Links to Major Exchanges and Investor Research Sites

The New York Stock Exchange (NYSE) traces it humble beginnings to May 17, 1792, when 24 prominent brokers and merchants signed the Buttonwood Agreement, in which they agreed to trade securities for a uniform commission rate. Today, there are 1,366 members and more than 3,000 domestic and non-U.S. companies listed on the "Big Board," with a total market capitalization of more than $15 trillion. Trading begins each weekday at 9:30 a.m. and ends at 4:00 p.m. EST. The NYSE's openings and closings are believed to be the most widely viewed daily events in the world.

In the mid-60s, the Securities and Exchange Commission (SEC) determined to organize over-the-counter (OTC) trading and assigned the task of creating an automatic trading system to the National Association of Securites Dealers (NASD). The National Association of Securities Dealers Automated Quotation, or NASDAQ, was launched on February 8, 1971 with 2,500 OTC securities. Today, it is the fastest growing stock market in the United States and ranks second among the world's securities markets in terms of dollar volume.

In the late 1700s, a group of outdoor brokers began making markets in early government securities and new enterprises. The Curb Exchange, as it was first known, eventually became The American Stock Exchange (AMEX). However, the AMEX didn't move to inside quarters until 1921. On November 2, 1998, the AMEX joined with the National Association of Securities Dealers (NASD) to create the Nasdaq-Amex Market Group. The American Stock Exchange and The Nasdaq Stock Market continue to operate as separate markets.

The National Association of Securities Dealers (NASD) came about "in a 'round about way" through the National Recovery Act (NRA) of 1933. When the NRA was declared unconstitutional by the Supreme Court, the investment banking community agreed to join forces and finance a voluntary organization to preserve and formalize the values of the NRA's original code. The organization underwent several changes and began operating with almost 1,200 members in October of 1936, quickly growing to over 1,600 members. In June of 1939, the SEC approved the newly-formed National Association of Securities Dealers, Inc. as a national securities association under the Maloney Act amendments, section 15A, of the Securities Exchange Act of 1934.

The NASD's subsidiary, NASD Regulation, Inc. (NASDR), regulates the securities industry and the Nasdaq Stock Market. Through its many departments and offices, NASD Regulation's jurisdiction extends to over 5,400 firms with more than 58,000 branch offices, and over 505,000 securities industry professionals.

The US Securities and Exchange Commission (SEC) is an independent, nonpartisan, quasijudicial regulatory agency with responsibility for administering the federal securities laws. The laws protect investors in securities markets that operate fairly and ensure that investors have access to disclosure of all material information concerning publicly traded securities. The SEC maintains the Electronic Data Gathering, Analysis and Retrieval system (EDGAR), a database of securities filings by companies and others who are required by law to file forms with the SEC. Its primary purpose is to increase the efficiency and fairness of the securities market for the benefit of investors, corporations, and the economy. In addition to maintaining the EDGAR Database, the SEC also provides an investor education and assistance section on its Website. "We are the investor's advocate." -William O. Douglas, SEC Chairman 1937-1939

The Securities Industries Association (SIA) was established in 1972 to join the interests and accomplish the common goals of more than 740 securities firms. The SIA's members - investment banks, broker-dealers, and mutual fund companies - are active in all U.S. and foreign markets and in all phases of corporate and public finance. Member firms directly manage the accounts of more than 50 million investors, and indirectly manage the accounts of tens of millions of investors through corporate, thrift, and pension plans. SIA members generate more than $300 billion of revenues annually in the U.S. economy. The SIA maintains an investor information section on its Website.