|Location||New York City, New York, U.S.|
|Founded||May 17, 1792|
|Currency||United States dollar|
|No. of listings||2,400|
|Market cap||US$22.9 trillion (2019)|
|Volume||US$20.161 trillion (2011)|
New York Stock Exchange
Front Elevation of the New York Stock Exchange.
|Architect||Trowbridge & Livingston; George B. Post|
|Architectural style||Classical Revival|
|NRHP reference #||78001877|
|Added to NRHP||June 2, 1978|
|Designated NHL||June 2, 1978|
|Designated NYCL||July 9, 1985|
The New York Stock Exchange (NYSE, nicknamed "The Big Board") trillion as of February 2018. The average daily trading value was approximately US$169 billion in 2013. The NYSE trading floor is located at 11 Wall Street and is composed of 21 rooms used for the facilitation of trading. A fifth[ clarification needed ] trading room, located at 30 Broad Street, was closed in February 2007. The main building and the 11 Wall Street building were designated National Historic Landmarks in 1978.is an American stock exchange located at 11 Wall Street, Lower Manhattan, New York City, New York. It is by far the world's largest stock exchange by market capitalization of its listed companies at US$30.1
The NYSE is owned by Intercontinental Exchange, an American holding company that it also lists (NYSE : ICE). Previously, it was part of NYSE Euronext (NYX), which was formed by the NYSE's 2007 merger with Euronext.
The earliest recorded organization of securities trading in New York among brokers directly dealing with each other can be traced to the Buttonwood Agreement. Previously, securities exchange had been intermediated by the auctioneers, who also conducted more mundane auctions of commodities such as wheat and tobacco.On May 17, 1792, twenty four brokers signed the Buttonwood Agreement, which set a floor commission rate charged to clients and bound the signers to give preference to the other signers in securities sales. The earliest securities traded were mostly governmental securities such as War Bonds from the Revolutionary War and First Bank of the United States stock, although Bank of New York stock was a non-governmental security traded in the early days. The Bank of North America, along with the First Bank of the United States and the Bank of New York, were the first shares traded on the New York Stock Exchange.
In 1817, the stockbrokers of New York, operating under the Buttonwood Agreement, instituted new reforms and reorganized. After sending a delegation to Philadelphia to observe the organization of their board of brokers, restrictions on manipulative trading were adopted, as well as formal organs of governance.After re-forming as the New York Stock and Exchange Board, the broker organization began renting out space exclusively for securities trading, which previously had been taking place at the Tontine Coffee House. Several locations were used between 1817 and 1865, when the present location was adopted.
The invention of the electrical telegraph consolidated markets and New York's market rose to dominance over Philadelphia after weathering some market panics better than other alternatives.The Open Board of Stock Brokers was established in 1864 as a competitor to the NYSE. With 354 members, the Open Board of Stock Brokers rivaled the NYSE in membership (which had 533) "because it used a more modern, continuous trading system superior to the NYSE’s twice-daily call sessions". The Open Board of Stock Brokers merged with the NYSE in 1869. Robert Wright of Bloomberg writes that the merger increased the NYSE's members as well as trading volume, as "several dozen regional exchanges were also competing with the NYSE for customers. Buyers, sellers and dealers all wanted to complete transactions as quickly and cheaply as technologically possible and that meant finding the markets with the most trading, or the greatest liquidity in today’s parlance. Minimizing competition was essential to keep a large number of orders flowing, and the merger helped the NYSE maintain its reputation for providing superior liquidity." The Civil War greatly stimulated speculative securities trading in New York. By 1869, membership had to be capped, and has been sporadically increased since. The latter half of the nineteenth century saw rapid growth in securities trading.
Securities trade in the latter nineteenth and early twentieth centuries was prone to panics and crashes. Government regulation of securities trading was eventually seen as necessary, with arguably the most dramatic changes occurring in the 1930s after a major stock market crash precipitated the Great Depression.
The Stock Exchange Luncheon Club was situated on the seventh floor from 1898 until its closure in 2006.
The main building, located at 18 Broad Street, between the corners of Wall Street and Exchange Place, was designated a National Historic Landmark in 1978,as was the 11 Wall Street building.
On April 21, 2005, the NYSE announced its plans to merge with Archipelago in a deal intended to reorganize the NYSE as a publicly traded company. NYSE's governing board voted to merge with rival Archipelago on December 6, 2005, and became a for-profit, public company. It began trading under the name NYSE Group on March 8, 2006. On April 4, 2007, the NYSE Group completed its merger with Euronext, the European combined stock market, thus forming NYSE Euronext, the first transatlantic stock exchange.
Wall Street is the leading US money center for international financial activities and the foremost US location for the conduct of wholesale financial services. "It comprises a matrix of wholesale financial sectors, financial markets, financial institutions, and financial industry firms" (Robert, 2002). The principal sectors are securities industry, commercial banking, asset management, and insurance.
Prior to the acquisition of NYSE Euronext by the ICE in 2013, Marsh Carter was the Chairman of the NYSE and the CEO was Duncan Niederauer. Currently,[ when? ] the chairman is Jeffrey Sprecher. In 2016, NYSE owner Intercontinental Exchange Inc. earned $419 million in listings-related revenues.
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The exchange was closed shortly after the beginning of World War I (July 31, 1914), but it partially re-opened on November 28 of that year in order to help the war effort by trading bonds,and completely reopened for stock trading in mid-December.
On September 16, 1920, a bomb exploded on Wall Street outside the NYSE building, killing 33 people and injuring more than 400. The perpetrators were never found. The NYSE building and some buildings nearby, such as the JP Morgan building, still have marks on their façades caused by the bombing.
The Black Thursday crash of the Exchange on October 24, 1929, and the sell-off panic which started on Black Tuesday, October 29, are often blamed for precipitating the Great Depression. In an effort to restore investor confidence, the Exchange unveiled a fifteen-point program aimed to upgrade protection for the investing public on October 31, 1938.
On October 1, 1934, the exchange was registered as a national securities exchange with the U.S. Securities and Exchange Commission, with a president and a thirty-three-member board. On February 18, 1971, the non-profit corporation was formed, and the number of board members was reduced to twenty-five.
One of Abbie Hoffman's well-known publicity stunts took place in 1967, when he led members of the Yippie movement to the Exchange's gallery. The provocateurs hurled fistfuls of dollars toward the trading floor below. Some traders booed, and some laughed and waved. Three months later the stock exchange enclosed the gallery with bulletproof glass.Hoffman wrote a decade later, "We didn't call the press; at that time we really had no notion of anything called a media event."
On October 19, 1987, the Dow Jones Industrial Average (DJIA) dropped 508 points, a 22.6% loss in a single day, the second-biggest one-day drop the exchange had experienced. Black Monday was followed by Terrible Tuesday, a day in which the Exchange's systems did not perform well and some people had difficulty completing their trades.
Subsequently, there was another major drop for the Dow on October 13, 1989—the Mini-Crash of 1989. The crash was apparently caused by a reaction to a news story of a $6.75 billion leveraged buyout deal for UAL Corporation, the parent company of United Airlines, which broke down. When the UAL deal fell through, it helped trigger the collapse of the junk bond market causing the Dow to fall 190.58 points, or 6.91 percent.
Similarly, there was a panic in the financial world during the year of 1997; the Asian Financial Crisis. Like the fall of many foreign markets, the Dow suffered a 7.18% drop in value (554.26 points) on October 27, 1997, in what later became known as the 1997 Mini-Crash but from which the DJIA recovered quickly. This was the first time that the "circuit breaker" rule had operated.
On January 26, 2000, an altercation during filming of the music video for Rage Against the Machine's "Sleep Now in the Fire", directed by Michael Moore, caused the doors of the exchange to be closed and the band to be escorted from the site by securityafter the members attempted to gain entry into the exchange.
In the aftermath of the September 11 attacks, the NYSE was closed for four trading sessions, resuming on Monday, September 17, one of the rare times the NYSE was closed for more than one session and only the third time since March 1933. On the first day, the NYSE suffered a 7.1% drop in value (684 points); after a week, it dropped by 14% (1370 points). An estimated of $1.4 trillion was lost within five days of trading.The NYSE was only 5 blocks from Ground Zero.
On May 6, 2010, the Dow Jones Industrial Average posted its largest intraday percentage drop since the crash on October 19, 1987, with a 998-point loss later being called the 2010 Flash Crash (as the drop occurred in minutes before rebounding). The SEC and CFTC published a report on the event, although it did not come to a conclusion as to the cause. The regulators found no evidence that the fall was caused by erroneous ("fat finger") orders.
On October 29, 2012, the stock exchange was shut down for two days due to Hurricane Sandy.The last time the stock exchange was closed due to weather for a full two days was on March 12 and 13, 1888.
On May 1, 2014, the stock exchange was fined $4.5 million by the Securities and Exchange Commission to settle charges that it had violated market rules.
On August 14, 2014, Berkshire Hathaway's A Class shares, the highest priced shares on the NYSE, hit $200,000 a share for the first time.
On July 8, 2015, technical issues affected the stock exchange, halting trading at 11:32 am ET. The NYSE reassured stock traders that the outage was "not a result of a cyber breach", and the Department of Homeland Security confirmed that there was "no sign of malicious activity". Trading eventually resumed at 3:10 pm ET the same day.
On May 25, 2018, Stacey Cunningham, the NYSE's chief operating officer, became the Big Board's 67th president, succeeding Thomas Farley.She is the first female leader in the exchange's 226-year history.
The NYSE plans to temporarily move to all-electronic trading on March 23, 2020, due to the 2020 coronavirus pandemic in the United States.
The New York Stock Exchange is closed on New Year's Day, Martin Luther King, Jr. Day, Washington's Birthday, Good Friday, Memorial Day, Fourth of July, Labor Day, Thanksgiving, and Christmas. When those holidays occur on a weekend, the holiday is observed on the closest weekday. In addition, the Stock Exchange closes early on the day before Independence Day, the day after Thanksgiving, and the day before Christmas.The NYSE averages about 253 trading days per year.
The New York Stock Exchange (sometimes referred to as "the Big Board") provides a means for buyers and sellers to trade shares of stock in companies registered for public trading. The NYSE is open for trading Monday through Friday from 9:30 am – 4:00 pm ET, with the exception of holidays declared by the Exchange in advance.
The NYSE trades in a continuous auction format, where traders can execute stock transactions on behalf of investors. They will gather around the appropriate post where a specialist broker, who is employed by a NYSE member firm (that is, he/she is not an employee of the New York Stock Exchange), acts as an auctioneer in an open outcry auction market environment to bring buyers and sellers together and to manage the actual auction. They do on occasion (approximately 10% of the time) facilitate the trades by committing their own capital and as a matter of course disseminate information to the crowd that helps to bring buyers and sellers together. The auction process moved toward automation in 1995 through the use of wireless hand held computers (HHC). The system enabled traders to receive and execute orders electronically via wireless transmission. On September 25, 1995, NYSE member Michael Einersen, who designed and developed this system, executed 1000 shares of IBM through this HHC ending a 203-year process of paper transactions and ushering in an era of automated trading.
As of January 24, 2007, all NYSE stocks can be traded via its electronic hybrid market (except for a small group of very high-priced stocks). Customers can now send orders for immediate electronic execution, or route orders to the floor for trade in the auction market. In the first three months of 2007, in excess of 82% of all order volume was delivered to the floor electronically.NYSE works with US regulators such as the SEC and CFTC to coordinate risk management measures in the electronic trading environment through the implementation of mechanisms like circuit breakers and liquidity replenishment points.
Until 2005, the right to directly trade shares on the exchange was conferred upon owners of the 1,366 "seats". The term comes from the fact that up until the 1870s NYSE members sat in chairs to trade. In 1868, the number of seats was fixed at 533, and this number was increased several times over the years. In 1953, the number of seats was set at 1,366. These seats were a sought-after commodity as they conferred the ability to directly trade stock on the NYSE, and seat holders were commonly referred to as members of the NYSE. The Barnes family is the only known lineage to have five generations of NYSE members: Winthrop H. Barnes (admitted 1894), Richard W.P. Barnes (admitted 1926), Richard S. Barnes (admitted 1951), Robert H. Barnes (admitted 1972), Derek J. Barnes (admitted 2003). Seat prices varied widely over the years, generally falling during recessions and rising during economic expansions. The most expensive inflation-adjusted seat was sold in 1929 for $625,000, which, today, would be over six million dollars. In recent times, seats have sold for as high as $4 million in the late 1990s and as low as $1 million in 2001. In 2005, seat prices shot up to $3.25 million as the exchange entered into an agreement to merge with Archipelago and became a for-profit, publicly traded company. Seat owners received $500,000 in cash per seat and 77,000 shares of the newly formed corporation. The NYSE now sells one-year licenses to trade directly on the exchange. Licenses for floor trading are available for $40,000 and a license for bond trading is available for as little as $1,000 as of 2010. Neither are resell-able, but may be transferable during a change of ownership of a corporation holding a trading license.
Following the Black Monday market crash in 1987, NYSE imposed trading curbs to reduce market volatility and massive panic sell-offs. Following the 2011 rule change, at the start of each trading day, the NYSE sets three circuit breaker levels at levels of 7% (Level 1), 13% (Level 2), and 20% (Level 3) of the average closing price of the S&P 500 for the preceding trading day. Level 1 and Level 2 declines result in a 15-minute trading halt unless they occur after 3:25 pm, when no trading halts apply. A Level 3 decline results in trading being suspended for the remainder of the day. (The biggest one-day decline in the S&P 500 since 1987 was the 11.98% drop on March 16, 2020.)
In the mid-1960s, the NYSE Composite Index (NYSE: NYA) was created, with a base value of 50 points equal to the 1965 yearly close.This was done to reflect the value of all stocks trading at the exchange instead of just the 30 stocks included in the Dow Jones Industrial Average. To raise the profile of the composite index, in 2003, the NYSE set its new base value of 5,000 points equal to the 2002 yearly close. Its close at the end of 2013 was 10,400.32.
In October 2008, NYSE Euronext completed acquisition of the American Stock Exchange (AMEX) for $260 million in stock.
On February 15, 2011, NYSE and Deutsche Börse announced their merger to form a new company, as yet unnamed, wherein Deutsche Börse shareholders would have 60% ownership of the new entity, and NYSE Euronext shareholders would have 40%.
On February 1, 2012, the European Commission blocked the merger of NYSE with Deutsche Börse, after commissioner Joaquín Almunia stated that the merger "would have led to a near-monopoly in European financial derivatives worldwide".Instead, Deutsche Börse and NYSE would have to sell either their Eurex derivatives or LIFFE shares in order to not create a monopoly. On February 2, 2012, NYSE Euronext and Deutsche Börse agreed to scrap the merger.
In April 2011, Intercontinental Exchange (ICE), an American futures exchange, and NASDAQ OMX Group had together made an unsolicited proposal to buy NYSE Euronext for approximately US$ 11,000,000,000, a deal in which NASDAQ would have taken control of the stock exchanges. NYSE Euronext rejected this offer twice, but it was finally terminated after the United States Department of Justice indicated their intention to block the deal due to antitrust concerns.
In December 2012, ICE had proposed to buy NYSE Euronext in a stock swap with a valuation of $8 billion. NYSE Euronext shareholders would receive either $33.12 in cash, or $11.27 in cash and approximately a sixth of a share of ICE. Jeffrey Sprecher, the chairman and CEO of ICE, will retain those positions, but four members of the NYSE board of directors will be added to the ICE board.
The NYSE's opening and closing bells mark the beginning and the end of each trading day. The opening bell is rung at 9:30 am ET to mark the start of the day's trading session. At 4 pm ET the closing bell is rung and trading for the day stops. There are bells located in each of the four main sections of the NYSE that all ring at the same time once a button is pressed. There are three buttons that control the bells, located on the control panel behind the podium which overlooks the trading floor. The main bell, which is rung at the beginning and end of the trading day, is controlled by a green button. The second button, colored orange, activates a single-stroke bell that is used to signal a moment of silence. A third, red button controls a backup bell which is used in case the main bell fails to ring.
The signal to start and stop trading was not always a bell. The original signal was a gavel (which is still in use today along with the bell), but during the late 1800s, the NYSE decided to switch the gavel for a gong to signal the day's beginning and end. After the NYSE changed to its present location at 18 Broad Street in 1903, the gong was switched to the bell format that is currently being used.
A common sight today is the highly publicized events in which a celebrity or executive from a corporation stands behind the NYSE podium and pushes the button that signals the bells to ring. Due to the amount of coverage that the opening/closing bells receive, many companies coordinate new product launches and other marketing-related events to start on the same day as when the company's representatives ring the bell. It was only in 1995 that the NYSE began having special guests ring the bells on a regular basis; prior to that, ringing the bells was usually the responsibility of the exchange's floor managers.
Many of the people who ring the bell are business executives whose companies trade on the exchange. However, there have also been many famous people from outside the world of business that have rung the bell. Athletes such as Joe DiMaggio of the New York Yankees and Olympic swimming champion Michael Phelps, entertainers such as rapper Snoop Dogg, members of ESPN’s College GameDay crew, singer and actress Liza Minnelliand members of the band Kiss, and politicians such as Mayor of New York City Rudy Giuliani and President of South Africa Nelson Mandela have all had the honor of ringing the bell. Two United Nations Secretaries General have also rung the bell. On April 27, 2006, Secretary-General Kofi Annan rang the opening bell to launch the United Nations Principles for Responsible Investment. On July 24, 2013, Secretary-General Ban Ki-moon rang the closing bell to celebrate the NYSE joining the United Nations Sustainable Stock Exchanges Initiative.
In addition, there have been many bell-ringers who are famous for heroic deeds, such as members of the New York police and fire departments following the events of 9/11, members of the United States Armed Forces serving overseas, and participants in various charitable organizations.
There have also been several fictional characters that have rung the bell, including Mickey Mouse, the Pink Panther, Mr. Potato Head, the Aflac Duck, and Darth Vader.
|New York Stock Exchange listed stocks:|
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.
The Nasdaq Stock Market, also known as Nasdaq, is an American stock exchange located at One Liberty Plaza in New York City. It is ranked second on the list of stock exchanges by market capitalization of shares traded, behind only the New York Stock Exchange. The exchange platform is owned by Nasdaq, Inc., which also owns the Nasdaq Nordic stock market network and several U.S. stock and options exchanges.
The Dow Jones Industrial Average (DJIA), Dow Jones, or simply the Dow, is a stock market index that measures the stock performance of 30 large companies listed on stock exchanges in the United States. Although it is one of the most commonly followed equity indices, many consider the Dow to be an inadequate representation of the overall U.S. stock market compared to total market indices such as the Wilshire 5000 or Russell 3000 because it only includes 30 large cap companies, is not weighted by market capitalization, and does not use a weighted arithmetic mean.
A stock market crash is a sudden dramatic decline of stock prices across a significant cross-section of a stock market, resulting in a significant loss of paper wealth. Crashes are driven by panic as much as by underlying economic factors. They often follow speculation and economic bubbles.
In 2001, stock prices took a sharp downturn in stock markets across the United States, Canada, Asia, and Europe. After recovering from lows reached following the September 11 attacks, indices slid steadily starting in March 2002, with dramatic declines in July and September leading to lows last reached in 1997 and 1998. The U.S. dollar declined steadily against the euro, reaching a 1-to-1 valuation not seen since the euro's introduction.
The Wall Street Crash of 1929, also known as the Great Crash, was a major stock market crash that occurred in 1929. It started in September and ended late in October, when share prices on the New York Stock Exchange collapsed.
The S&P 500, or simply the S&P, is a stock market index that measures the stock performance of 500 large companies listed on stock exchanges in the United States. It is one of the most commonly followed equity indices, and many consider it to be one of the best representations of the U.S. stock market. The average annual total return of the index, including dividends, since inception in 1926 has been 9.8%; however, there were several years where the index declined over 30%. The index has posted annual increases 70% of the time.
Black Monday on October 19, 1987 is the name commonly attached to a sudden, severe, and largely unexpected stock market crash that struck the global financial market system. In the United States, the Dow Jones Industrial Average (DJIA) fell exactly 508 points (22.6%), accompanied by crashes in the futures and options markets. This was the largest one-day percentage drop in Dow Jones history. Significant selling created steep price declines throughout the day, particularly during the last hour and a half of trading. The S&P 500 and Wilshire 5000 indices each declined more than 18 percent, and the S&P 500 futures contract declined 29 percent. Total trading volume was so large that the computer and communications systems in place at the time were overwhelmed, leaving orders unfilled for an hour or more. Large funds transfers were delayed for hours and the Fedwire and NYSE DOT systems shut down for extended periods of time, further compounding traders' confusion.
Euronext N.V. is a European stock exchange with registered office in Amsterdam and corporate headquarters at La Défense in Greater Paris which operates markets in Amsterdam, Brussels, London, Lisbon, Dublin, Oslo and Paris. With around 1,500 listed companies worth €4.1 trillion in market capitalisation as of end July 2019, Euronext is the largest stock exchange in continental Europe. In addition to cash and derivatives markets, Euronext provides listing market data, market solutions, custody and settlement services. Its total product offering includes equities, exchange-traded funds, warrants and certificates, bonds, derivatives, commodities and indices as well as a foreign exchange trading platform.
A trading curb is a financial regulatory instrument that is in place to prevent stock market crashes from occurring, and is implemented by the relevant stock exchange organization. Since their inception, circuit breakers have been modified to prevent both speculative gains and dramatic losses within a small time frame. When triggered, circuit breakers either stop trading for a small amount of time or close trading early in order to allow accurate information to flow among market makers and for institutional traders to assess their positions and make rational decisions.
Naked short selling, or naked shorting, is the practice of short-selling a tradable asset of any kind without first borrowing the security or ensuring that the security can be borrowed, as is conventionally done in a short sale. When the seller does not obtain the shares within the required time frame, the result is known as a "failure to deliver" ("FTD"). The transaction generally remains open until the shares are acquired by the seller, or the seller's broker settles the trade.
NYSE Euronext, Inc. was a Euro-American multinational financial services corporation that operated multiple securities exchanges, including the New York Stock Exchange, Euronext and NYSE Arca. NYSE merged with Archipelago Holdings on March 7, 2006, forming NYSE Group, Inc. On April 4, 2007, NYSE Group, Inc. merged with Euronext N.V. to form the first global equities exchange, with its headquarters in Lower Manhattan. The corporation was then acquired by Intercontinental Exchange, which subsequently spun off Euronext.
Euronext Lisbon is a stock exchange in Lisbon, Portugal. It is part of Euronext pan-European exchange.
S&P Dow Jones Indices LLC is a joint venture between S&P Global, the CME Group, and News Corp that was announced in 2011 and later launched in 2012. It produces, maintains, licenses, and markets stock market indices as benchmarks and as the basis of investable products, such as exchange-traded funds (ETFs), mutual funds, and structured products. The company currently has employees in 15 cities worldwide, including New York, London, Frankfurt, Singapore, Hong Kong, Sydney, Beijing, and Dubai.
The US bear market of 2007–2009 was a 17-month bear market that lasted from October 9, 2007 to March 9, 2009, during the financial crisis of 2007-2009. The S&P 500 lost approximately 50% of its value, but the duration of this bear market was just below average due to extraordinary interventions by governments and central banks to prop up the stock market.
The NYSE Arca Major Market Index, previously the AMEX Major Market Index, is the American price-weighted stock market index made up of 20 Blue Chip industrial stocks of major U.S. corporations. Several of the stocks are also components of the Dow Jones Industrial Average (DJIA).
The Barron's 400 Index is an equal-weighted stock market index that tracks the performance of certain public companies in the United States, based on the strength of financial characteristics related to growth, market value, profitability and cash flow. The Barron's 400 has tended to outperform certain other major indexes at least since 2000 through the first half of 2013. The Barron's 400 employs a consistent “growth-at-a-reasonable price” (GARP) selection strategy.
Jean-François Théodore was a French businessman, President, Chairman and CEO of Euronext N.V., deputy CEO and Head of Strategy of NYSE Euronext Inc. for Euronext N.V and chairman of its Managing Board.
The 2015–16 stock market selloff was the period of decline in the value of stock prices globally that occurred between June 2015 to June 2016. It included the 2015–16 Chinese stock market turbulence, in which the SSE Composite Index fell 43% in just over 2 months between June 2015 and August 2015, which culminated in the devaluation of the yuan. Investors sold shares globally as a result of slowing growth in the GDP of China, a fall in petroleum prices, the Greek debt default in June 2015, the effects of the end of quantitative easing in the United States in October 2014, a sharp rise in bond yields in early 2016, and finally, in June 2016, the 2016 United Kingdom European Union membership referendum, in which Brexit was voted upon.
The New York Stock Exchange agreed on Thursday to pay $4.5 million to settle charges brought by U.S. securities regulators that the exchange flouted its own rules, marking the latest crackdown on violations of market structure rules.
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