Timeline

Chronology Highlights
Trading  |  Technology  |  Events  |  Regulation

Trading

1792
Five Securities Traded
There are five securities traded in New York City. Three are government bonds and two are bank stocks.
1815
Securities Market Grows
In the aftermath of the War of 1812, the market for securities in New York begins to grow. Along with government bonds, bank and insurance stocks now trade.
1817
Call Market Procedure
Stocks are traded in a "call market." The president reads out the list of stocks as the brokers trade each security in turn. There are two trading sessions each day, one in the morning and another in the afternoon.
1824
Peak of 380,000 Shares
Annual trading at the NYS&EB had reached a peak of 380,000 shares by 1824, which declined to 15 percent of that number by 1829, remaining low through 1831.
1830
Railroads Dominate Trading
The first railroad stock, Mohawk & Hudson, is traded on the NYS&EB. Railroad securities will dominate trading for the rest of the 1800s.
1835
Volume reaches 8,500 Shares
Average daily volume reaches 8,500 shares, a 50-fold increase in just seven years.
1836
Trading Prohibited in Streets
The NYS&EB prohibits its members from trading in the street.
1837
Average Daily Volume Falls
Following the Panic of 1837, the average daily volume falls from 7,393 in January to 1,534 by June.
1869
"Watered Stock"
To eliminate "watered stock" (shares issued by a company without authorization), the Exchange requires that all shares of listed companies be registered at a bank or other appropriate agency. Only Erie Railroad refuses to comply. Its shares are delisted from trading for several months until it complies.
1871
Continuous Trading via Specialists Begins
To foster more liquid markets, the Exchange adopts a system of continuous trading, replacing calls of stocks at set times. As part of the new system, brokers dealing in a particular stock remain at one location on the trading floor, giving rise to the specialist.
1886
First Million Share Day
The Exchange experiences its first million-share day on December 15.
1887
Change of Trading Hours
Trading hours change to 10 A.M. until 3 P.M. On Saturdays trading is from 10 A.M. to noon.
1896
DJIA Published By Wall Street Journal
The Dow Jones Industrial Average is published by the Wall Street Journal for the first time, with an initial value of 40.74. Among the twelve stocks that comprise the list are American Cotton Oil and Standard Rope and Twine.
1901
High Turnover of Shares
Annual turnover of shares on the NYSE reaches an all-time high of 319 percent.
1906
DJIA Tops 100
The Dow Jones Industrial Average tops 100 for the first time.
1923
Start of Historic Bull Market
An historic bull market causes stock prices to surge ahead, virtually without letup, for the next six years.
1928
Expanded Trading Room
An expanded trading room is opened to handle increased bond volume.
1929
Black Tuesday
On September 3, the Dow Jones Industrial Average reaches its 1929 peak of 381.17.

On October 29, "Black Tuesday," prices fall sharply and the stock market "crashes." This "crash" produces a record volume of nearly 16 million shares. The Dow Jones Industrial Average falls more than 11 percent.
1932
Dow Hits Bottom
The Dow finally reaches bottom in July, down 89 percent from its 1929 peak.
1942
Lowest Price for Membership
A membership sells for $17,000, the lowest price in the twentieth century.
1949
Longest Bull Run Begins
The longest bull run market on record begins. Stock prices will rise, without significant interruption, for the next eight years.
1952
Over 6 Million Americans Own Stock
The NYSE, in its first shareowner census, finds that 6,490,000 Americans own common stock.
NYSE Changes Trading Hours
September 29
The NYSE changes its trading hours to 10 A.M. to 3:30 P.M. Monday-Friday, and closes on Saturdays.
1953
Last Daily Volume Under 1 Million
Volume of 900,000 shares on October 10 marks the last daily volume under 1 million shares.
1954
Dow Surpasses 1929 Peak
The Dow Jones Industrial Average surpasses its 1929 peak for the first time.
1961
Exceeds 4 Million
Average daily volume on the NYSE exceeds 4 million shares, nearly triple the level immediately following the war.
1966
NYSE Creates Common Stock Index
The NYSE begins a composite index of all listed common stocks. This is referred to as the Common Stock Index and is transmitted daily. The starting point of the index is 50. It is later renamed the NYSE Composite Index®.
1972
DJIA Closes Over 1,000
Dow Jones Industrial Average closes over 1,000 for the first time.
1974
Trading Hours Extended
Trading hours are extended from 10 a.m. until 4 p.m.
1976
Odd Lot Trades Enabled
May 24
Specialists begin handling odd lots in their stocks. Odd lots are stock transactions that involve less than 100 shares.
1979
New York Futures Exchange
Expanding into futures trading, the NYSE forms the New York Futures Exchange (NYFE).
1982
First 100 Million Share Day
The NYSE experiences its first 100 million share day.
1985
Trading Hours Change
Trading hours change to 9:30 a.m. until 4 p.m. where they remain today.
1990
51 Million Americans Own Stock
More than 51 million Americans own stocks, according to the latest NYSE census.
1991
Dow Exceeds 3,000
On January 1, 1991, the Dow Jones Industrial Average exceeds 3,000 for the first time.

1992
Average Daily Volume Surpasses 200 Million
The average daily volume surpasses 200 million shares.
1993
1st German Listed Company
Daimler-Benz AG becomes the first German listed company.
1995
Three-day Settlement Period
The three-day settlement period for listed equities is introduced.
1996
290 Non-US Companies Listed
A new volume record is set on July 16, trading 681 million shares.

A record 59 non-U.S. companies joined the NYSE list in 1996, bringing the total to a record 290.
1997
Trading in Sixteenths
June 24
NYSE begins trading stocks in increments of "sixteenths," an interim step toward quoting stock prices in decimals.
Volume Tops 1 Billion
On October 28, volume tops 1 billion shares for the first time. More than 1.2 billion shares are traded as the Dow Jones Industrial Average soars 337.17 points, rebounding from the previous day's loss.
1999
DJIA tops 10,000
On March 19, the Dow Jones Industrial Averages tops 10,000 for the first time.
2000
First Global Index Launches
On February 7, the S&P Global 100 Index launches as the first equity stock index covering global companies.  This index is a collaboration of the NYSE, Standard & Poor's, the Tokyo Stock Exchange and the Deutsche Borse.
Decimal Pricing Begins
On August 28, the NYSE begins trading stocks in decimal price increments in a seven-stock pilot program. The first decimal-priced trade takes place at 9:30:09 a.m. in FedEx Corporation stock.
New Trading Room
October 20
A new trading facility opens at 30 Broad Street. The new trading room features re-designed trading posts and the latest in market-data display technology. The trading room closed in February 2007.
2001
Volume tops 2 billion
January 04
Volume of trading on the NYSE exceeded 2 billion shares for the first time on this day, when 2.129 billion shares changed hands. This record-volume day followed the previous day's 1/2-percentage-point interest rate cut by the Fed Reserve, which lowered the fed funds rate to 6 percent.
Trading in Fractions Ends
January 29
Decimal pricing of all NYSE stocks is fully implemented, ending the practice of trading in eighths and sixteenths of a dollar, used for more than two centuries.
Unlisted Trading Privileges
July 01
NYSE begins trading three non-NYSE-listed exchange-traded funds (ETFs) on the basis of unlisted trading privileges, known as “UTP,” which are rights granted to securities exchanges under the Securities Exchange Act of 1934 to trade securities listed on any other national exchange.
2005
Highest price paid for membership
December 01
Highest price paid for NYSE membership -- $4,000,000.
Seat Sales End
December 30
In anticipation of the NYSE’s transformation into a publicly held company, member seat sales officially end and are replaced by the sale of annual trading licenses.
2006
Trading in NYX Stock Begins
March 8
Shares of the newly formed NYSE Group begin trading under Ticker Symbol NYX.
NYSE Group Buys Ownership Stake in Marco Polo Network
September 18
This acquisition provides an electronic platform for global investors to trade equities and derivatives listed on emerging market exchanges.
New Options Trading Platform
October 10
NYSE Arca Options fully launches, offering automatic executions for customer and broker dealer options orders.
New Bond Trading Platform
November 10
NYSE Group launches its next generation bond trading platform, NYSE BondsSM and begins trading the unlisted debt securities of NYSE-listed companies.
2008
NYSE Liffe US Begins Trading
September 08
NYSE Euronext’s U.S.  futures exchange completes its first day of trading.  NYSE Euronext had purchased CME Group’s Metals Complex earlier in 2008.
Specialists are Transformed into Designated Market Makers (DMMs)
October 24
The SEC  approves the next-generation market model filed by the NYSE, under which DMMs have accountability for providing liquidity, better access to capital and risk-management capabilities, and are on an even playing field with other market participants in terms of trading parity and access to information.   DMMs also have the obligation to maintain an orderly market in their stocks, quote at the national best bid or offer a specified percentage of the time, and facilitate price discovery at the open, close and in periods of significant imbalances.  In addition, a new class of upstairs, electronic, high-volume members known as Supplemental Liquidity Providers (SLPs) is created, with incentives to add liquidity on the NYSE.