Did you know that NYSE was founded on this day 229 years ago? Located on the Wall Street, NYSE is the biggest stock exchange in the world. Well, the Wall Street needs to introduction but have you ever wondered how the street which went on to become the equivalent to the financial markets of the world was named? Read the story to find out!
Crux of the Matter
NYSE Formation Day
NYSE was founded on May 17, 1792. Also known as the ‘Big Board’, it is the world’s largest stock exchange. It is located on Wall Street, Lower Manhattan, NYC, US. But do you know how was Wall Street named?
Why Wall Street?
Wall Street was originally named “de Waalstraat” as it was a Dutch territory and a part of the then New Amsterdam. Dutch settlers had build a literal defensive wall to protect themselves from British, Native Americans and pirates. However, the 12 foot wall was demolished by the British Colonial Government in 1699.
Wall Street was New York City’s official slave trading marketplace. In late 17th century, it was also a trading spot for merchants to buy and sell stocks and bonds. Major trading happened under the Buttonwood tree situated at the foot of Wall Street. This led to the formation of the Buttonwood agreement.
The Buttonwood Agreement
In 1792, 24 foremost brokers of US signed the agreement which prescribed the commission based form of trading. Initial trades were conducted in War bonds, Bank of New York, Bank of North America, etc.
NYSE And Wall Street
In 1817, the Buttonwoods organization was revised. They named it the New York Stock and Exchange Board. In 1863, it was renamed New York Stock Exchange. Since then Wall Street is synonymous to the US markets.
- In the 2012 film The Dark Knight Rises, the villain Bane destroys the Gotham City Stock Exchange. The J.P. Morgan Building on Wall Street and Broad Street were used to film scenes in and near the New York Stock Exchange.
- The opening bell at the New York Stock Exchange is rung at 9:30 am ET and the closing bell at 4 pm ET. Several fictional characters like Mickey Mouse, the Pink Panther, Mr. Potato Head, and Darth Vader have rung the bell.
- Established in 1903, the main New York Stock Exchange Building is located at 18 Broad Street, between Wall Street and Exchange Place, and was designed by George B. Post in the Beaux-Arts style. In 1978, the structure was listed as a National Historic Landmark.