History of the NYSE

New York is known as the big apple and a melting pot of people from around the world. The city is also famous for the establishment of the NY Stock Exchange (NYSE). The NYSE was founded on the 17th of May 1792 by 24 stockbrokers who organized security trading in NY for commodities of wheat, and other commodities which were being traded at the time. The stockbrokers signed a document called the Buttonwood Agreement which was actually signed outside of 68 Wall Street. 

What I found was very interesting was the buttonwood tree is actually the American sycamore tree. It was used in making wooden buttons because of the fine grain of the wood. I found this fact to be most interesting as the agreement was named after the tree the stood under when they signed the document.

The agreement became the founding document of what would become the NY Stock Exchange. This document is actually one of the most important documents in the history of finance in U.S history. About 25 years later on the 8th of March in 1817 the organization officially became the New York Stock Exchange and Exchange Board. As of July 2017 there were 2400 companies listed on the NYSE with a combined value of 21.3 trillion market capitalization. To learn more about new companies being listed on the NYSE visit nyse.com for details.

I loved learning that during World War II there was an exception where women traders dominated the NYSE. In the post war society when the war was over the men returned to the floor and women never returned to the floor at such a high percentage. The first woman who traded on the floor was Muriel Siebert in 1967 who become the first female NYSE member. She wore a signatory mink coat and she traded in style. In 2017 a young woman names Lauren Simmons made history at NYSE. She became the youngest and only current female trade on the New York Stock Exchange. Another woman, Stacey Cunningham was appointed the 67th president of the New York Exchange on May 22, 2018. She is the second female president but the first to hold the office of a full leadership role.

As the stories of the women who have made a history in the NYSE are shared I know it will inspire the next generation of young women to pursue careers in finance, money management and investing. As I connect with more women in the business and finance field I look forward to partnering to mentor young women through the Gaia’s Essence Scholarship program.

If you are within the field and are interested in mentoring young women to be the next  game changers of their generation contact me at mentor@gaiasessence.com.

Sources:

www.nyse.com
www.wikipedia.com

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