The American Stock Exchange, commonly known by its acronym AMEX, ranks as the third largest stock market in the United States based on trading volume, following the New York Stock Exchange (NYSE) and NASDAQ national exchanges. Situated in the financial hub of New York, AMEX handles approximately ten percent of all securities listed in the country, although its market share was significantly larger in previous years.
The AMEX originated from the New York Curb Exchange, which adopted its current name in 1953. It was a mutual organization owned by its members. In the past, the AMEX was a major competitor to the New York Stock Exchange, a role that gradually diminished with the rise of the NASDAQ.
On January 17, 2008, NYSE Euronext announced its intention to acquire the American Stock Exchange for $260 million in NYSE stock. The acquisition was finalized on October 1, 2008. Initially, NYSE planned to incorporate AMEX into its Alternext European small cap exchange, temporarily renaming it NYSE Alternext U.S. However, by March 2009, NYSE abandoned this plan and rebranded it as NYSE Amex Equities exchange.
In recent years, AMEX has focused primarily on trading small cap company stocks, derivatives, and exchange-traded funds. These niche markets have allowed AMEX to maintain its relevance despite the growing popularity of NASDAQ during the 1990s.
The AMEX operates regular trading hours from 9:30 AM to 4:00 PM, Monday through Friday, and is closed on Saturdays, Sundays, and all pre-announced holidays.
