NYSE MKT

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NYSE MKT
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Founded 2008
Headquarters New York, NY, USA
Website www.nyse.com

NYSE MKT (formerly NYSE Amex) is a U.S. cash equities market for listing and trading small-cap and mid-cap growth companies.[1] The company changed its name to NYSE MKT in May 2010. NYSE Amex Options, however, retained its name.[2]

NYSE MKT is currently a division of the Intercontinental Exchange Group Inc. which purchased the exchange as part of the NYSE Euronext acquisition in November 2013. NYSE MKT and its sister equity options exchange NYSE Amex Options, along with the New York Stock Exchange, NYSE Arca and NYSE Arca Options all fall under ICE's securities market group.

Starting in the second quarter of 2017, NYSE plans to close the NYSE MKT floor, and all trading on NYSE MKT, which lists and trades around 250 small-cap companies, will be automated.[3]

History

The exchange traces its history back to the 1840s, with the organization of a consortium of brokers (known as "curbstone brokers" because they operated in the street) who specialized in small and newly created enterprises. The curb market grew and matured, eventually adopting listing standards (and moving indoors) under the name "New York Curb Market. In 1929, its name was changed to the New York Curb Exchange and, in 1953, to the American Stock Exchange (AMEX). [4]

In 1993, AMEX becomes a pioneer in what would become a revolution in the securities world with the introduction of the first exchange traded fund (ETF), Standard & Poor’s Depositary Receipts (SPDRs).

In 1998, AMEX merged with NASDAQ but in 2004 the company regained its independence.

NYSE predecessor NYSE Euronext acquired the exchange on Oct. 1, 2008. NYSE Euronext initially rebranded the exchange post-merger, calling it "NYSE Alternext U.S. LLC" but received approval from the U.S. Securities and Exchange Commission (SEC) in March of 2009 to change it back to NYSE Amex.[5]

NYSE MKT (as AMEX) was acquired by NYSE Euronext in 2008 for $260 million to help boost its options, exchange traded funds and cash equities businesses. NYSE closed the old Amex equities trading floor and moved it to the NYSE trading floor in 2009.[6]

NYSE MKT Facts

NYSE MKT-listed companies benefit from issuer-selected designated market makers who utilize NYSE trading and surveillance systems.

As of May of 2013, NYSE MKT listed 446 issues. Typically, actively traded shares on NYSE MKT include energy and metals mining companies, medical and pharmaceutical research firms, and a number of funds.[7]

Listing Standards

Criteria Standard 1' Standard 2 Standard 3' Standard 4'
Pre-tax income $750,000 N/A N/A N/A
Market capitalization N/A N/A $50 million $75 million, OR

At least $75 million in total assets and $75 million in revenues

Market value of public float $3 million $15 million $15 million $20 million
Minimum Price $3 $3 $2 $3
Operating History N/A 2 years N/A N/A
Shareholders' Equity $4 million $4 million $4 million N/A
Public shareholders/Public float (shares) Option 1: 800/500,000

Option 2: 400/1,000,000
Option 3: 400/500,000

For more information on NYSE MKT listing standards, click HERE.

References

  1. NYSE Alternext U.S. Equities. NYSE.
  2. NYSE Amex LLC to be renamed NYSE MKT LLC. NYSE Euronext.
  3. NYSE MKT to end floor trading for small stocks. The Financial Times.
  4. American Stock Exchange Historical Timeline. NYSE.
  5. Press Release. NYSE Euronext.
  6. NYSE MKT stock exchange to end floor trading - regulatory filing. Reuters.
  7. NYSE MKT Market Movers. NYSE Euronext.
Last modified on 11 January 2017, at 08:50