Wall Street refers to the financial district that is an eight-block street located in lower Manhattan, New York City. This area has been popularly known as a center for the financial markets of America. The term “Wall Street” is used to refer to the long-gone wall erected by the Dutch during the Anglo-Dutch wars in the 17th century.
The wall was built as protection from the attacks of the British and pirates. Wall Street was also a marketplace of government-sanctioned slave-trading activities, securities trade, as well as the first location of New York’s city hall, The Federal Hall. During the 19th century, the area was predominantly occupied by many businesses and then later became the center of New York’s financial industry.
Today, Wall Street is famously being referred to as the place where the financial services industry of the United States is situated.
Significant Timeline of the Wall Street
- In 1792, the Buttonwood Agreement was signed by the most prominent brokers of the United States to establish a common commissioned-based securities trading system.
- The Buttonwood Agreement was then renamed, the New York Stock and Exchange Broad (NYSE) in 1817. The NYSE is now the largest stock exchange in the world.
- In 1869, the NYSE had merged with its competitor, the Open Board of Stock Brokers which eventually help it strengthened as one of the best venues to trade.
- In the 20th century, many high buildings housing various financial trade services including the two of the world’s largest stock exchanges, the NYSE and NASDAQ.
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