The American Stock Exchange (AMEX) once listed over 700 companies and was the world’s second largest auction-marketplace. Like the NYSE (the largest auction marketplace), the AMEX used an agency auction market system which is designed to allow the public to meet the public as much as possible. In other words, a specialist helps maintain liquidity.
Regular listing requirements for the AMEX included pre-tax income of $750,000 in the latest fiscal year or 2 of most recent 3 years, a market value of public float of at least $3,000,000, a minimum price of $3, and a minimum stockholder’s equity of $4,000,000.
In 1998, a merger between the NASD and the AMEX resulted in the Nasdaq-Amex Market Group. In 2008, NYSE Euronext purchased the AMEX, then renamed it several times. As of 2012 the market is called “NYSE MKT”, and claims to be the leading equities capital market for small-cap companies.
For more information, visit their home page: http://www.nyse.com/markets/nyse-mkt
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Contributed-By: Chris Lott