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New York Stock Exchange
NYSE Euronext LogoNYSE Euronext Logo NYSE Logo
Type	Stock exchange
Location	New York City, New York, United States
Founded	March 8, 1817 (1817-03-08)
Owner	NYSE Euronext
Key people	Duncan L. Niederauer (CEO)
Currency	United States dollar
No. of listings	2,308
MarketCap	US$ 14.242 trillion (Dec 2011)[1]
Volume	US$ 20.161 trillion (Dec 2011)
Indexes	Dow Jones Industrial Average S&P 500 NYSE Composite
Website	NYSE.com
New York Stock Exchange
U.S. National Register of Historic Places
U.S. National Historic Landmark
Front Elevation of New York Stock Exchange
Coordinates:	40°42′24.6″N 74°0′39.7″W / 40.706833°N 74.011028°W / 40.706833; -74.011028Coordinates: 40°42′24.6″N 74°0′39.7″W / 40.706833°N 74.011028°W / 40.706833; -74.011028
Built:	1903
Architect:	Trowbridge & Livingston; George B. Post
Architectural style:	Classical Revival
Governing body:	Private
NRHP Reference#:	78001877
Significant dates
Added to NRHP:	June 2, 1978[2]
Designated NHL:	June 2, 1978[3]

The New York Stock Exchange, commonly referred to as NYSE is a stock exchange located at 11 Wall Street, Lower Manhattan, New York City, New York, United States. It is by far the world's largest stock exchange by market capitalization of its listed companies at US$14.242 trillion as of Dec 2011.^[4] Average daily trading value was approximately US$153 billion in 2008.

The NYSE is operated by NYSE Euronext (NYSE: NYX), which was formed by the NYSE's 2007 merger with the fully electronic stock exchange Euronext. The NYSE trading floor is located at 11 Wall Street and is composed of four rooms used for the facilitation of trading. A fifth trading room, located at 30 Broad Street, was closed in February 2007. The main building, located at 18 Broad Street, between the corners of Wall Street and Exchange Place, was designated a National Historic Landmark in 1978,^[5] as was the 11 Wall Street building.^[3][6][7]

History[link]

The Stock Exchange at 10–12 Broad Street, in 1882

The origin of the NYSE can be traced to May 17, 1792, when the Buttonwood Agreement was signed by 24 stockbrokers outside of 68 Wall Street in New York under a buttonwood tree on Wall Street.^[8] On March 8, 1817, the organization drafted a constitution and renamed itself the "New York Stock & Exchange Board." Anthony Stockholm was elected the Exchange's first president.

The first central location of the Exchange was a room, rented in 1792 for $200 a month, located at 40 Wall Street. After that location was destroyed in the Great Fire of New York in 1835, the Exchange moved to a temporary headquarters. In 1863, the New York Stock & Exchange Board changed to its current name, the New York Stock Exchange. In 1865, the Exchange moved to 10–12 Broad Street.

The New York Stock Exchange was closed for ten days starting September 20, 1873, because of the Panic of 1873.^[9]

The volume of stocks traded increased sixfold in the years between 1896 and 1901, and a larger space was required to conduct business in the expanding marketplace.^[10] Eight New York City architects were invited to participate in a design competition for a new building; ultimately, the Exchange selected the neoclassic design submitted by architect George B. Post. Demolition of the Exchange building at 10 Broad Street, and adjacent buildings, started on May 10, 1901.

The new building, located at 18 Broad Street, cost $4 million and opened on April 22, 1903. The trading floor, at 109 × 140 feet (33 × 42.5 m), was one of the largest volumes of space in the city at the time, and had a skylight set into a 72-foot (22 m)-high ceiling. The main façade of the building features six tall columns with Corinthian capitals, topped by a marble pediment containing high-relief sculptures by John Quincy Adams Ward with the collaboration of Paul Wayland Bartlett, carved by the Piccirilli Brothers, representing Integrity Protecting the Works of Man. The building was listed as a National Historic Landmark and added to the National Register of Historic Places on June 2, 1978.^[11]

In 1922, a building for offices, designed by Trowbridge & Livingston, was added at 11 Wall Street, as well as a new trading floor called the Garage. Additional trading floor space was added in 1969 the Blue Room, and in 1988 the EBR or Extended Blue Room, with the latest technology for information display and communication. Yet another trading floor was opened at 30 Broad Street called the Bond Room in 2000. As the NYSE introduced its hybrid market, a greater proportion of trading came to be executed electronically, and due to the resulting reduction in demand for trading floor space, the NYSE decided to close the 30 Broad Street trading room in early 2006. As the adoption of electronic trading continued to reduce the number of traders and employees on the floor, in late 2007, the NYSE closed the rooms created by the 1969 and 1988 expansions.

The Stock Exchange Luncheon Club was situated on the seventh floor from 1898 until its closure in 2006.^[12]

The floor of the New York Stock Exchange in 1908

The NYSE announced its plans to merge with Archipelago on April 21, 2005, in a deal intended to reorganize the NYSE as a publicly traded company. NYSE's governing board voted to merge with rival Archipelago on December 6, 2005, and become a for-profit, public company. It began trading under the name NYSE Group on March 8, 2006. A little over one year later, on April 4, 2007, the NYSE Group completed its merger with Euronext, the European combined stock market, thus forming the NYSE Euronext, the first transatlantic stock exchange.

Presently, Marsh Carter is Chairman of the New York Stock Exchange, having succeeded John S. Reed and the CEO is Duncan Niederauer, having succeeded John Thain.

Notable events[link]

The exchange was closed shortly after the beginning of World War I (July 31, 1914), but it partially re-opened on November 28 of that year in order to help the war effort by trading bonds, and completely reopened for stock trading in mid-December.

On September 16, 1920, a bomb exploded on Wall Street outside the NYSE building, killing 33 people and injuring more than 400. The perpetrators were never found. The NYSE building and some buildings nearby, such as the JP Morgan building, still have marks on their façades caused by the bombing.

The Black Thursday crash of the Exchange on October 24, 1929, and the sell-off panic which started on Black Tuesday, October 29, are often blamed for precipitating the Great Depression of 1929. In an effort to try to restore investor confidence, the Exchange unveiled a fifteen-point program aimed to upgrade protection for the investing public on October 31, 1938.

On October 1, 1934, the exchange was registered as a national securities exchange with the U.S. Securities and Exchange Commission, with a president and a thirty-three member board. On February 18, 1971 the non-profit corporation was formed, and the number of board members was reduced to twenty-five.

One of Abbie Hoffman's well-known publicity stunts took place in 1967, when he led members of the Yippie movement to the Exchange's gallery. The provocateurs hurled fistfuls of real dollars mixed with fake dollars toward the trading floor below. Some traders booed, and some collected the apparent bounty.^{[citation needed]} The press was quick to respond and, by evening, the event had been reported around the world.^{[citation needed]} (The stock exchange later spent $20,000 to enclose the gallery with bulletproof glass.)^{[citation needed]} Hoffman wrote a decade later, "We didn’t call the press; at that time we really had no notion of anything called a media event."^[13]

NYSE's stock exchange traders floor before the introduction of electronic readouts and computer screens.

On October 19, 1987, the Dow Jones Industrial Average (DJIA) dropped 508 points, a 22.6% loss in a single day, the second-biggest one-day drop the exchange had experienced, prompting officials at the exchange to invoke for the first time the "circuit breaker" rule to halt all trading. This was a very controversial move and led to a quick change in the rule; trading now halts for an hour, two hours, or the rest of the day when the DJIA drops 10, 20, or 30 percent, respectively. The rationale behind the trading halt was to give investors a chance to cool off and reevaluate their positions. Black Monday was followed by Terrible Tuesday, a day in which the Exchange's systems did not perform well and some people had difficulty completing their trades.

Consequently,^[vague] there was another major drop for the Dow on October 13, 1989; the Mini-Crash of 1989. The crash was apparently caused by a reaction to a news story of a $6.75 billion leveraged buyout deal for UAL Corporation, the parent company of United Airlines, which broke down. When the UAL deal fell through, it helped trigger the collapse of the junk bond market causing the Dow to fall 190.58 points, or 6.91 percent.

Similarly, there was a panic in the financial world during the year of 1997; the Asian Financial Crisis. Like the fall of many foreign markets, the Dow suffered a 7.18% drop in value (554.26 points) on October 27, 1997, in what later became known as the 1997 Mini-Crash but from which the DJIA recovered quickly.

On January 26, 2000, an altercation during filming of the music video for "Sleep Now in the Fire", which was directed by Michael Moore, caused the doors of the exchange to be closed and the band, Rage Against the Machine, to be escorted from the site by security,^[14] after band members attempted to gain entry into the exchange.^[15] Trading on the exchange floor, however, continued uninterrupted.^[16]

On May 6, 2010, the Dow Jones Industrial Average posted its largest intraday percentage drop since the October 19, 1987 crash, with a 998 point loss later being called the Flash Crash (As the drop occurred in minutes before rebounding). The SEC and CFTC published a report on the event, although it did not come to a conclusion as to the cause. The regulators found no evidence that the fall was caused by erroneous ("fat finger") orders.^[17]

Trading[link]

U.S. Secretary of Commerce Donald L. Evans rings the opening bell at the NYSE on April 23, 2003. Former chairman Jack Womack is also in this picture.

NASA astronauts Scott Altman and Mike Massimino ring 'The Closing Bell'.

The NYSE trading floor in August 2008.

The New York Stock Exchange (sometimes referred to as "the Big Board") provides a means for buyers and sellers to trade shares of stock in companies registered for public trading. The NYSE is open for trading Monday through Friday from 9:30 am – 4:00 pm ET, with the exception of holidays declared by the Exchange in advance.

On the trading floor, the NYSE trades in a continuous auction format, where traders can execute stock transactions on behalf of investors. They will gather around the appropriate post where a specialist broker, who is employed by an NYSE member firm (that is, he/she is not an employee of the New York Stock Exchange), acts as an auctioneer in an open outcry auction market environment to bring buyers and sellers together and to manage the actual auction. They do on occasion (approximately 10% of the time) facilitate the trades by committing their own capital and as a matter of course disseminate information to the crowd that helps to bring buyers and sellers together. The auction process moved toward automation in 1995 through the use of wireless hand held computers (HHC). The system enabled traders to receive and execute orders electronically via wireless transmission. On September 25, 1995, NYSE member Michael Einersen, who designed and developed this system, executed 1000 shares of IBM through this HHC ending a 203 year process of paper transactions and ushering in an era of automated trading.

As of January 24, 2007, all NYSE stocks can be traded via its electronic Hybrid Market (except for a small group of very high-priced stocks). Customers can now send orders for immediate electronic execution, or route orders to the floor for trade in the auction market. In the first three months of 2007, in excess of 82% of all order volume was delivered to the floor electronically.^[18] NYSE works with US regulators like the SEC and CFTC to coordinate risk management measures in the electronic trading environment through the implementation of mechanisms like circuit breakers and liquidity replenishment points.^[19]

Until 2005, the right to directly trade shares on the exchange was conferred upon owners of the 1366 "seats". The term comes from the fact that up until the 1870s NYSE members sat in chairs to trade. In 1868, the number of seats was fixed at 533, and this number was increased several times over the years. In 1953, the number of seats was set at 1,366. These seats were a sought-after commodity as they conferred the ability to directly trade stock on the NYSE, and seat holders were commonly referred to as members of the NYSE. The Barnes family is the only known lineage to have five generations of NYSE members: Winthrop H. Barnes (admitted 1894), Richard W.P. Barnes (admitted 1926), Richard S. Barnes (admitted 1951), Robert H. Barnes (admitted 1972), Derek J. Barnes (admitted 2003). Seat prices varied widely over the years, generally falling during recessions and rising during economic expansions. The most expensive inflation-adjusted seat was sold in 1929 for $625,000, which, today, would be over six million dollars. In recent times, seats have sold for as high as $4 million in the late 1990s and as low as $1 million in 2001. In 2005, seat prices shot up to $3.25 million as the exchange entered into an agreement to merge with Archipelago and become a for-profit, publicly traded company. Seat owners received $500,000 in cash per seat and 77,000 shares of the newly formed corporation. The NYSE now sells one-year licenses to trade directly on the exchange. Licences for floor trading are available for $40,000 and a licence for bond trading is available for as little as $1,000 as of 2010.^[20] Neither are resell-able, but may be transferable in during the change of ownership of a cooperation holding a trading licence.

NYSE Composite Index[link]

In the mid-1960s, the NYSE Composite Index (NYSE: NYA) was created, with a base value of 50 points equal to the 1965 yearly close.^[21] This was done to reflect the value of all stocks trading at the exchange instead of just the 30 stocks included in the Dow Jones Industrial Average. To raise the profile of the composite index, in 2003 the NYSE set its new base value of 5,000 points equal to the 2002 yearly close.

Timeline[link]

The NYSE at Christmas time (December 2008)

In 1792, The NYSE acquires its first traded securities.^[22][23] In 1817, The constitution of the New York Stock and Exchange Board is adopted.^[24] In 1867, The First Stock Ticker.^[25] In 1896, Dow Jones Industrial Average first published in The Wall Street Journal.^[25] In 1903, NYSE moves into new quarters at 18 Broad Street. In 1906, Dow exceeds 100 on January 12. In 1907, Panic of 1907. In 1914, World War I causes the longest exchange shutdown: four months, two weeks; re-opening December 12 brings the largest one-day percentage drop in the DJIA (24.4%). In 1915, Market price is given in dollars. In 1929, Central quote system established; Black Thursday, October 24 and Black Tuesday, October 29 signal the end of the Roaring Twenties bull market. In 1943, Trading floor is opened to women.^[26] In 1949, Longest (eight-year) bull market begins.^[27]

In 1954, Dow surpasses its 1929 peak in inflation-adjusted dollars. In 1956, Dow closes above 500 for the first time on March 12. In 1966, the NYSE begins a composite index of all listed common stocks. This is referred to as the "Common Stock Index" and is transmitted daily. The starting point of the index is 50. It is later renamed the NYSE Composite Index.^[28] In 1967, Protesters led by Abbie Hoffman throw mostly fake dollar bills at traders from gallery, leading to the installation of bullet-proof glass. In 1970, Securities Investor Protection Corporation established. In 1971, NYSE recognized as Not-for-Profit organization.^[28] In 1972, Dow closes above 1,000 for the first time on November 14. In 1977, Foreign brokers are admitted to NYSE. In 1980, New York Futures Exchange established. In 1982, Longest bull market in DJIA history begins. In 1987, Black Monday, October 19, sees the second-largest one-day DJIA percentage drop (22.6%) in history. In 1991, Dow exceeds 3,000. In 1995, Dow exceeds 5,000. In 1996, Real-time ticker introduced.^[29] In 1999, Dow exceeds 10,000 on March 29. In 2000, Dow peaks at 11,722.98 on January 14; first NYSE global index is launched under the ticker NYIID.

Security after the September 11 attacks

In 2001, Trading in fractions (n/16) ends, replaced by decimals (increments of $.01, see Decimalization). When the September 11, 2001 attacks occur, the NYSE was closed for 4 sessions. In 2003, NYSE Composite Index relaunched and value set equal to 5,000 points. In 2006, NYSE and ArcaEx merge, creating NYSE Arca and forming the publicly owned, for-profit NYSE Group, Inc.; in turn, NYSE Group merges with Euronext, creating the first trans-Atlantic stock exchange group; DJIA tops 12,000 on October 19. In 2007, US President George W. Bush shows up unannounced to the Floor about an hour and a half before a Federal Open Market Committee interest-rate decision on January 31.^[30] NYSE announces its merger with the American Stock Exchange; NYSE Composite closes above 10,000 on June 1; DJIA exceeds 14,000 on July 19 and closes at an all time peak of 14,164.53 on October 9. This was the peak before the 2008–2009 bust.

On September 15, 2008, the DJIA loses more than 500 points amid fears of bank failures, resulting in a permanent prohibition of naked short selling and a three-week temporary ban on all short selling of financial stocks; in spite of this, record volatility continues for the next two months, culminating at 5½-year market lows. In 2009, Dow closes at 6547.05 on March 9 reaching a 12 year low. Returns to 10,015.86 on October 14.

Derailed planned merger with Deutsche Börse[link]

On February 15, 2011 NYSE and Deutsche Börse announced their merger to form a new company, as yet unnamed, wherein Deutsche Börse shareholders will have 60% ownership of the new entity, and NYSE Euronext shareholders will have 40%.

On February 1, 2012, the European Commission blocked the merger of NYSE with Deutsche Börse, after commissioner Joaquin Almunia stated that the merger "would have led to a near-monopoly in European financial derivatives worldwide".^[31] Instead, Deutsche Börse and NYSE will have to sell either their Eurex derivatives or LIFFE shares in order to not create a monopoly.

On February 2, 2012, NYSE Euronext and Deutsche Börse agreed with strong opposition by the EU for the planned merger, to scrap the merger.^[32]

Trading schedule[link]

Regular trading hours are from 9:30 am to 4:00 pm.

See also[link]

New York City portal

• Economy of New York City
• List of American stock exchanges
• List of presidents of the New York Stock Exchange
• U.S. Securities and Exchange Commission
• List of market opening times

Notes[link]

References[link]

• Buck, James E. (1992). The New York Stock Exchange: The First 200 Years. Greenwich Pub. Group. ISBN 0-944641-02-4. 
• Geisst, Charles R. (2004). Wall Street: A History – From its Beginnings to the Fall of Enron. Oxford University Press. ISBN 0-19-517060-1. 
• Kent, Zachary (1990). The Story of the New York Stock Exchange. Scholastic Library Pub.. ISBN 0-516-04748-5. 
• Sloane, Leonard (1980). The Anatomy of the Floor. Doubleday. ISBN 0-385-12249-7. 
• Sobel, Robert (1975). N.Y.S.E.: A History of the New York Stock Exchange, 1935–1975. Weybright and Talley. ISBN 0-679-40124-5. 

External links[link]

Wikimedia Commons has media related to: New York Stock Exchange

• Official website
• List of planned and unplanned historical closings
• Price of membership and a seat
• New York Stock Exchange collected news and commentary at The New York Times
• The New York Stock Exchange Began in a Coffe Shop

v t e NYSE Euronext, Inc. A member of the World Federation of Exchanges. Securities New York Stock Exchange · American Stock Exchange · NYSE Arca Euronext Futures Euronext.liffe Other Alternext · BlueNext · Qatar Exchange (20% holding) Locations United States: New York City (NYSE · AMEX), Chicago (Arca) France: Paris Belgium: Brussels Netherlands: Amsterdam Portugal: Lisbon United Kingdom: London Indexes New York: NYSE Composite · Dow Jones Industrial Average · S&P 500 Euronext: Euronext 100 · AEX index · CAC 40 · Euro Stoxx 50 · BEL20 Miscellaneous NYSE Technologies · Financial Industry Regulatory Authority Annual revenue USD 4.425 billion (2010) Employees 2,970 Stock symbol NYSE: NYX, Euronext: NYX Website NYSE Euronext Portal

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Richard Grasso

Richard A. "Dick" Grasso (born (1946-07-26)July 26, 1946^[1] in Jackson Heights, Queens, New York City) was chairman and chief executive of the New York Stock Exchange from 1995 to 2003, the culmination of a career that began in 1968 when Grasso was hired by the Exchange as a floor clerk. After the September 11, 2001 terrorist attacks, Grasso became the public face of the Exchange and was praised for his role in helping restart operations. He later became embroiled in controversies and lawsuits about his excessive pay package and $140 million golden parachute.

Background[link]

Grasso was raised by his mother and two aunts in Jackson Heights, New York City^[2] since his father left the family when Richard was an infant. He graduated from Newtown High School, and attended Pace University for two years before enlisting in the Army. Two weeks after leaving the Army in 1968, Grasso became a clerk at the New York Stock Exchange.

Richard moved up rapidly in the ranks, becoming president of the exchange and then CEO in the early 1990s. As CEO, he was widely credited with cementing the New York Stock Exchange's position as the preeminent U.S. stock market. Grasso also served as an advisory board member for the Yale School of Management.

FARC controversy[link]

On June 26, 1999 Reuters reported that Grasso met with Colombian rebels, the FARC, in an article entitled "NYSE Chief Meets Top Colombia Rebel Leader". The FARC is considered a terrorist organization by the U.S. State Department (on its list of Foreign Terrorist Organizations since 1997^[3]) and is allegedly responsible for kidnappings and narcotics trafficking in order to bankroll their revolutionary activities (see: narcoterrorism).

The article quoted Grasso as saying, "I invite members of the FARC to visit the New York Stock Exchange so that they can get to know the market personally." Some found the meeting inexplicable, considering the FARC supports anti-capitalist ideals and has no officially recognized financial clout. Grasso told reporters that he was bringing "a message of cooperation from U.S. financial services."^[4]

NYSE compensation controversy[link]

On August 27, 2003 it was revealed that Grasso had been given a deferred compensation pay package worth almost $140 million. This caused immediate controversy, as the hand-picked compensation committee consisted mainly of representatives from NYSE-listed companies over which Grasso had regulatory authority as head of the Exchange.

Following criticism of the deal from U.S. Securities and Exchange Commission chairman William H. Donaldson, who preceded Grasso as Chairman of the NYSE, and several pension fund heads (who control some of the largest pools of equity investment capital in the U.S.), the Exchange board met and in a 13-to-7 vote asked Grasso to leave. He stepped down on September 17, 2003, and several senior officials followed, in the same month^[5]. Law firm Winston & Strawn carried out an investigation, on behalf of the NYSE, and a comprehensive report analyzing Grasso's alleged excessive compensation and benefits, and the governance failures behind it, was completed in December^[6].

On May 24, 2004 Grasso was sued by New York state Attorney General Eliot Spitzer demanding repayment of the majority of the $140 million pay package. Prior to being dismissed Grasso had been in line to receive an additional $48 million over the $139.5 million he had already received; he was not paid the additional funds. Grasso has sued to be awarded those funds. According to the suit, Grasso, along with former NYSE director Kenneth Langone, misled the NYSE board about the details of his pay package. It was allegedly well beyond that of comparable chief executives. The NYSE was a non-profit institution during Richard Grasso's reign, and as such was governed by State of New York rules governing executive compensation for same. That the NYSE was NON-profit goes to the heart of the matter of Grasso's compensation. This is because FOR-profit companies have traditionally received much greater leeway in executive compensation matters, even when the compensation might appear to be excessive to stockholders. In addition, there were issues concerning premature withdrawals of Grasso's retirement compensation. Retirement packages often have strict timetables as to when withdrawals can be made.

On May 26, 2004 Grasso responded with a counter-suit against the Exchange and its chairman John Reed. The counterclaim was twofold; It sought restitution of unpaid portions of his retirement package and further accused certain individuals at the Exchange of "besmirching his name". Grasso went on to place a 1500-word op-ed article in the Wall Street Journal detailing this counter-suit as well as his grievances against Spitzer.

The lawsuit against Grasso continued to move toward trial in 2006 with neither side showing any interest in settling.

On October 19, 2006 it was reported that the New York State Supreme Court issued a summary decision ordering Grasso to repay a significant amount of excess compensation in an article entitled "Ex-NYSE chief ordered to return part of $188M".^[7] Although Grasso will appeal, the same article reports that Spitzer's office has disclosed the amount of restitution to be in the tens of millions of dollars. In his ruling Judge Ramos wrote that Grasso's failure to disclose the true extent of his total compensation prevented the compensation committee from exercising its fiduciary duties. The above CNN article also reported that Grasso's counterclaim of defamation was dismissed.

The suit against Grasso has come under criticism from some commentators, with journalist Charles Gasparino lambasting it in the epilogue to his book Blood on the Street. He is the subject of a book by Gasparino, King of the Club.

On July 1, 2008 the New York State Court of Appeals dismissed all claims against Grasso. The majority opinion stated that since the NYSE was now a subsidiary of a for-profit multinational corporation the State of New York had no oversight over the affairs of the company in this matter and that prosecution was "not in the public interest." Current Attorney General Andrew Cuomo stated that he had no intention to appeal this decision any further and that the case was effectively over. The court ruled that Grasso was entitled to the entirety of his compensation. The court also dismissed Grasso's actions against the NYSE and other parties as related to this matter.

During a SEC investigation Grasso invoked his fifth amendment rights against self-incrimination in refusing to answer questions regarding his conduct during an NYSE investigation into possibly improper activities by Exchange specialist firms.^[8] The specialist firms paid $242 million in settlements with the SEC, and the NYSE itself was censured for failing to properly supervise the specialist firms.^[9]

Personal life[link]

Grasso is currently residing in New York with his wife Lorraine and his four children: Jennie, Christine, Richard and Catherine.

See also[link]

Gasparino, Charles (2007). King of the Club: Richard Grasso and the Survival of the New York Stock Exchange. HarperCollins.

References[link]

1. ^ Who's Who In Finance and Business - 2004-2005 (34 ed.). 2004. 
2. ^ Thor Valdmanis (September 18, 2003). "NYSE faces Thursday without Richard Grasso". USA Today. http://www.usatoday.com/money/markets/us/2003-09-17-grasso-meet_x.htm. Retrieved 2006-06-16. 
3. ^ Koppel, Andrea (2001-09-10). "U.S. to classify Colombian group as 'terrorist'". CNN. http://edition.cnn.com/2001/WORLD/americas/09/10/colombia.terrorism/index.html. Retrieved 2012-01-02. "FARC and ELN were both designated as Foreign Terrorist Organizations by the secretary of state in October 1997." 
4. ^ "NYSE Chief Meets Top Colombia Rebel Leader". Reuters. 1999-06-26. http://www.colombiasupport.net/archive/199906/nysefarc.html. Retrieved 2006-02-27. 
5. ^ "International chief Georges Ugeux resigns from NYSE". marketwatch.com. September 2003. http://www.marketwatch.com/story/international-chief-georges-ugeux-resigns-from-nyse. 
6. ^ "Report to the NYSE on investigation relating to the compensation of Richard A. Grasso". Winston & Strawn LLP. 15 December 2003. https://docs.google.com/viewer?a=v&q=cache:2ZvtX-JvuZkJ:www.concernedshareholders.com/CCS_NYSE_WebbReportExc.pdf+&hl=en&pid=bl&srcid=ADGEEShqCCEBzd_WrrZS_X_Xo0-aHG2cv6s639RB1xtkKcufTmk_Xez9mXew-yw96p-Dgc4TFYDE-KF-H2b9hbwrfrgITXvodgAbomViBU-ClfB8zt5tVLQIJxJaopggwglE8XPqSD-b&sig=AHIEtbSMohVoF7t9wsRBOnZzpdMwMLiBrg. 
7. ^ "Grasso Ordered to Return NYSE Pay". NPR. http://www.npr.org/templates/story/story.php?storyId=6352037. 
8. ^ "Grasso Took the Fifth In SEC Trading Probe". Washingon Post. March 17, 2006. http://www.washingtonpost.com/wp-dyn/content/article/2006/03/16/AR2006031601971.html. 
9. ^ "SEC charges the New York Stock Exchange with failing to police specialists". SEC. 2005. http://www.sec.gov/news/press/2005-53.htm. 

• Ackman, Dan (May 7, 2003). "Dick Grasso And The Company He Keeps". Forbes. http://www.forbes.com/2003/05/07/cx_da_0507topnews.html. 
• Weiss, Gary (September 15, 2003). "The $140,000,000 Man". BusinessWeek. http://www.businessweek.com/magazine/content/03_37/b3849001_mz001.htm. 
• White, Ben (September 18, 2003). "NYSE Ousts Grasso as Chairman: Size of Pay Package Drew Wide Criticism". The Washington Post. p. A01. http://www.washingtonpost.com/ac2/wp-dyn/A26875-2003Sep17. 
• Surowiecki, James (2004). The Wisdom of Crowds: Why the Many Are Smarter Than the Few and How Collective Wisdom Shapes Business, Economies, Societies and Nations. Doubleday. ISBN 0-385-50386-5. 
• Albrecht, Karl (2005). Social Intelligence: The New Science of Success, Economies, Societies and Nations. Pfeiffer Publishing. ISBN 0-7879-7938-4. 

External links[link]

• Richard Grasso's federal campaign contributions
• Richard Grasso at the Internet Movie Database