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NASDAQ stands for “National Association of Securities Dealers Automated Quotations.” It began trading on February 8, 1971 and was the world’s first electronic stock market. When it first began, it was merely a computer bulletin board system and didn’t actually connect buyers and sellers. Today, the NASDAQ is the largest electronic screen-based equity securities trading market in the United States. It’s the second-largest by market capitalization in the world. The NASDAQ is regulated by the Financial Industry Regulatory Authority (FINRA) and as of January 13, 2011, there were 2,872 listings. The NASDAQ has a pre-market session from 7:00am to 9:30am and a normal trading session from 9:30am to 4:00pm. A post-market session is from 4:00pm to 8:00pm EST for all. The NASDAQ quotes are available at three levels:

Level 1 - the inside quote, shows the highest bid and lowest offer.

Level 2 shows all public quotes of market makers together with information of market dealers wishing to sell or buy stock and recently executed orders.

Level 3 is used by the market makers and allows them to enter their quotes and execute orders.

The NYSE stands for the New York Stock Exchange. It’s located at 11 Wall Street in Lower Manhattan, New York City, New York, USA. The NYSE is the largest stock exchange in the world by market capitalization of its’ listed companies at 13.39 trillion USD as of December 2010. Average daily trading value was approximately 153 billion USD in 2008. The NYSE at 11 Wall Street is composed of four rooms used for trading. A fifth trading room, located at 30 Broad Street, was closed in 2007. The main building of the NYSE is located at 18 Broad Street, between the corners of Wall Street and Exchange Place. It was designated a National Historic Landmark in 1978 along with the building at 11 Wall Street.

The NYSE began in May, 1792 when the Buttonwood Agreement was signed by 24 stock brokers under a buttonwood tree on Wall Street. On March 8, 1817, the organization drafted a constitution and was renamed the New York Stock & Exchange Board. The first President was Anthony Stockholm. The NYSE got its beginnings in a room rented for $200 a month at 40 Wall Street. This location was destroyed by fire in 1835 (the Great Fire of New York) and the exchange moved to another (temporary) building. In 1863, the New York Stock & Exchange Board became the New York Stock Exchange and in 1865 moved to 10-12 Broad Street. Today, Marsh Carter is the Chairman of the NYSE and Duncan Niederauer is the CEO.


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