American Stock Exchange

The American Stock Exchange, or Amex, is the third largest stock exchange in the United States, positioned behind the New York Stock Exchange and the NASDAQ stock market.  Over 570 companies are currently listed on the Amex with a market value in excess of $565 billion.

History of the American Stock Exchange

The American Stock Exchange has its origins around 1849 on the streets of the financial district of New York City near Broad Street and Exchange Place.  There brokers would meet outdoors to discuss and trade stocks and bonds.  Later, in 1908, these same brokers would form an organization known as the New York Curb Agency.

In 1921 the roar of the market activities on the street dictated a move indoors into the building where it still resides on Trinity Place in New York City.  The Amex was referred to as the New York Curb Exchange from 1929 to 1953 when it changed its name to the American Stock Exchange.

For many years the Amex was a marketplace for the securities of companies that could not meet the high standards of the New York Stock Exchange.  Later, it became a an even more respectable exchange as it began to introduce its own set of listing requirements for securities and admissions standards for members of the exchange.

In 1998, the American Stock Exchange merged with the National Association of Securities Dealers (NASD), the same organization that manages the NASDAQ stock market.  The combined companies, however, continued to operate separate exchanges.

In late 2003 the American Stock Exchange regained its independence. After only six years under the control of NASD, The Amex Membership Corporation completed an agreement to transfer control of the exchange back to its membership.  The Amex claims to be the second largest options exchange in the world.

AMEX Facts and Figures

In addition to the trading of stocks and bonds, the Amex is well known for its pioneering efforts in the trading of derivatives.  A derivative is an investment that is based on the performance of an underlying asset or index.  An example of a derivative that is traded on the American Stock Exchange is Standard & Poor's Depository Receipts - which are directly tied to the S&P 500 Index.  These receipts are traded like stocks; however, their price fluctuates with the movement of the S&P index itself.

Trading Volumes on the AMEX H3

In 2008, the average daily volume on the Amex was roughly 30 - 50 million shares.   This works out to nearly 1 billion shared traded each month.  This also equates to $50 - 80 billion each month in securities of companies worth in the neighborhood of $565 billion.  There are nearly 1,700 actively traded issues on the Amex in 2008.

As is the case with other securities exchanges, the Amex is an auction market where the prices for stocks, options, exchange traded funds (EFT), derivatives and other structured products are determined through public offers to sell and bids to buy.  The Amex is often considered a specialty market with a strong leadership position in the EFT marketplace.

AMEX Holiday Schedule / Calendars

 The following are the holiday schedules for the American Stock Exchange for the calendar year 2007, 2008 and 2009.

American Stock Exchange 2007 Holiday Schedule

The Amex will close early on Tuesday, July 3, 2007; Friday, November 23, 2007 (the day after Thanksgiving); and Monday, December 24, 2007.  (The trading floor will close at 1:00pm.)

American Stock Exchange 2008 Holiday Schedule

The exchange will close early on Thursday, July 3, 2008; Friday, November 28, 2008 (the day after Thanksgiving); and Wednesday, December 24, 2008.  (The trading floor will close at 1:00pm.)

American Stock Exchange 2009 Holiday Schedule

The exchange will close early on Friday, July 3, 2009; Friday, November 27, 2009 (the day after Thanksgiving); and Thursday, December 24, 2009.  (The trading floor will close at 1:00pm.)

AMEX Trading Hours

Except as otherwise determined by the Amex Board of Governors, the Exchange shall be open for the transaction of business on every business day, Monday through Friday.  Trading on the Amex occurs Monday through Friday 9:30 a.m. to 4:00 p.m. ET and the Amex is closed on days indicated in the holiday schedule above.

Electronic Trading on the AMEX

The owners of the American Stock Exchange realize that the competitive position of the exchange is declining.  To help improve its position, the Amex is undertaking a revitalization of its trading technology to meet the high standards of its options customers.  In 2004, a rollout of ANTE (Amex New Trading Environment) began with a new electronic platform that combines the qualities of an electronic and auction marketplace.

ANTE promises to significantly increase trading performance including speed, liquidity and customer access.  In 2006 AMEX began working on integrating the ANTE platform for options with ATS (Amex Alternative Trading System), which will be a completely redesigned stock trading platform.  When completed, the AMEX will be the only major exchange offering multiple trading products on a single trading platform.

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