NY Stock Exchange
The New York Stock Exchange traces its origins
to a founding agreement in 1792. The NYSE registered as a national
securities exchange with the U.S. Securities and Exchange Commission
on October 1, 1934. The Governing Committee was the primary governing
body until 1938, at which time The Exchange hired its first paid
president and created a thirty-three member Board of Governors.
The Board included Exchange members, non-member partners from both
New York and out-of-town firms, as well as public representatives.
The NYSE mission is to add value to the capital-raising
and asset- management process by providing the highest- quality
and most cost-effective self-regulated marketplace for the trading
of financial instruments, promote confidence in and understanding
of that process, and serve as a forum for discussion of relevant
national and international policy issues.
NASDAQ is the largest U.S. electronic
stock market. With approximately 3,300 companies, it lists more
companies and, on average, trades more shares per day than any other
U.S. market. It is home to category-defining companies that are
leaders across all areas of business including technology, retail,
communications, financial services, transportation, media and biotechnology.
NASDAQ is the primary market for trading NASDAQ-listed stocks. Approximately
54% of NASDAQ-listed shares traded are reported to NASDAQ systems.
Over-the-Counter Bulletin Board (OTCBB)
The OTC Bulletin Board (OTCBB) is a regulated
quotation service that displays real-time quotes, last-sale prices,
and volume information in over-the-counter (OTC) equity securities.
An OTC equity security generally is any equity that is not listed
or traded on Nasdaq or a national securities exchange. OTCBB securities
include national, regional, and foreign equity issues, warrants,
units, American Depositary Receipts (ADRs), and Direct Participation