To: STK1 who wrote (18 ) 3/18/1999 8:46:00 AM From: Seth L. Read Replies (1) | Respond to of 2891
from AMEX site: The Amex Today The alliance of technology and people is a hallmark of auction market trading, and the Amex has been a pioneer in market innovation for nearly a century. Today at the American Stock Exchange, our specialists, traders and brokers use the world's most sophisticated, advanced technology to enhance trading efficiency and reliability for the investing public. Amex technology improves customer service for all of the auction market participants each step of the way. For listed companies and their investors, our state-of-the-art trading ensures trading fairness. Member firms receive instantaneous order processing and reconciliation. Electronic display books greatly assist Amex Specialists in maintaining efficient and liquid markets, resulting in narrower spreads for customers. The Amex provides programs for its listed companies designed to enhance visibility and provide access to the investment community. Utilizing sophisticated technology to map the investment landscape, we provide analysis and tools for companies to manage their institutional shareholder base. We organize forums, host conferences and hold communications meetings, all of which provide opportunities for listed companies to bring their story to Wall Street's attention. In 1995, the Amex became the first U.S. stock market to maintain a presence on the world wide web, offering a site rich with comprehensive data on our listed companies, options, derivatives and capital markets products. WebLink, the exclusive, automated service for our listed companies, offers potential investors and shareholders a range of information on every Amex stock. The Dynamics of Change While trading technology is a driving force in today's dynamic securities market, our commitment to auction market innovation is apparent throughout our history. It is a history of investors, entrepreneurs and brokers who were bold enough to innovate, and confident enough to push aside formidable obstacles in forging continued growth of America's capital markets. Highlights 1990s Investment in state-of-the-art technology is a priority for the Amex, with over one-half billion dollars being spent during the decade. Innovations include wireless, hand-held terminals on the Trading Floor, a wireless voice technology system to facilitate internal broker communications; proprietary Amex Data Link digital information delivery service for member firms and our fully automated Amex Options Display Book and Equity Display Book. 1970s - 1980s The dramatic performance of the U.S. markets helped the Exchange launch vigorous programs of new services for listed companies -- including retail and institutional broker road shows, both domestically and internationally, and security analysts forums -- many of which now give our listed companies a distinct competitive advantage in the marketplace. 1975 Display screens were installed above the trading posts to provide data for the thriving equities market and the addition of options trading. 1960s Tough new standards enhanced our reputation as the Amex introduced both technological advances and new products to our trading floor, laying the foundations for today's state-of-the-art system. 1940s - 1950s With the return of prosperity in America, the Exchange was renamed from "The Curb Market," its original calling, to its present title as the world's second-largest equities market. During this time, the Exchange gained a reputation for opening the securities industry to new ideas such as "satellite markets," trading in commodities and monetary instruments, and automating trading functions. 1945 The extra space added in the 1930s was needed after World War II as the number of listed companies grew and new investors sent trading volume soaring. 1920s - 1940s The roaring twenties gave way to what is largely considered the most difficult time in U.S. financial history. But through unrivaled determination and a commitment to serving our companies and investors, the Exchange made great strides in building upon its foundation, moving indoors in 1921 into what has been our home for more than seventy years. 1921 Trading stations on the original Amex floor were topped with devices that resembled the street lights of the outdoor market. 1860 - 1920 In the early part of the twentieth century, formal requirements for membership and trading helped transform the market into an organized exchange. This represented the initial steps to what is now the American Stock Exchange. Wall Street brokers lay the foundation for the modern, continuous auction market for trading securities by spending the second half of the nineteenth century experimenting with a wide range of trading systems. Late 1700s - 1860 Early in our country's history, outdoor brokers made markets in the securities issued by the young American government and by newly created enterprises, representing the beginnings of the Wall Street securities marketplace.