8 March 1817: the New York Stock Exchange is formed

On this day in 1817, a group of brokers moved out of a New York coffee house to form what would become the biggest stock exchange in the world.

NYSE New York Stock Exchange
(Image credit: Getty Images)

The New York Stock Exchange is huge. In fact, at over $28 trillion, it's the biggest stock exchange in the world by market capitalisation. But its beginnings are a far more humble affair. And it all started under a Buttonwood tree outside 68 Wall Street in May 1792.

That spring day, 24 New York City brokers met to agree on a new system to buy and sell securities, such as bonds and shares. Until then, trading meant going down to the auction, particularly when it came to soft commodities such as wheat and tobacco.

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Chris Carter
Wealth Editor, MoneyWeek

Chris Carter spent three glorious years reading English literature on the beautiful Welsh coast at Aberystwyth University. Graduating in 2005, he left for the University of York to specialise in Renaissance literature for his MA, before returning to his native Twickenham, in southwest London. He joined a Richmond-based recruitment company, where he worked with several clients, including the Queen’s bank, Coutts, as well as the super luxury, Dorchester-owned Coworth Park country house hotel, near Ascot in Berkshire.

Then, in 2011, Chris joined MoneyWeek. Initially working as part of the website production team, Chris soon rose to the lofty heights of wealth editor, overseeing MoneyWeek’s Spending It lifestyle section. Chris travels the globe in pursuit of his work, soaking up the local culture and sampling the very finest in cuisine, hotels and resorts for the magazine’s discerning readership. He also enjoys writing his fortnightly page on collectables, delving into the fascinating world of auctions and art, classic cars, coins, watches, wine and whisky investing.

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