NYSE American
A New York-based U.S. securities exchange formerly known as the American Stock Exchange and now operated within the NYSE Group.
Last updated August 21, 2026
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Overview
NYSE American is a U.S. securities exchange in New York City and a member of the NYSE Group, which is owned by Intercontinental Exchange. Its modern identity is the result of a long sequence of institutional changes that began with New York’s informal curb market. Before it became a regulated indoor exchange, brokers traded securities outdoors on lower Broad Street, using shouted orders and hand signals. The curb market became increasingly organized during the early twentieth century, eventually adopting formal rules and a constitution. In 1921, trading moved indoors to a purpose-built building at 86 Trinity Place. The organization was renamed the New York Curb Exchange in 1929 and became the American Stock Exchange in 1953. Historically, the exchange served companies and securities that did not always fit the listing profile of the New York Stock Exchange. It developed a reputation for supporting smaller, emerging, international and specialized issuers, and it became an important venue for stocks, options, warrants, structured products and exchange-traded funds. Its role in the development of ETFs was particularly influential. The exchange helped bring the first major U.S. index-tracking ETF, the S&P 500 Depositary Receipt, to market in 1993. That product later became widely known as SPDR, or “Spider.” Although the ETF business has since been distributed across several exchange venues, NYSE American’s history is closely associated with the creation and early commercialization of exchange-traded funds. The American Stock Exchange experienced governance and reputational problems in the early 1960s. Edwin Etherington and Paul Kolton were brought in during a reorganization intended to improve administration and restore confidence. Under later leadership, the exchange introduced options trading and continued to modernize its market structure. In 1998, the National Association of Securities Dealers, then the parent of Nasdaq, merged with the exchange. The combination did not produce the intended long-term structure, and the American Stock Exchange was subsequently sold to GTCR Golder Rauner. That transaction was completed in 2005. NYSE Euronext acquired the American Stock Exchange on October 1, 2008, in a stock transaction reported at approximately $260 million. The exchange was initially integrated with the NYSE Euronext small-cap platform under the NYSE Alternext U.S. name. It was later branded NYSE Amex Equities, renamed NYSE MKT LLC in 2012, and finally renamed NYSE American in July 2017. The rebranding accompanied a market-design initiative for small- and mid-capitalization companies. NYSE American announced a 350-microsecond trading delay, commonly called a speed bump, intended to reduce certain advantages associated with ultra-low-latency trading. Today, NYSE American is part of the broader NYSE market infrastructure rather than an independent member-owned exchange. Its offerings include equities, options, exchange-traded funds, structured products and warrants, with a continued emphasis on smaller and growing public companies. The exchange should be distinguished from NYSE Arca, another NYSE Group venue with a separate market history and product focus.
History
NYSE American traces its institutional ancestry to New York’s curb market, where brokers traded securities outdoors on lower Broad Street. The market was informal but active, and orders were communicated by shouted instructions between brokers on the pavement and brokerage offices nearby. Early efforts to establish standards included the New York Curb Market Agency in 1908 and a more formal curb association in 1910. In 1911, organizers including Emanuel S. Mendels developed a constitution for the New York Curb Market Association, providing a foundation for a regulated exchange. The market moved indoors in 1921 when brokers began operating from a new building at 86 Trinity Place. The move improved order handling and institutional legitimacy while preserving the exchange’s role as a venue for securities outside the traditional NYSE listing universe. The organization became the New York Curb Exchange in 1929 and was renamed the American Stock Exchange in 1953. By the middle of the twentieth century it had become a significant U.S. market, with a notable international-listing presence. The exchange faced a major reputational challenge in 1961 and entered a reorganization in 1962. Edwin D. Etherington became president, with Paul Kolton as executive vice president; the two were credited with efforts to clean up management and reinvigorate the institution. Later, Kolton became president and chief executive officer and oversaw important market developments, including options trading. The exchange continued to operate as a distinct competitor to the NYSE, although it was also undergoing technological and structural change across the securities industry. A major part of the exchange’s legacy is the development of exchange-traded funds. After earlier index-participation products encountered legal and regulatory obstacles, market designers associated with the American Stock Exchange helped create the Standard & Poor’s Depositary Receipt, introduced in 1993. The product provided an exchange-traded way to obtain broad S&P 500 exposure and became one of the foundational ETF products. Subsequent index and sector products helped establish the ETF format as a mainstream investment vehicle. In 1998, the National Association of Securities Dealers merged with the American Stock Exchange. The transaction was intended to combine Nasdaq technology with the exchange’s trading franchise, but the arrangement did not become a durable unified operating model. NASD later pursued the sale of the exchange, and GTCR Golder Rauner completed its acquisition in 2005. NYSE Euronext acquired the American Stock Exchange on October 1, 2008. The venue was first called NYSE Alternext U.S., then NYSE Amex Equities, and in 2012 NYSE MKT LLC. In 2017 it was renamed NYSE American. The new name placed the venue more clearly within the NYSE family and accompanied a proposed 350-microsecond delay in order execution. The delay, often called a speed bump, was presented as a market-structure feature for the venue’s small- and mid-capitalization focus. NYSE American now operates within the NYSE Group under Intercontinental Exchange, offering markets for equities, options, ETFs, structured products and warrants.
- 2017
Renamed NYSE American
[1]NYSE MKT adopted the NYSE American name and announced a 350-microsecond trading delay.
- 2012
Renamed NYSE MKT
[1]NYSE Amex Equities changed its legal and market name to NYSE MKT LLC.
- 2008
Acquired by NYSE Euronext
[1]NYSE Euronext completed its acquisition of the American Stock Exchange and began integrating it into its exchange network.
- 2005
Sale to GTCR Golder Rauner
[1]The American Stock Exchange was sold to private-equity firm GTCR Golder Rauner.
- 1998
Merger with NASD
[1]The National Association of Securities Dealers merged with the American Stock Exchange in an attempted technology and market-structure combination.
- 1993
SPDR introduced
[1]The exchange introduced the S&P 500 Depositary Receipt, an early and highly influential exchange-traded fund.
- 1962
Reorganization under new leadership
[1]The exchange began a reorganization after a period of reputational damage and appointed Edwin Etherington as president.
- 1953
Becomes American Stock Exchange
[1]The New York Curb Exchange was renamed the American Stock Exchange, or AMEX.
- 1929
Renamed New York Curb Exchange
[1]The New York Curb Market adopted the New York Curb Exchange name.
- 1921
Curb market moves indoors
[1]Trading moved from the pavement on lower Broad Street to the new exchange building at 86 Trinity Place.
Products and positioning
A NYSE Group venue associated with small- and mid-capitalization issuers, specialized securities and an electronic market structure that includes a modest trading-speed delay.
Equities exchange
NYSE American equities
The venue provides listing and trading services for publicly traded companies, with a historical emphasis on smaller, emerging, international and specialized issuers. Its equities franchise is the successor to the American Stock Exchange equities market and is now operated within the NYSE Group’s regulated exchange infrastructure.
Options
NYSE American options
NYSE American offers an options marketplace within the NYSE Group. Options trading became an important part of the American Stock Exchange’s development under Paul Kolton and remains among the products associated with the current NYSE American brand.
Investment products · 1993
Exchange-traded funds
NYSE American played a formative role in the early U.S. ETF market. The Standard & Poor’s Depositary Receipt introduced in 1993 provided exchange-traded exposure to the S&P 500 and became a landmark product in the growth of passive index investing.
Structured securities
Structured products and warrants
The exchange has historically supported specialized listed instruments, including structured products and warrants. These products broaden the venue beyond conventional common-stock listings and reflect the American Stock Exchange’s long-standing role in serving securities with distinctive structures.
Controversies
1961
American Stock Exchange management scandal
The exchange suffered a public reputational crisis involving allegations of mismanagement. The episode led to a reorganization beginning in 1962 and the appointment of Edwin Etherington and Paul Kolton to strengthen the institution’s administration.
Brand decisions
2017
Introduce a 350-microsecond trading delayStrategyBackground
After the SEC approved IEX as a competing exchange with a comparable delay mechanism, NYSE American developed a market-structure feature for its small- and mid-capitalization venue.
Action taken
NYSE renamed NYSE MKT as NYSE American and announced a 350-microsecond speed bump for trading.
Aftermath
The delay became a defining feature of the rebranded exchange and its effort to differentiate its trading environment.
- IEX — IEX had already received SEC approval for a 350-microsecond delay, providing the immediate market-structure precedent for the NYSE American initiative.
2008
Join the NYSE Euronext networkM&ABackground
NYSE Euronext sought to expand and integrate the American Stock Exchange within its broader exchange platform.
Action taken
NYSE Euronext completed the acquisition of the American Stock Exchange on October 1, 2008, initially assigning it the NYSE Alternext U.S. name.
Aftermath
The venue went through additional branding changes, becoming NYSE Amex Equities, NYSE MKT and eventually NYSE American.
Reported acquisition value. Approximately $260 million in stock (2008)
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