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WHAT MARKED THE START OF TRADING BEFORE THE NYSE ADOPTED A BELL IN 1903?
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The New York Stock Exchange (NYSE) is one of the world’s most iconic financial institutions, with a history that dates back over 200 years. One of the most recognizable features of the NYSE is the ringing of a bell to mark the start and end of each trading day. However, before the adoption of the bell in 1903, a Chinese gong was used to signal the start of trading.
The use of a gong to signal the start of trading dates back to the earliest days of the NYSE, when trading was conducted in outdoor spaces and on street corners. The gong was used to cut through the noise of the bustling streets and to signal the beginning of the trading day.
The use of the gong continued even after the NYSE moved indoors, with a designated “gong striker” responsible for ringing the gong at the start of trading. However, as the NYSE grew in size and complexity, the need for a more precise and reliable signaling system became apparent.
In 1903, the NYSE adopted a new bell system, which consisted of a large brass bell that was rung by an electric button. The new system was more precise and easier to hear, and it quickly became an iconic symbol of the NYSE and the world of finance.
the ringing of the NYSE bell is a highly anticipated event, with celebrities, politicians, and business leaders often invited to participate. The bell is rung at the start and end of each trading day, as well as on special occasions such as holidays and anniversaries.
While the use of the gong may seem quaint and outdated in today’s modern world of finance, it remains an important part of the NYSE’s rich history and legacy. It serves as a reminder of the NYSE’s humble beginnings and the innovative spirit that has driven its growth and success over the past two centuries.