The American Stock Exchange (AMEX) was an independent stock exchange founded in New York in 1921. The AMEX primarily listed small-cap corporations which did not meet the high financial requirements of the New York Stock Exchange (NYSE). The AMEX played an key role in the development of derivatives trading and Internet-based trading.
In 2008, AMEX merged with the New York Stock Exchange and was re-branded as the NYSE MKT. At the time, the exchange listed over 500 companies and was the third largest in the United States. The exchange was later rebranded once more as the NYSE American.
The NYSE American continues to list small-cap corporations and provides investors with an alternative to investing in the high-cap stocks listed on the NYSE.
Like the NYSE, the NYSE MKT employs market makers which regulate groups of securities. It hosts floor brokers which physically perform trades on the trade floor on behalf of clients. Both the NYSE and NYSE MKT are now owned by the Intercontinental Exchange (ICE).
The NYSE American Composite Index (XAX) tracks the performance of stocks listed on the exchange.
Trading hours: Monday through Friday 9:30 a.m. to 4:00 p.m. ET (UTC-5)
Settlement cycle: T+3