This Document Includes Literature on The Stock Exchange - The New York Stock Exchange (NYSE) and Defines the New York Stock Exchange, Its Participants, Purpose, and also Regulatory Organs of the Stock Exchange

1. 1
Literature Review On: New York Stock Exchange
1. INTRODUCTION
Over the last few decades, the average person's interest in the stock market has grown
exponentially. What was once a toy of the rich has now turned into the vehicle of choice for
growing wealth. This demand coupled with advances in trading technology has opened up the
markets so that nowadays nearly anybody can own stocks. Despite their popularity, however,
most people don't fully understand stocks. (Ronak Nangalia, 2015)
1.1. What is Stock?
Plain and simple, stock is a share in the ownership of a company. Stock represents a claim on the
company's assets and earnings. As you acquire more stock, your ownership stake in the company
becomes greater. Whether you say shares, equity, or stock, it all means the same thing.
1.2. Stocks Trade
Most stocks are traded on exchanges, which are places where buyers and sellers meet and decide
on a price. Some exchanges are physical locations where transactions are carried out on a trading
floor. You've probably seen pictures of a trading floor, in which traders are wildly throwing their
arms up, waving, yelling, and signaling to each other. The other type of exchange is virtual,
composed of a network of computers where trades are made electronically.
2. WHAT IS STOCK EXCHANGE?
The secondary tier of the capital market is what we call the stock market or the stock exchange.
The stock exchange is a market place where buyers and sellers trade in existing securities. It is a
market hosted by an institute or any such government body where shares, stocks, debentures, bonds,
futures, options, etc are traded.
A stock exchange is a meeting place for buyers and sellers. These can be brokers, agents,
individuals. The price of the commodity is decided by the rules of demand and supply.
Stock exchanges may allow companies to raise capital and investors to make informed decisions
using real-time price information. Exchanges can be a physical location or an electronic trading
platform. (Wright, 2019)
2.1. Defining the Purpose of Stock Exchange
Stock market can be used as a tool to regulate the exchange of stocks, as well as other
financial assets. Engagement in such regulation ensures a fair environment for not only
investors, but also the corporations whose stocks are traded in the market. A healthy, fair and
transparent stock market helps the economy grows, thereby benefiting practically every
member of the society. (Ozyasar, 2019)
By: Andualem Tsegaye
Id #: EMBAG 002/18
Phone #: +251-926.175817

2. 2
The fundamental reason behind Exchanging Stock can be for the purpose of: capital formation
and intermediation: providing a centralized marketplace to enable companies to raise capital
from investors who have it – and enabling those investors to trade shares in listed companies
between them.
The major purposes of stock market will be presented as follows:
a) Business Operations
Stock markets provide businesses the best alternative for raising capital. Capital formation
involves a delicate balance between overlapping and often competing interests of different
groups. This juggling act can be broadly split into primary markets (raising capital) and
secondary markets (trading and price discovery), but the two feed each other
b) Financial Planning
Stock markets are central to financial planning. You can hold stocks directly in your brokerage
accounts and indirectly through mutual funds. And also can choose from hundreds of stocks in
different industries and regions of the world.
c) Economic Efficiencies
Stock markets are at the core of the free market economic system. They allocate capital
effectively to businesses that make products and deliver services that customers need. The
markets reward companies that grow market share and punish companies that do not innovate or
react quickly to competitive threats. Investors buy shares in companies that can manage costs
and drive profit growth.
d) Investor Protection
The stock exchanges, that prevail in almost everywhere is bounded by regulatory organizations
and operate in accordance with pre settled rules and regulation which make it possible to identify
everyone involved and thereby protects investors and other market participants from insider
trading and other unethical or fraudulent trading activities.

3. 3
3. THE NEW YORK STOCK EXCHANGE
The New York Stock Exchange (NYSE, nicknamed "The Big Board") is the
oldest stock exchange in the United States, located at 11 Wall Street, New York City. According
to the Way Back Machine Internet Archives; 2018 report, it is considered as the world's largest
stock exchange by market capitalization of its listed companies at US$30.1 trillion as of
February 2018.
It is one of the largest stock exchanges in the world, with some of the most stringent listing
standards. By mandating tight standards, the NYSE encourages larger public firms to list
their securities on it, making the NYSE a highly reputable stock exchange. Both American
and foreign securities can be traded on the NYSE, as long as their issuers meet the reporting
requirements of the Securities and Exchange Commission.
3.1. Historyof New York Stock Exchange
The origin of the New York Stock Exchange can be traced to May 17, 1792, when the
Buttonwood Agreement was signed by 24 stock brokers on Wall Street in New York City under
a buttonwood tree and formed a centralized exchange for the burgeoning securities market in the
United States.
The first central location of the Exchange was located at 40 Wall Street. But the building was
latter destroyed in the Great Fire of New York (1835), after which the Exchange moved to a
temporary headquarters.
Twenty-five years later, 8 March 1817, the organization officially became the New York Stock
& Exchange Board, later simplified to the New York Stock Exchange. Throughout the early
1800s, the NYSE expanded beyond government bonds and bank stocks. New York itself soon
surpassed Philadelphia as the financial center or the United States.
Advances in telegraphic communication allowed buying and selling through the telegraph,
creating a new ease in trading. Membership increased and became more exclusive. By the start
of the Civil War, securities, commodities and gold, discovered in California, excited
participation in the exchange.
In 1878, telephones were installed, giving investors direct access to brokers on the floor of the
exchange. The increased activity made the exchange cap the number of members to 1,060, seats
for which required purchase from retiring members.
Between the late 1800s and the end of World War I, the NYSE struggled in the wake of
international turmoil. Then the stock market crashed 23 October 1929, causing an 89% drop in
share prices. The crash led to heavy regulation by the U.S. government. The NYSE subsequently
registered with the United States Securities and Exchange Commission.

4. 4
3.2. Buying a Stock on the New York Stock Exchange
Buying stock on the New York Stock Exchange (NYSE) is not the same as most of the other
purchases we make. One can't just simply walk onto the floor of the NYSE and fill a shopping
cart like we do at the supermarket store. Instead, must hire a brokerage firm to buy the stock on
behalf of you.
There exist different brokers which can offer different levels of support and advice to their
clients, so it is important to choose the proper level of support needed. Once a broker hired, the
client can request him to buy and sell stock whenever having a desire to make a transaction.
Stockbrokers are the people who actually purchase stock on the NYSE, and it is mandatory to
hire brokers to buy stock as trading in NYSC is not allowed publically and requires to hire
brokers in their behalf to perform buying and selling of stocks.
As professional brokers have a deep understanding of the market and they will buy and sell stock
with available effort to maximize the amount of money their client offers for investment. They
are best suited for amateur investors and those looking to minimize the risk of losing money.
Brokers charge a fee for their services, however, and the fee increases along with the amount of
assistance and service they offer.
If you want to save money and feel confident about purchasing stock on your own, consider an
online brokerage firm that allows you to open an online trading account. You simply open an
account, deposit some money into it and log in when you wish to buy stock. This service is less
expensive, as the broker buys stock on your behalf but does not analyze it for you or offer
advice; they simply serve as an online bridge between you and the NYSE.
When buying and owning stock is an exhilarating experience when the stock price climbs and
the investor can see their investment making money. But sometimes stock loses value, and this
isn't nearly as much fun to watch. It is crucial to understand that there is great possibility of
losing the money invested the stock market. As a result, it is best to diversify portfolio, meaning
buying stock in several companies and industries rather than putting all of your eggs in one
basket.
3.2.1. Placing Order
After the investor decides what he likes he need to tell his broker what stock he is wishing to buy
and how many shares he would like. When buying, the investor will place a market order or a
limit order. While a market order instructs the broker to simply buy shares of a certain stock, a
limit order dictates the price that the investor wants to pay for the shares.
If, for example, you want to buy shares of Company A, but want to pay $10 a share, your broker
will watch the market and wait to buy until the stock reaches that price or less.
Market order purchases happen quickly, but you may have to wait to get stock under a limit
order. If the stock never reaches the price that the investor has specified, a limit order could go
unfulfilled indefinitely unless he places a time limit on it. (Miley & Donohoe, 2019)

5. 5
3.3. How does NYSE works?
3.3.1. The Trading Floor
Trading Floor (also called trading posts) refers to a place where trading activities in financial
instruments, such as stocks, bonds, warrants, and rights, fixed income securities, commodities,
foreign exchange etc., buy and sell takes place. It is the area in which brokerages, investment
banks and other companies involved in trading activities.
There are many different types of traders that can be found on trading floors. The most common
are the floor brokers, who are tasked with trading on behalf of clients. Other types of traders
include: hedgers, scalpers, spreaders, and position traders. The major participants in the trading
floor will be presented as follows
 The Specialist
Specialists are the workers who are responsible for matching buyers to sellers. The specialists’
role is to be certain that the stocks for which they’re responsible are traded in a fair, competitive,
orderly, and efficient market, ensuring that all customers have an equal opportunity to buy shares
while receiving the best prices.
 The Floor Trader
The guys you see on the floor of the stock exchange waving their hands wildly to make trades
are called the floor traders. They’re actually members of the NYSE who trade exclusively for
their own accounts.
 The Floor Brokers
The Floor Brokers or Simply Brokers represent the entity employed by investment firms in
order to trade either on behalf of their firm's clients or the firm itself. They will be in charge to
set the "bid" price, the price in which investors are willing to pay for the stock.
 The Super-DOT System
Orders from brokers not on the floor of the exchange reach specialists through the Super-DOT
(Designated Order Turnaround) system. Super-DOT is a stock order entering system that can
handle daily trading volume that exceeds 2 billion shares.
The Super-DOT system sends brokers messages through a common message switch to the proper
specialist’s trading-floor workstation. Specialists handle these trades as buyers or sellers as
particular stocks and orders become available, and they send acknowledgements to the
originating brokerage firms, using the same switching system.

6. 6
3.3.2. Method of Trading in the Trading Floor
3.3.2.1. Open Outcry Method
Open Outcry is a method of verbal and hand signal communication used by traders at stock and
futures exchanges. Signals and shouts convey trading information, intentions, and acceptance in
the trading pits. Open outcry is also called pit trading.
There are three ways, using which traders communicate for buying/selling securities on the
trading floor.
 The most usual one is screaming from the top of their lungs and sharing the offers and the
bids.
 The second type of gesture is by waving arms like crazy to get the attention for the offers
and bids.
 The last type of demeanor on the trading floor is using hand signals.
As you can imagine, a trading floor is a place where one would see traders screaming, waving
their arms, using their bodies like crazy etc. It’s a place where everything happens pretty fast.
And if anyone miss one bit, will absolutely lose.
3.3.3. Trading Process in the Trading Floor
Opening and closing bells mark the beginning and end of each trading day. More specifically,
the opening bell is rung at 9:30 a.m. to mark the start of the day's trading session. At 4:00
p.m., the closing bell is rung and trading stops for the day. There are bells located in each of the
four main sections of the NYSE that all ring at the same time when a button is pressed. The
ringing of the bell guarantees that no trades will take place before the opening or after the close
of the market.
Traditionally, the NYSE has been a pure auction market. Auction markets are characterized by a
centralized market; trading occurs in a single location with prices that are publicly announced.
An auction market can have a physical location, like the NYSE, or it can operate electronically,
like the London Stock Exchange. The location of the market is irrelevant because, in an auction
market, all participants, including dealers, brokers, and investors, have knowledge of trading
opportunities and access to those opportunities. At any given point in time, the prices posted
represent the most favorable prices available from auction market participants.
The specialist or Floor Broker "makes" a market in several listed securities. The trading in a
stock takes place at one specific location on the exchange floor, called the specialist's post.
There is a computer screen at this post, the so called "Display Book," which presents all the
current offers from various traders to buy or sell shares at various prices, and the associated
number of shares. The role of the specialist is to manage the trading in stocks at the particular
post. The NYSE assigns the responsibility to make the market in each stock to a specific

7. 7
specialist firm; in other words, there is only one specialist per stock. (Ellis, Lisa, & Herold, 2010,
pp. 108-111)
In the trading floor, Brokers actively trade stocks on the floor of the NYSE and thereby buyers
and sellers auction securities for the highest price. Accordingly, the broker moves around the
floor, bringing 'buy and sell' orders to the specialists. Each specialist stands in one location on
the floor and deals in one or several specific stocks, depending on their trading volume.
Individual investor can place stock orders in several formats. The investor could place a market
order, which simply orders a buy or sell order to be executed immediately at current market
prices. For example, the investor can call her broker and request a stock purchase "at the
market." The broker then relays this request to the commission broker on the floor of the NYSE.
The commission broker then moves to the specialist's post and asks for sell offers from other
brokers around the post or from the specialist if there are no sell offers available. The competing
selling brokers will indicate to the commission broker the price at which they are willing to sell
and the commission broker takes the lowest price. When a trade takes place, the specialist's clerk
files an order card that reports the time, price, and quantity of shares traded, and the transaction
is then reported on the exchange's ticker tape.
The specialist's job is to accept 'buy and sell' orders from brokers and manage the actual auction.
It is also the specialist's job to ensure that there is a market for their specified stocks at all times,
meaning they will invest their own firm's capital at times to keep the market active and maintain
the shares' liquidity.
The investor can also place a limit order in which he specifies the price at which he is willing to
buy or sell a security. A limit-buy order instructs the broker to execute the trade if the stock price
falls below the specified limit. Conversely, a limit-sell order instructs the broker to sell as soon
as the stock price goes above the specified limit. Similarly, the investor can place a stop loss
order, which instructs the broker to sell the stock if its price falls below the stipulated level, or a
stop-buy order, which instructs the broker to buy the stock if its price rises above a given level.
The specialist firm's unique role in the execution of the stock trade warrants more detailed
exploration.
When a stockbroker executes a firms order to sell, it is not completed until one of the dealers on
the floor of the New York Stock Exchange finds another broker to buy it. Before trading, brokers
and dealers must get approved by the NYSE and hold a trading license.
The dealers match up the brokers with the stock sellers, who submit an "ask" price. It's usually
higher than the bid price. In this way, it's like selling a home. The dealer is like the real estate
agent, who puts the buyer and seller together. Dealers get to pocket the difference between
the ask and bid price, minus fees and expenses, for their work.

8. 8
Specialists and brokers interact to create an effective system that provides investors with
competitive prices based on supply and demand.
3.3.4. The Regulatory Environment of the New York Stock Exchange
The 1934 Securities and Exchange Act (Exchange Act) prohibits broker dealers from engaging
in a transaction on an exchange, unless that exchange is registered as a national securities
exchange or it will be exempt from registration.
The NYSE is a self-regulating organization (SRO) sanctioned and overseen by the SEC. The
NYSE drafts rules to govern the operation of the exchange which must be approved by the SEC.
The NYSE is charged with enforcing its own rules as well as SEC rules. As a registered national
stock exchange, the NYSE must enforce compliance with the Exchange Act, SEC rules and
regulations, and NYSE rules. Moreover, it must have rules that are designed to prevent
fraudulent and manipulative practices and to protect investors and the public interest. If the
NYSE fails to comply with the Exchange Act, the SEC can impose sanctions, up to and
including revocation of its registration.
The NYSE was given a self-regulatory mandate by appointment of the U.S. Securities and
Exchange Commission (SEC), to ensure that its member firms comply with federal securities
laws, as well as the exchange's own. The exchange's regulators are responsible for monitoring
member firms, launching investigations when there is suspected misconduct - be it in customer,
sales practices or on the trading floor - and penalizing members when they commit violations.
Other than the U.S Securities and Exchange Commission (SEC) there exist different
organizations and division of the NYSE itself, these organization and division of regulatory body
for the NYSE will be discussed as follows: (Caty, 2017)
a. Self-Regulatory Organizations
Self-regulatory organization is the organization itself, not a government regulatory body, sets
forth its own rules and forms and adopts its own acceptable and ethical business practices. The
non-profit company NYSE Regulation enforces the rules and regulations set forth by the NYSE.
All members of the NYSE, as well as any business or person associated with NYSE members,
must adhere to the NYSE regulations.
b. NYSE Regulation Market Surveillance Division
NYSE Regulation is also responsible for NYSE market surveillance to detect any unlawful and
unethical behavior of NYSE broker dealers and NYSE listed companies. NYSE Regulation
Market Surveillance Division oversees trading abuses perpetrated on the NYSE trading floor, as
well as those committed by electronic trade. When the Market Surveillance Division detects any
type of trading abuses, it reports them to the NYSE Regulation Enforcement Division, which
further investigates abuse allegations.

9. 9
c. NYSE Regulation Enforcement Division
The Enforcement Division investigates the abuse allegations and determines if a violation of
NYSE rules has occurred. If the Enforcement Division discovers a violation has occurred, it will
decide on disciplinary action against the violating party. The Enforcement division can also
report these abuses to the SEC, which may then launch an independent investigation.
d. U.S. Securities and Exchange Commission
The SEC is the government body that oversees the rules and operations of the NYSE. The SEC
does not, however, form new rules or rule changes. The formation of new rules and any rule
changes are at the discretion of NYSE Regulation. The goal of the SEC is to create financial
transparency for public companies in order to hold them accountable for business and financial
transactions.
e. Division of Trading and Markets
The Division of Trading and Markets, a component of the SEC, is responsible for the supervision
of daily operations on all the U.S. stock exchanges, including the NYSE. The Division of
Trading and Markets reviews and approves any rule changes and proposals for new rules that
NYSE Regulations files with the SEC. The Division of Trading and Markets also performs
market surveillance to identify illegal activities of NYSE broker-dealers or representatives of
NYSE-listed companies, such as insider trading and market manipulation
3.3.5. Rules of Conduct Formulated by NYSC
NYSC is Self Regulating Organization that is in charge of formulating rules that govern the
trading activity and exchanges undertaken in the Trading Floor, while operating NYSE must
ensure the compliance of its operation with procedures and guidelines issued by SEC.
If they fail to comply with the responsibilities of self-regulatory organizations (SROs) to conduct
their business operations in accordance with Commission-approved exchange rules and the
federal securities laws they can be enforced against their acts and face a series of penalties and
charges in accordance with their intensity and frequency.
As I have tried to explain in the above section, NYSE being Self-regulating Organization they
need to formulate rules of conduct to their operations, accordingly NYSE have formulated its
rules of conduct to avoid risk and fraud activity during its operation.
The following rules of NYSE are presented as illustrational highlight for the issue being
discussed here

10. 10
 Rule 2020: Use of Manipulative, Deceptive or Other Fraudulent Devices: No member or
member organization shall effect any transaction in, or induce the purchase or sale of, any
security by means of any manipulative, deceptive or other fraudulent device or contrivance.
 Rule 2150: Improper Use of Customers' Securities or Funds; Prohibition against
Guarantees and Sharing in Accounts
(a) Improper Use: No member, member organization or person associated with a
member or member organization shall make improper use of a customer's securities or
funds.
(b) Prohibition against Guarantees: No member, member organization or person
associated with a member or member organization shall guarantee a customer against
loss in connection with any securities transaction or in any securities account of such
customer.
 Rule 2040: Payments to Unregistered Persons: No member organization or associated
person shall, directly or indirectly, pay any compensation, fees, concessions, discounts,
commissions or other allowances to:
1) Any person that is not registered as a broker-dealer
2) Any appropriately registered associated person unless such payment complies with
all applicable federal securities laws.
3.4. Fundamental Elements & Concepts of NYSE
3.4.1. A Seat in NYSE
A seat refers to membership on a stock exchange, which enables a person to trade on the floor of
the exchange either as an agent for someone else, called a floor broker, or for their own personal
account, called a floor trader.
Stock exchange seats are major assets for securities brokers. The "seat", which today is really a
term for "membership", gives qualified individuals the right to trade directly on the exchange. A
person can use a stock exchange seat to personally trade directly on the exchange floor, or she
may allow an agent to trade
3.4.2. Get Listed on the Stock Market
To begin the journey to a stock exchange listing, the applicant firm must fill and present file a
registration statement, to the Securities and Exchange Commission. The statement includes the
prospectus, the document that the firm offers to anyone looking to buy his shares. The prospectus
has to accurately describe its business operations, financial health, management and risk factors.
It also includes audited financial statements.

11. 11
The SEC also requires added financial details, outside of what the firm put in its prospectus. The
SEC can reject the registration if it thinks your information is inaccurate, misleading or
incomplete.
Exchange Listing Standards
Firm has to meet listing requirement of the New York Stock Exchange to get listed in the market,
for example, listing requirements may involve: firms initial stock price, number of shares,
number of shareholders and total market value.
After you start trading on an exchange, you have to meet less stringent standards to stay on the
board. Otherwise, the exchange can drop your stocks.
Getting on the Board
Each stock exchange sets its own standards. If the firm can't qualify for one board, it's possible to
be welcomed by another. The NYSE, for example, has a separate market, NYSE American, for
companies that aren't large enough for the big board.
After settling on the right market, then need to pick its ticker symbol, the shorthand of the firms
company. NYT, for example, stands for the New York Times.
Finding an Underwriter
You must employ an underwriter to act as the intermediary between your company and
investors. Underwriters function as the risk experts of the financial world and investors depend
on them to determine whether it's worth taking a business risk.
Apply to the Exchange
After having prospectus and ticker symbol, the firm can apply to the exchange or exchanges
firms want to be listed on.
3.5. Income and Revenue of NYSE
The New York Stock Exchange (NYSE) is one of the world’s largest stock exchanges. Stock
exchanges allow investors and traders to make money by providing them a marketplace for
trading securities. They also allow companies to raise money by listing different kinds of
securities.
For providing such services and marketplace, exchanges they collect transaction fees from
market participants and companies. Exchanges also offer various products and services used for
trading and related activities.
The various sources of revenue and income for the NYSE will be shortly presented as follows:
I. Transaction Fee Revenue: The NYSE charges fees in various forms from all market
participants. Each trade that occurs on the NYSE attracts a transaction fee from the trading

12. 12
parties. All trades occur through registered market participants, including brokerage firms,
trading houses, and asset management companies.
II. Listing Fee Revenue: Companies that are in need of capital can raise money by listing their
securities on the NYSE after meeting eligibility criteria. They need to pay a one-time listing
fee and then a recurring annual fee for listing and trading services on the NYSE platform.
If a company wants to be listed on the exchange (thus allowing traders to buy and sell its
stock through the NYSE), it must pay yearly fees of up to $250,000.
III. Data Fee Revenue: Market participants need historical data for research and analysis, real-
time data for ongoing trading and investment activities, summary data for reporting and
auditing, and reference data for security-specific details like symbols and corporate actions.
Provision of such data form NYSE involves payment of a specific charge.
IV. Trading Software and Technology Revenue: The NYSE offers its various technology
services and trading software to large institutional clients like mutual funds and asset
management companies.
This also includes co-location, where the computers of a large trading firm are placed and
managed by the NYSE on NYSE premises, offering dedicated services with close proximity
to the marketplace for faster trade execution and access.
V. Registration and Regulatory Fee Revenue: NYSE market participants, market makers, and
brokers need to register and pay the registration and regulatory fee for their NYSE
membership. The NYSE also charges for facilitating trading licenses. All such charges
include the one-time registration fee and recurring annual charges.

13. 13
REFERENCES
 Caty, S.-L. (2017). Who Regulates the New York Stock Exchange? Pocket Sense, 36.
 Ellis, N. S., Lisa, M. F., & Herold, D. F. (2010). The NYSE Response to Specialist
Misconduct: An Example of the Failure of Regulation. Berkeley Business Law Journal,
7, 48.
 Miley, M., & Donohoe, A. (2019). How to Buy Stock on the New York Stock Exchange.
The Nest, 5.
 Ozyasar, H. (2019). The Stock Market. Pocket Sense, 7.
 Pentheny, G. (2009). Analysis of Stock Market Investment Strategies. Worcester
Polytechnic Institute.
 Ronak Nangalia, S. K. (2015). Basics Of Stock Market. Flame Investment Lab, 14.
 Way Back Machine Internet Archive. (2018, December). NYSC Total Market Capital.
Retrieved November 2019, from Web Archive:
https://web.archive.org/web/20190212070521/https://www.nyse.com/market-cap
 Wright, W. (2019). What are Stock Exchanges for and Why Should We Care? New York
: Pension Insurance Corporation.

14. 14
TABLE OF CONTENTS
List of Acronyms
Working Definition
1. INTRODUCTION ................................................................................................................... 1
1.1. What is Stock?.................................................................................................................. 1
1.2. Stocks Trade..................................................................................................................... 1
2. WHAT IS STOCK EXCHANGE?.......................................................................................... 1
2.1. Defining the Purpose of Stock Exchange......................................................................... 1
3. THE NEW YORK STOCK EXCHANGE .............................................................................. 3
3.1. History of New York Stock Exchange ............................................................................. 3
3.2. Buying a Stock on the New York Stock Exchange.......................................................... 4
3.2.1.Placing Order ................................................................................................................ 4
3.3. How does NYSE works?.................................................................................................. 5
3.3.1. The Trading Floor ..................................................................................................... 5
3.3.2. Method of Trading in the Trading Floor................................................................... 6
3.3.3. Trading Process in the Trading Floor ........................................................................... 6
3.3.4.The Regulatory Environment of the New York Stock Exchange ................................... 8
3.4. Fundamental Elements & Concepts of NYSE ................................................................... 10
3.4.1. A Seat in NYSE .......................................................................................................... 10
3.4.2. Get Listed on the Stock Market .................................................................................. 10
3.5. Income and Revenue of NYSE .......................................................................................... 11
REFERENCES