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Over 80 percent of American securities are traded on the NYSE, the oldest and largest of all United States stock exchanges. In 1991, over 10,000 institutions managing $3.5 trillion in securities had access to and used the NYSE market.

New York Stock Exchange (NYSE)
11 Wall Street
New York, NY 10005
(212) 656-3000
Founded: 1792
Members/Seats: 1,420 members; 1,366 seats
Companies/Issues listed: 1,885 companies, 2,426 issues
To contact NYSE use this link
www.nyse.com

 

Listing Requirements

To be listed on the New York Stock Exchange, a company is expected to meet certain qualifications and to be willing to keep the investing public informed on the progress of its affairs. The company must be a going concern, or be the successor to a going concern. In determining eligibility for listing, particular attention is given to such qualifications as: 1 ) the degree of national interest in the company; 2) its relative position and stability in the industry; and 3) whether it is engaged in an expanding industry, with prospects of at least maintaining its relative position.

 

Initial Listing

While each case is decided on its own merits, the NYSE generally requires the following as a minimum:
 
Demonstrated earning power under competitive conditions of: either $2.5 million before Federal income taxes for the most recent year and $2 million pre-tax for each of the preceding two years, van aggregate for the last three fiscal years of $6.5 million together with a minimum in the most recent fiscal year of $4.5 million. (All three years must be profitable.) The adjusted net income standard is designed to provide the opportunity for substantial companies that are valued more on the basis of "cash flow" than reported income to list on the Exchange. The NYSE will consider each company on a case by case basis.
 
  • Net tangible assets of $40 million, but greater emphasis is placed on the aggregate market value of the common stock.
  • Market value of publicly held shares, subject to adjustment depending on market conditions, within the following limits:
 
 
Maximum                    $40,000,000
 
Minimum                     $9,000,000
 
Present (12/31/97)      $40,000,000
 
(The market value requirement is subject to adjustment, based on the NYSE Composite Index of common stock prices. The base in effect as of December 31, 1991 is the Index on July 15, 1971 [55.06]. The Index as of January 15 and July 15 of each year [if lower than the base] is divided by the base, and the resulting percentage is multiplied by $40 million to produce the adjusted market value standard. The adjustment formula is used only when the current index is below the base.)
 
  • A total of 1,100,000 common shares publicly held. (If the unit of trading is less than 100 shares, the requirement relating to number of publicly held shares shall be reduced proportionately.)
  • Either 2 000 holders of 100 shares or more, or of a unit of trading if less than 100 shares, or 2,200 total stockholders together with average monthly trading volume (for the most recent six months) of 100,000 shares, or 500 total shareholders together with average monthly trading volume of one million shares (for the most recent twelve months).
 
For companies with not less than $500 million in Market Capitalization and $200 million in revenues in the most recent fiscal year, there is an adjusted net income standard which removes the effects of all items whose cash effects are investing or financing for the last three fiscal years (each year must report a positive amount), with a minimum of $25 million in aggregate.
 
 

Non-U.S. Companies -- alternative listing standards

To provide an alternative set of listing standards for companies organized outside the United States that meet the normal size and earnings measures for NYSE listings, the NYSE will consider the acceptability of such companies' shares and shareholders on a worldwide basis.
 
In view of the widespread use of "bearer" shares in other countries, in contrast to the U.S. practice of registered shares, a company would find difficulty in certifying the requirement of 5,000 round-lot shareholders on a worldwide basis. Therefore, the NYSE requires that a member firm attest to the liquidity and depth of the market for the company's shares. These standards would apply only where a broad, liquid market for a company's shares in the company's home market exists.
 
 

Continued Listing

The appropriateness of a continued listing of a security on the NYSE cannot be measured mathematically. The NYSE may at any time suspend or delist a security where continued dealings in the security are not considered advisable, even though a security meets or fails to meet any specified criteria. For example, the NYSE would normally give consideration to suspending or removing from the list a security of a company when there are:
 
1. Fewer than 400 total holders.
 
2. Number of total holders is less than 1,200 end average monthly trading volume is less than 100,000 shares (for most recent 12 months.)
 
3. 600,000 shares or fewer in public hands.
 
4. Aggregate market value of publicly held shares, subject to adjustment depending on market conditions, within the following limits:
 
 Maximum                          $8,000,000
 
 Minimum                           $2,500,000
 
 Present (12/31/97)            $8,000,000
 
5. Aggregate market value of shares outstanding-is less than $12,000,000 and average net income after taxes for the past three years is less than $600,000.
 
6. Net tangible assets available to common stock of less than $12,000,000 and average net income after taxes for the past three years is less than $600,000.
 
(The market value standards for continued listing are subject to an adjustment formula similar to that for a new listing. The major difference is that here the percentage is multiplied by $5 million.)
 
 

Listing Agreement

The listing agreement between the company and the NYSE is designed to provide timely disclosure to the public of earnings statements, dividend notices, and other information which might reasonably be expected materially to affect the market for securities. The NYSE requires actively operating companies to agree to solicit proxies for all meetings of stockholders.
 
 

Other Securities

The NYSE's listing standards for other securities cover the listing of, but are not limited to, common stock warrants, foreign currency warrants, currency index warrants, stock index warrants, contingent value rights, equity linked debt securities and other securities such as trust preferred securities, equity trusts that securitize commodities such as oil and gas, and other structured products.
 
 

Historical Records of the New York Stock Exchange (NYSE)

 Item
Period
Record
Date/Period
NYSE reported volume (shares) First Hour
Day
Week
Month
Monthly daily average
Quarter
Quarterly daily average
Year
Annual daily average

279,300,000
1,201,347,000
4,011,852,000
14,031,737,000
610,076,000
36,316,305,000
567,442,000
133,312,115,000
526,925,000

December 15, 1995
October 28, 1997
Week ended October 31, 1997
October 1997
October 1997
Fourth quarter, 1997
Fourth quarter, 1997
1997
1997
NYSE reported dollar value of trading Day
Week
Month
Quarter
Year

$51,936,600,000
$175,476,500,000
$625,726,800,000
$1,592,075,900,00
$5,777,601,500,000

October 28, 1997
Week ended October 31, 1997
October 1997
Fourth quarter 1997
1997
NYSE reported trades Day
Week
Month
Monthly daily average
Quarter
Quarterly daily average
Year
Annual daily average

956,302
3,118,840
11,025,902
479,387
28,465,046
444,766
102,550,351
405,337

October 28, 1997
Week ended October 31, 1997
October 1997
October 1997
Fourth quarter 1997
Fourth quarter 1997
1997
1997
NYSE average shares per reported trade Day
Week
Month
Year

 4,924
2,922
2,568
2,303

June 17, 1988
Week ended July 1, 1988
June 1988
1988
NYSE warrant volume (units) Day
Week
Month
Year

12,611,900
23,292,200
35,938,300
260,062,600

May 15, 1975
Week ended May 16, 1975
August 1990
1990
NYSE Composite Index Daily close

514.31

December 5, 1997
Industrial
Transportation
Utility
Finance
 

 643.81
481.05
336.15
500.42

December 5, 1997
October 7, 1997
October 22, 1997
December 30, 1997
December 8, 1997
NYSE block transactions Volume (shares) Day
Month
Monthly % of reported volume
Quarter
Quarterly % of reported volume
Year
Yearly % of reported volume
Largest block

629,952,100
6,873,633,900
60.6%
17,489,690,800
58.6%
67,832,129,000
57.0%
48,788,800

October 28, 1997
October 1997
June 1988
Fourth quarter, 1997
First quarter, 1995
1997
1995
April 10, 1986
NYSE block transactions Day
Month
Quarter
Year

27,234
291,693
747,254
2,831,321

October 28, 1997
October 1997
Fourth quarter, 1997
1997
NYSE short interest (shares) Mid-month

3,667,253,305

December 15, 1997
(Settlement date)
NYSE listed securities Month-end    
Shares
Market value
 

207,088,500,000
$9,413,109,000,000

December 1997
December 1997
Securities market credit Month-end    
Customer margin debt  

$128,190,000,000

October 1997
Free credit balances in margin accounts  

$31,410,000,000

December 1997
Free credit balances in cash accounts  

$52,160,000,000

December 1997
Member trading (purchases and sales) (shares)      
Total member trading Month
Year

5,837,834,000
50,853,330,000

October 1997
1997
Specialist Month
Year

3,647,340,000
29,181,898,000

October 1987
1997
Off-floor Month
Year

2,177,044,000
20,504,702,000

October 1997
1994
Customers' odd-lot trading (purchases and sales) (shares) Total round lot short sales Month
Year

113,684,000
1,091,350,000

October 1997
1997
Total Month
Year

1,407,119,000
12,821,793,000

October 1997
1997
Specialist Month
Year

631,009,000
5,275,635,000

October 1997
1997
Off-floor Month
Year

175,453,000
1,590,988,000

October 1997
1997
       
 NYSE membership sale Cash transfer

$1,750,000

December 23, 1997
Source: Fact Book / New York Stock Exchange, NYSE 1997