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New York Stock Exchange – Why Is Everyone Shouting?

Ah yes, the New York Stock Exchange, even if it is the epicenter of the trading universe, it looks a little more like an amusement park or a playground, doesn’t it? Close your eyes and you can imagine it, the hustle and bustle, the screaming traders on the floor, the grown men sweating through suits and button-down shirts gesturing like a wild pack of kids playing football on a open ground.

But why in our modern times do traders and brokers still act like an angry mob? Aren’t we using computers for most jobs these days anyway? Isn’t this the information age, an era dominated by sterile and instantaneous communication? How did this madness start? Why is it still going on? This article will examine and explain why Wall Street and many other malls are more like a riot after a football game than a gathering of adult businessmen trying to amass a fortune for themselves and their clients.

First, there are a number of trading exchanges and trading pits, from the bond pits in Chicago to the Nikkei far away in Japan, but the most famous trading exchange in the world, without a shadow of a doubt, exists. at the intersection of Wall Street and Broad Street in Manhattan. The New York Stock Exchange (NYSE) has been around since 1792 when the famous Buttonwood Agreement was signed by 24 New York stockbrokers and businessmen. Most people think of the Dow-Jones Stock Exchange when they think of the stock market. These are thirty of the largest companies in the United States, from GE and McDonald’s to Walmart.

The principle is simple; people use stockbrokers to buy shares or percentage ownership of a company (and its profit or loss) in exchange for cash. Money is and always has been flying through the room at a fast and furious pace, as is the action, hence the total brouhaha. Essentially, these stocks are “auctioned” to the highest bidder who accepts a purchase price, so each broker tries to get their bid accepted before a stock’s price goes up. This is where the shouting originated, with brokers trying to shout their price and acceptance as loud as possible in an effort to drown out and beat competing brokers to the buying price they want. Getting a split-second offer earlier at pennies a share can mean the difference between millions of dollars in profit on a large stock purchase, so the immediacy and force used can be understandable when it there is so much at stake.

Originally, the tenor of the room was more courteous, as respected businessmen and brokers traded stocks at a reasonable pace, and wealth simply moved among the wealthy, from family to family. A Rockefeller might buy a piece of a Ford or a Vanderbilt’s interests, knowing that these rich and successful men would generate more wealth.

However, as America grew and the American Dream was born, ordinary people wanted in on the action. After the Industrial Revolution in America in the late 1800s, a middle class emerged, as factory workers fought for a bigger slice of the corporate pie and eventually won better wages and working conditions. . The idea that any American could get rich and get rich quick took hold, and what better way than through the New York Stock Exchange.

In the 1920s, many Americans invested in the stock market. The New York Stock Exchange was booming. Instant millionaires were popping up everywhere. There was a whole new level of wealthy Americans with tickers in their living rooms giving them instant market price updates. That’s when the shouting and waving started in earnest as brokers were overwhelmed with buyers, new clients and purchase orders. They were shouting, yelling and waving their arms to get their orders through first. The country’s position was positive. The era was known as the Roaring Twenties, and its theme song was Blue Skies because things were going well for most Americans. Consumer credit was born to help sell oversupplied products through massive inventory investments. The only problem was that this whole explosion of wealth was built on a house of cards almost like a Ponzi scheme. Stocks were sold for start-ups that weren’t making a profit, they were just filling their coffers with investment money, and too many people were downright indebted to the stock market. For 9 years, from 1920 to 1929, stock prices rose endlessly.

That was until October 24, 1929, better known as Black Thursday. It was the day of the great stock market crash that marked the start of the Great Depression, the greatest economic disaster the United States had ever faced. The stalls exploded with noise as brokers shouted “sell, sell, sell”, trying to cut losses before it was too late, but there were no buyers. Investors fled in droves, most of them bankrupt, broke and penniless.

Nonetheless, the New York Stock Exchange persevered and, like any stock exchange or market, has seen turbulent ups and downs ever since. There have been a number of ups and downs in the New York Stock Exchange over the years. The most recent crash occurred in 2008 after the housing bubble burst. The market is still recovering. Many regulations have been put in place to make trade fairer and more acceptable. Day traders trading from their personal computer signals buys and sells in an instant. In fact, most trading is done by computer these days.

So why are adult men in suits still screaming, yelling and gesticulating like a five-year-old throwing a tantrum? It’s the one thing that never seems to change.

Because at its heart, the New York Stock Exchange is still an auction house system, and every DOW transaction takes place at the end of that famous floor. Even if you make a purchase on E*Trade, the transaction is accepted and consummated on the floor of the New York Stock Exchange, facilitated by a broker. Shouts are no longer as necessary, or as prevalent as they once were, thanks to computers and technological advancements in communication systems, but there are still brokers in the field who must beat their competitors to the punch. In fact, manual signals are now more important for stockbrokers, so they can quickly signal to the specialists in the room who place the actual buy or sell order. That explains all the crazy posturing.

“Orders come in through brokerage firms that are members of the exchange and are passed on to brokers who come to a specific location on the floor where the shares are traded. At that location, known as the trading post, there is a specific person known as the specialist whose job it is to connect buyers and sellers.”

Using obvious, wild gestures and shouting if necessary, so the command can be heard, brokers communicate with their own partners these days, not so much with the auctioneer. The sound and fury sometimes grows so loud that the old mass mayhem rears its ugly head and to an outsider it looks like a rugby scrum has broken out. In fact, it simply means that a large number of transactions are taking place before your eyes, and to the detriment of your ears.

There will probably come a day when everything is quiet on the New York Stock Exchange, but it certainly wouldn’t be so entertaining. In all likelihood, there will always be human traders on the floor to make sure their transaction goes through, and that will always mean shouting and waving. So now you know, the next time you see a frenzied video clip of the New York Stock Exchange, stockbrokers aren’t training to be professional wrestlers or politicians. They don’t learn how to guide a plane down the runway or emulate their favorite NFL head coach on the sidelines of a close football game. They are just trying to make money or save money for their customers. If you happen to be one of those clients and it’s your money that’s on the line, even if you only have a 401K or a retirement fund, you might think those trades are worth worth shouting about.

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