading in over 8,000 National Market System (NMS) securities through a hybrid model that incorporates electronic Designated Market Makers (e-DMMs) with quoting obligations, discretionary pegged orders, and full-depth-of-book for enhanced transparency and . The platform leads in metrics such as quoting at the best prices, largest quoted sizes, and narrowest spreads among U.S. equity exchanges (as of September 2025), offering investors flexibility, competitive transaction fees, and a blend of features from the NYSE and .

History

Origins as the Curb Market

The origins of what would become NYSE American trace back to the mid-19th century, when informal street trading emerged in as a venue for securities not accepted by the more established (NYSE). In the 1840s, during the , curbstone brokers began conducting open-air transactions on the streets, primarily focusing on speculative mining stocks that fueled the development of a nascent industry. These brokers, operating outside the formal NYSE, catered to smaller and riskier enterprises, including turnpikes, canals, railroads, and later oil stocks following the 1859 petroleum discoveries in . By the post-Civil War era of , the market had expanded to include shares in emerging industrial firms such as those in iron, , textiles, and chemicals, establishing it as a vital secondary marketplace for unlisted securities. Trading in this outdoor setting, often centered on Broad Street after earlier locations like and streets, was characterized by chaotic yet efficient auctions reliant on verbal shouts and . Brokers gathered daily regardless of weather conditions, enduring rain, snow, and extreme temperatures as they negotiated deals in a boisterous environment that demanded physical endurance. From nearby office windows, clerks relayed buy and sell orders to street-level brokers using standardized , a practice that allowed rapid communication amid the crowd. Efforts to impose structure began in the early , led by key figures Emanuel S. Mendels and Carl H. Pforzheimer, who sought to promote ethical practices among the loosely organized curbstone brokers starting around 1904. In 1908, they helped establish the New York Curb Market Agency, which introduced a constitution and codified basic trading rules, including higher brokerage and listing standards to distinguish legitimate operators from speculators. This agency marked the first formal attempt to regulate the curb market without fully enclosing it indoors. By the 1910s, the New York Curb Market experienced significant early growth, broadening its scope to include foreign securities and bonds alongside domestic unlisted stocks, thereby solidifying its role as a for smaller issuers unable to meet NYSE criteria. This expansion attracted a diverse array of speculative and international offerings, enhancing the market's reputation as an accessible alternative for emerging companies.

Formal Organization and Indoor Transition

In 1911, the New York Curb Agency was reorganized as the New York Curb Market Association, establishing a more structured framework for trading with defined membership rules and the creation of a "Curb List" to approve and list eligible securities for trading. This reorganization aimed to promote ethical practices and standardize operations among brokers previously trading on the streets of . Edward Reid McCormick served as the first president of the New York Curb Market Association from 1914 to 1923, overseeing the implementation of these rules and fostering greater professionalism in the market. A significant milestone came in 1921 when the New York Curb Market transitioned indoors, relocating to a new building at 86 Trinity Place (also known as 123 ) in , which ended the era of outdoor curbstone trading and provided dedicated facilities with globe-topped trading posts. This move marked a pivotal step toward institutional legitimacy, accommodating growing trading volumes in a controlled environment while retaining the hand-signal communication traditions from the street. Following the Wall Street Crash of 1929, the market was renamed the New York Curb Exchange in June of that year, reflecting its evolution into a more formal entity amid efforts to recover and stabilize operations. In the aftermath of the 1929 crash, the New York Curb Exchange implemented key reforms during the , including the adoption of standardized ticker symbols for securities to enhance reporting efficiency and the establishment of a seat system for brokers, which limited access to the trading floor. These changes, alongside a strategic focus on listing smaller companies overlooked by the larger , helped the exchange sustain activity amid economic hardship by catering to emerging and growth-oriented firms seeking capital. The reforms emphasized regulatory compliance and market integrity, aligning with broader federal oversight introduced by the Securities Exchange Act of 1934. During , the New York Curb Exchange experienced heightened activity, particularly in trading war-related bonds and stocks that supported the U.S. , contributing to a surge in volume and profitability after years of Depression-era struggles. Membership reached approximately 500 brokers by the , reflecting expanded participation as the exchange played a vital role in financing industrial and defense-related enterprises during the global conflict. This period underscored the exchange's resilience and its niche in providing liquidity for securities tied to wartime economic demands.

Modernization and Product Innovations

In 1953, the New York Curb Exchange officially changed its name to the American Stock Exchange (AMEX), marking a shift toward a more formalized identity for the institution. This rebranding reflected the exchange's growing maturity following its indoor transition and aimed to enhance its reputation among investors. Paul Kolton served as president of the AMEX from 1971 to 1973 and then as chairman from 1973 to 1977, during which he prioritized modernization initiatives. Under his leadership, the exchange adopted a comprehensive program in 1971 to streamline trading processes, including enhanced electronic systems for order handling and execution, with full implementation projected over several years. These efforts laid the groundwork for greater efficiency amid rising trading volumes. The AMEX introduced standardized options trading in 1975, quickly establishing itself as a leader in the during the late by expanding listings and innovating product offerings, such as options on commodities like and silver in 1976. This development attracted significant volume, positioning the exchange as a key venue for options alongside the Chicago Board Options Exchange. In parallel, technological advancements emerged on the floor; in 1977, trader acquired a seat on the AMEX and began developing computerized models for quoting and execution, culminating in the introduction of handheld computers for floor traders by the early to enable faster, data-driven decision-making. The late 1980s saw further product innovation with the launch of Index Participation Units (IPUs) in 1989 on the AMEX, which served as precursors to exchange-traded funds by allowing investors to trade baskets of stocks tracking major indices like the in a single security. Building on this, the AMEX pioneered the U.S. market in 1993 with the debut of the SPDR (SPY), the first ETF listed in the United States, which provided intraday trading of an index tracker and rapidly grew to become a benchmark for passive investing. Subsequent expansions included the Sector SPDRs in December 1998, offering targeted exposure to sectors like technology and financials, and the series, which originated as World Equity Benchmark Shares (WEBS) in 1996 on the AMEX before rebranding in 2000 to provide international and sector-specific index tracking. The 1990s and early 2000s brought competitive pressures from the NASDAQ's model, prompting the AMEX to merge with the National Association of Securities Dealers (NASD) in 1998 to form the Nasdaq-Amex hybrid, which aimed to combine and dealer markets but dissolved by 2004 when the AMEX regained through a sale to its members. Amid the dot-com bust starting in 2000, the AMEX faced heightened regulatory scrutiny from the SEC, particularly regarding its options surveillance and enforcement practices; in September 2000, the SEC mandated improvements to the exchange's options-order execution system to address potential abuses in a volatile market environment.

Merger with NYSE and Rebranding

On October 1, , NYSE Euronext completed its acquisition of the American Stock Exchange (AMEX) for $260 million in , integrating the exchange into its operations while preserving AMEX's emphasis on small-cap securities trading. This merger allowed NYSE Euronext to expand its market share in equities, options, and exchange-traded funds, with AMEX members receiving access to NYSE Euronext's trading facilities and technology infrastructure. The transaction, approved by regulators, marked a significant consolidation in U.S. exchange operations, enabling shared clearing and settlement processes without immediately altering AMEX's core listing standards. Following the acquisition, the exchange underwent several rebrandings to align with NYSE Euronext's global structure. Initially renamed NYSE Alternext U.S. in late 2008 to reflect its role in supporting emerging growth companies, it became NYSE Amex in March 2009. In May 2012, it was rebranded as NYSE MKT LLC, emphasizing its market for mid- and small-cap listings. In 2013, Intercontinental Exchange (ICE) acquired NYSE Euronext for approximately $11 billion, bringing the exchange under ICE's ownership as part of the broader NYSE Group. The final rebranding to NYSE American occurred in January 2017, positioning it as a dedicated venue for innovative and smaller issuers within ICE's portfolio. Post-merger, NYSE American adopted enhancements blending its legacy floor-based traditions with NYSE's auction mechanisms, evolving into a hybrid trading model that supported both electronic and specialist-driven executions for improved in small-cap . In 2017, it introduced a 350-microsecond on all incoming orders, proprietary data feeds, and outbound routing to promote fairness by mitigating advantages and allowing more time for price improvement. This feature, later removed in 2019, was part of broader efforts to enhance market quality under ICE's oversight. From 2020 onward, as part of the NYSE Group's response to the , trading operations across the group shifted to fully electronic modes to ensure continuity, aligning with NYSE American's established electronic platform. Market quality remained robust through 2025, as evidenced by NYSE reports showing consistently narrow bid-ask spreads for listed securities from January to September 2025, reflecting efficient provision for small-cap traders. Trader updates throughout 2025 indicated no major operational disruptions, supporting seamless access to the exchange's hybrid capabilities.

Trading and Products

Equity Securities

NYSE American serves as a key venue for small- and micro-cap equity securities, catering to growth-oriented companies that may not yet meet the stricter criteria of larger exchanges like the NYSE. The platform emphasizes accessibility for emerging firms, particularly in sectors such as , , and , where drives potential expansion. As of late 2025, the exchange lists approximately 229 such companies, representing a diverse of small-cap issuers seeking enhanced visibility and . Listing requirements on NYSE American are tailored to accommodate smaller entities, featuring lower financial thresholds than the NYSE to support early-stage growth. Companies must generally maintain at least $4 million in shareholders' equity and demonstrate either $750,000 in pre-tax income from the last fiscal year or two of the three most recent years, alongside 1.1 million publicly held shares held by at least 400 public shareholders, excluding officers, directors, and concentrated holdings. The market value of the public float must reach $15 million under primary standards, though alternative criteria allow for $50 million market capitalization with a $2 minimum share price and no income requirement, providing flexibility for pre-revenue or development-stage firms. These standards ensure basic financial viability while promoting broader market participation. Trading of equity securities on NYSE American occurs fully electronically for over 8,000 National Market System (NMS) stocks, employing price-time priority to execute orders efficiently and maintain orderly markets. The exchange's average daily trading volume reached approximately 40 million shares in 2025, underscoring its role in providing liquidity for less liquid small-cap names amid broader U.S. equity activity exceeding 15 billion shares daily. A distinctive aspect is the facilitation of uplistings from over-the-counter (OTC) markets, which helps companies transition to regulated exchange trading and attract institutional investors; for instance, The Marygold Companies successfully uplisted from OTC in 2022, boosting its market presence and share liquidity post-listing.

Exchange-Traded Funds and Structured Products

NYSE American has established itself as a key venue for exchange-traded funds (), hosting a significant portion of the U.S. ecosystem with historical roots in pioneering listings. The exchange, formerly known as the American Stock Exchange (AMEX), served as the original listing venue for the SPDR ETF Trust (SPY), the first U.S.-listed ETF, which debuted on January 22, 1993, and revolutionized investment access to the index. Similarly, ETFs, managed by , have been listed on the exchange since its early days, contributing to its legacy in ETF innovation. As of 2025, while the broader NYSE Group (including ) accounts for nearly 80% of U.S. ETF assets under management, NYSE American continues to support a diverse array of ETF listings, emphasizing liquidity and efficiency for these pooled investment vehicles that track indices, sectors, or themes. The exchange facilitates trading in structured products beyond traditional ETFs, including exchange-traded notes (ETNs), closed-end funds, and leveraged or inverse ETFs, which offer investors exposure to complex strategies like amplified returns or downside protection tied to underlying assets. These products operate through a standardized creation and redemption mechanism involving authorized participants (APs)—typically large financial institutions that exchange baskets of securities or cash for ETF shares in large blocks (usually 50,000 shares or more), ensuring the ETF's market price closely tracks its (NAV). This in-kind process, unique to ETFs and certain structured products, minimizes capital gains taxes and enhances , with APs arbitraging any premiums or discounts to maintain . For instance, leveraged and inverse ETFs on NYSE American, such as those providing 2x or 3x daily exposure to indices or sectors, rely on this AP-driven process to manage daily rebalancing and risk. NYSE American's innovations further distinguish its ETF and structured products trading, including discretionary pegged orders that allow non-displayed buy or sell orders to peg to the near side of the protected best bid and offer (PBBO) while exercising to at the under market conditions, promoting better execution prices without revealing intent. Additionally, the exchange provides full depth-of-book through feeds like NYSE Pillar Depth, offering visibility into the ten best bid and offer levels across NYSE Group exchanges, which aids in transparent ETF by revealing order queue dynamics and potential imbalances. In 2025, ETF trading volume on U.S. exchanges, including NYSE American, has seen robust growth, with average daily volume reaching 3.3 billion shares by —representing 19% of total consolidated volume and reflecting a year-over-year increase driven by inflows into thematic funds focused on (AI) and clean energy sectors. For example, clean energy ETFs have surged approximately 45% year-to-date as of October 2025, fueled by AI-related power demand, while AI-themed funds continue to attract capital amid technological advancements.

Options Trading

NYSE American Options serves as the dedicated platform for trading options on the exchange, encompassing equity options, (ETF) options, and index options. It operates within a dual-market structure alongside Options, leveraging a unified technology platform that enables seamless access and routing for participants. This setup supports high-volume trading activity, with the broader NYSE options contributing to industry-wide records in 2025, where average daily volumes surpassed 53 million contracts across U.S. exchanges during the first three quarters. A key historical milestone for NYSE American Options traces back to 1975, when the American Stock Exchange (Amex) launched its options market, becoming one of the early adopters of listed options trading following the Board Options Exchange's debut in 1973. This initiative helped standardize options contracts and expand organized trading beyond over-the-counter markets. Following NYSE Euronext's acquisition of Amex in October 2008, the integration of NYSE American Options with NYSE Arca's infrastructure significantly enhanced liquidity through advanced routing algorithms and shared market data, allowing orders to be directed to the best execution venue within the combined system. The platform's core features emphasize efficient electronic execution and support for sophisticated strategies. Central to this is the (Customer Best Execution) auction mechanism, which facilitates electronic price improvement for both single-leg and complex paired orders of any size, including multi-leg strategies such as spreads and combinations. Complex orders are handled through a dedicated process that assigns intraday index numbers for tracking until expiration or delisting. Market makers play a vital role in maintaining , bound by quoting obligations that require continuous two-sided quotations for at least 90% of the , with tiered requirements based on issue volume—such as a minimum of 150 quotes for the bottom 45% of traded issues. In recent operations, NYSE American Options has demonstrated resilience in maintaining uninterrupted trading. On July 30, 2025, the exchange, along with NYSE Arca Options, issued a declaration against the Options Exchange to address connectivity issues, ensuring that orders continued to route and execute without disruption under National Market System rules. This action underscores the platform's commitment to operational continuity amid competitive inter-exchange dynamics.

Operations and Technology

Electronic Trading Systems

NYSE American operates a fully electronic trading system, having transitioned to this model following its acquisition by NYSE Euronext in 2008, which integrated it with advanced automated execution capabilities. The platform employs a hybrid structure that combines price-time priority execution, inherited from the NYSE Arca model, with electronic auction mechanisms for market openings and closings to facilitate efficient price discovery and order matching. This setup ensures continuous electronic processing of all National Market System (NMS) securities, trading in over 8,000 listings, while maintaining auction-based liquidity events without reliance on physical floor trading. The system's evolution culminated in the adoption of the NYSE Pillar trading platform in 2023, which unified technology across NYSE Group exchanges and enhanced overall performance. Pillar introduced lower latency—such as 50th gateway times of 39 microseconds for binary protocol connections on NYSE American as of third-quarter 2025—and greater in order handling, while enabling seamless integration with (ICE) infrastructure for faster feature rollouts and standardized protocols. Key order types supported include limit orders for precise control, discretionary pegged orders that dynamically adjust to the protected best bid or offer while allowing trades up to the midpoint under stable market conditions, and participation in the Retail Liquidity Program, which provides improvement opportunities for eligible retail orders through direct access to improved . These features operate within the electronic framework, prioritizing displayed orders by and time while enabling pegging to reference prices for adaptive execution. In terms of capacity and reliability, the Pillar-based system is engineered for high throughput, processing substantial quote and order volumes with enhanced scalability compared to prior platforms. It maintains robust uptime, supported by disaster recovery protocols that include failover mechanisms to affiliated exchanges like NYSE National during outages, ensuring minimal disruptions to trading continuity. This infrastructure briefly references liquidity support from electronic Designated Market Makers (e-DMMs), whose quoting obligations complement the automated execution.

Market Making and Liquidity Provision

Electronic Designated Market Makers (e-DMMs) are assigned to each security listed on NYSE American, serving as primary liquidity providers responsible for maintaining continuous two-sided quotes to facilitate fair and orderly trading. Under NYSE American Rule 7.23E, e-DMMs must engage in a course of dealings for their own account to assist in the maintenance of a fair and orderly market in the securities for which they are registered as e-DMMs. This includes providing quotes that contribute to and depth, with e-DMMs operating electronically to meet these obligations across their assigned portfolio. To incentivize robust participation, e-DMMs are subject to heightened quoting requirements tied to financial rebates. Specifically, to qualify for monthly credits per , e-DMMs must quote at the National Best Bid or Offer (NBBO) for a minimum average of 25% of the time during Core Trading Hours (9:30 a.m. to 4:00 p.m. ET), with escalating thresholds of 40%, 50%, 70%, and 80% unlocking progressively higher credits ranging from $100 to $1,250 per . These requirements ensure sustained , as e-DMMs also receive per-share rebates of up to $0.0045 for adding displayed and $0.0020 for non-displayed additions, further encouraging aggressive quoting. Complementing e-DMMs, supplemental liquidity providers (SLPs) and other electronic trading permit (ETP) holders, including retail brokers, provide additional layers of through and order flow. SLPs must maintain bids or offers at the NBBO in designated securities for at least 5% of the on average, across a minimum number of symbols, to qualify for enhanced rebates that reward adding over removing it. Retail brokers and other participants earn similar credits, such as $0.0030 per share for adding in Tape B securities, promoting a competitive environment where multiple firms contribute to tighter spreads and improved execution quality. Performance data underscores the effectiveness of these mechanisms, with e-DMMs and SLPs achieving high compliance in NBBO quoting, contributing to NYSE American's reputation for efficient small-cap trading. This profile supports rapid order execution and reduced trading costs for investors in emerging companies. Risk management features safeguard during volatile periods, including market-wide circuit breakers that pause trading if the Index declines 7%, 13%, or 20% from the prior close, and exchange-specific Limit Up-Limit Down bands that prevent executions outside 5% to 10% price collars depending on stock tier. Additionally, under Regulation NMS, NYSE American may invoke declarations against competing venues to route orders internally and avoid trade-throughs.

Data Services and Market Transparency

NYSE American provides real-time Trade and Quote (TAQ) data feeds for equities traded on its platform, capturing tick-by-tick trades and quotes as part of the broader NYSE Group offerings. These feeds include full depth-of-book information, enabling users to access comprehensive details for enhanced market visibility. Historical TAQ archives for NYSE American equities extend back to July 2008, supporting post-trade analysis and strategy through end-of-day records derived from real-time feeds. For options, real-time market data is available through integrated platforms covering NYSE American Options, though consolidated options data primarily flows via the Options Price Reporting Authority (OPRA). Market transparency is bolstered by tools such as the Enhanced Quoted Spread (EQS) metric, which adjusts standard quoted spreads by incorporating Limit Up-Limit Down (LULD) bands to account for periods of missing quotes, providing a more accurate measure of displayed . NYSE American reports demonstrate tight quoted spreads, with EQS calculations highlighting its competitive positioning among U.S. exchanges for small-cap securities during the period from January to September 2025. Integration with the Securities Information Processor (SIP) ensures dissemination of consolidated tapes, delivering National Best Bid and Offer (NBBO) in compliance with market-wide standards. Regulatory reporting aligns with Securities and Exchange Commission (SEC) Regulation NMS, requiring timely public disclosure of order execution quality and . NYSE American maintains public dashboards and reports through its Report Center, offering monthly SEC Rule 605 statistics on order executions, including metrics for over 8,000 National Market System (NMS) securities traded on the exchange. These include summaries, counts, and listing-related , such as the approximately 227 actively listed equity securities as of 2025, promoting accountability and access to performance indicators. Innovations in data services include API access via the ICE Developer Portal and NYSE Cloud Streaming, facilitating low-latency delivery of real-time and historical data to institutional traders through cloud-based formats like Kafka on AWS. These enhancements integrate with proprietary depth-of-book products, ensuring robust transparency without compromising speed.

Governance and Management

Leadership Structure

NYSE American operates as a subsidiary within the NYSE Group, which is itself a wholly-owned of (). The ultimate oversight for NYSE American falls under ICE's , Jeffrey C. Sprecher, who has led the company since its founding in 2000 and maintains strategic direction for all ICE exchanges, including those focused on equities like NYSE American. Within the NYSE Group structure, NYSE American's operations report to the NYSE Group President, Lynn Martin, who assumed the role in 2021 and emphasizes support for small- and mid-cap companies through tailored listing and trading strategies as of 2025. This leadership alignment ensures NYSE American's small-cap focus aligns with broader NYSE Group initiatives while benefiting from ICE's global resources. Historically, NYSE American—originally the American Stock Exchange (AMEX)—has been shaped by key figures who drove its evolution from a curb market to a formalized exchange. Edward T. McCormick served as its first president after the transition from the New York Curb Exchange in 1953, overseeing the shift to indoor trading and early regulatory improvements. In the 1970s, Paul Kolton, who joined as executive vice president in 1962 and became president in 1971 before serving as the first full-time paid chairman, led significant reforms to enhance transparency and professionalism amid SEC scrutiny. Post-merger influences include , who as CEO of from 2007 to 2013 guided the integration of AMEX into the NYSE family following the 2008 acquisition. The of NYSE American is integrated into the framework, with its board composition drawn from the parent company's 11-member (as of November 2025), comprising industry experts from , , and to provide diverse oversight. Key standing committees include the , which monitors financial reporting and internal controls; the Compensation Committee, responsible for executive pay and incentives; and the Nominating and Committee, which handles director nominations and corporate policies— all populated by independent directors to ensure objectivity. While decision-making adheres to overarching NYSE and policies for consistency across exchanges, NYSE American retains specific in approving small-cap listings, allowing tailored evaluations based on its niche focus on emerging growth companies.

Regulatory Framework and Compliance

NYSE American operates as a national securities exchange registered with the U.S. Securities and Exchange Commission (SEC) under Section 6 of the , granting it authority to facilitate the trading of securities while adhering to federal securities laws. As a , NYSE American enforces its own rules on members and listed issuers, supplemented by cooperative arrangements with the for shared regulatory responsibilities, including member firm oversight and certain enforcement actions. This dual framework ensures comprehensive supervision, with NYSE American retaining primary responsibility for market surveillance and listing compliance under SEC oversight. Key regulatory rules for NYSE American emphasize maintaining market integrity and viability, including continued listing standards that require a minimum closing bid of $1.00 per share over 30 consecutive trading days to prevent low-priced from dominating the exchange. The exchange conducts ongoing surveillance for potential , such as unusual trading patterns or insider activities, using automated systems to monitor real-time order flow and trade executions across its electronic platform. Annual audits of listed companies' financials and practices are mandated to verify compliance with these standards, with updates in 2025 refining procedures for reverse stock splits and extended compliance periods. To support compliance, NYSE American employs real-time monitoring tools through its Regulation division, which flags anomalies and initiates investigations promptly, while integrating the SEC's whistleblower program to encourage reports of violations with potential monetary awards for credible tips leading to enforcement. Enforcement actions include delistings for persistent non-compliance; for instance, in 2024, the exchange commenced delisting proceedings against companies like Regional Health Properties, Inc., due to failures in meeting stockholders' equity and bid price requirements. These measures underscore NYSE American's role in upholding standards tailored for emerging growth companies, featuring more flexible financial thresholds—such as lower minimum shareholders' equity of $2 million to $6 million compared to the NYSE's $40 million—allowing a higher proportion of listings to operate under monitoring without immediate delisting risks.

Role and Impact

Focus on Small-Cap and Emerging Companies

NYSE American primarily targets small-cap and emerging companies, serving as a key venue for firms with market capitalizations typically ranging from $75 million to under $1 billion, enabling them to access public markets without the stringent requirements of larger exchanges like the NYSE. This focus positions it as an ideal platform for growth-oriented issuers in high-potential sectors, including , , and natural resources such as , where innovative but capital-intensive businesses seek visibility and liquidity to scale operations. One of the primary benefits for these issuers is NYSE American's more accessible listing structure, featuring lower fees—starting at $50,000 for companies with fewer than 5 million , compared to the NYSE's $325,000 listing —coupled with the prestige and global reach of the NYSE brand for enhanced visibility. This affiliation provides small-cap firms with robust market data dissemination and institutional access, facilitating capital raising and serving as a stepping stone for uplisting to the NYSE as they mature. In 2025, the broader U.S. IPO market experienced a robust resurgence, with overall listings up approximately 20% year-over-year through October, reflecting renewed appetite that has benefited emerging company platforms like NYSE American. As of November 2025, NYSE American lists approximately 300 small- and mid-cap companies. To address the unique challenges faced by small-cap and pre-IPO entities, such as limited and regulatory hurdles, NYSE American supports specialized programs like the historical Emerging Company Marketplace, originally launched under the American Stock Exchange for nascent firms to build track records before full listing. These initiatives help mitigate risks, contributing to stronger post-listing ; for instance, NYSE American-listed companies generally exhibit higher rates than OTC-traded peers due to enhanced oversight and protections. Illustrative case studies underscore NYSE American's role in fostering growth trajectories. For example, mining firms such as International Tower Hill Mines have utilized the exchange to attract investment in resource exploration, demonstrating how NYSE American enables sustained expansion for sector-specific innovators.

Contributions to U.S. Financial Markets

NYSE American has played a pivotal role in innovating financial products that have democratized access to investing for retail and institutional participants. Historically known as the American Stock Exchange (AMEX), it launched the first (ETF) in the United States in 1993 with the SPDR S&P 500 ETF Trust (SPY), which revolutionized index investing by allowing investors to trade baskets of securities like individual . This has contributed to the growth of the U.S. ETF market, which reached $10.3 trillion in by the end of 2024, representing 26% of total investment company assets and enabling broader participation in diversified portfolios. Additionally, NYSE American pioneered standardized options trading in 1975, introducing investor education programs that facilitated the expansion of derivatives markets. By 2025, retail investors accounted for approximately half of overall U.S. options trading volume, reflecting the enduring impact of these early developments on retail engagement. The exchange's focus on small- and mid-cap companies has significantly bolstered for emerging businesses, supporting entrepreneurial growth across the U.S. . Since its integration into the NYSE Group in , NYSE American has provided a platform for growing firms to access public markets, with dedicated electronic Designated Market Makers (e-DMMs) enhancing liquidity for over 8,000 National Market System (NMS) securities. This structure has aided in raising substantial capital for small-cap issuers, contributing to broader economic activity; for instance, global equity issuance reached $504.8 billion in 2024, with U.S. issuance at $222.9 billion and NYSE American's emphasis on smaller enterprises playing a key role in domestic funding. Furthermore, the exchange has advanced diversity in corporate leadership, aligning with trends where women and underrepresented minorities increasingly lead listed companies, though specific metrics for NYSE American reflect ongoing efforts to promote inclusive listings amid rising board diversity across major exchanges. During periods of market stress, such as the 2020 volatility triggered by the COVID-19 pandemic, NYSE American demonstrated resilience by maintaining liquidity for small-cap securities through its hybrid trading model, which combines electronic and floor-based elements to stabilize trading. This helped mitigate broader market disruptions, as ETFs and small-cap trades benefited from consistent liquidity provision, with U.S. equity markets overall showing reduced volatility in auction performance. Looking ahead to 2025, the exchange continues to support entrepreneurial funding, indirectly contributing to U.S. GDP growth projected at around 2.0% amid robust business investment. On the global front, NYSE American facilitates cross-border investment by trading American Depositary Receipts (ADRs), enabling U.S. investors to access international equities from emerging markets without foreign exchange complexities, thereby enhancing portfolio diversification and global capital flows.

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