We’re at the economic center of New York. Wall street and the New York Stock Exchange, also known as the Big Board, is where about 169 million dollars worth of companies and commodities are traded every weekday.
NYSE is by far the world’s largest stock exchange and is composed of four rooms for trading.
The trading is conducted in a continuous auction format where traders execute stock transactions on behalf of investors gathered around a post where a special broker acts as the auctioneer to bring buyers and sellers together.
The history of NYSE can be traced back as early as 1792, when 24 brokers signed an agreement called the Buttonwood agreement which set a commission rate charged on commodities such as wheat and tobacco.
Later in 1817, the stockbrokers of the Buttonwood agreement re-formed as the New York Stock and Exchange Board and began renting out space for securities trading at several locations in New York and finally at today’s NYSE location in 1865.
The charging bull sculpture by Arturo Di Modica stands in Bowling Green Park near Wall Street and has become the symbol of capitalism in America and an icon of the financial district.
The bronze sculpture weighs about 7100 lbs and stands 11 feet tall and 16 feet long.
It’s a popular tourist destination and draws thousands of visitors a day.
Di Modica made 5 of these charging bulls – one was installed in Shanghai in 2010 and another was installed in Amsterdam in 2012. He spent some 360,000 dollars to create, cast and install the sculpture in New York following the 1987 market crash. He installed it without the consent of New York City authorities, and so it was removed to an impound lot until the public forced it’s re-installation later in 1989.