A history of stock exchanges, from Venitain merchants to modern day

The origin and history of stock exchanges

When were stocks first sold? Though debt was first sold in Venice in the 14th century, stocks proper began in the Netherlands. To fund its spice trade across the world in 1602, the Dutch East India Company sold stocks to individual investors, a novel approach to raising funds. It was the Dutch West India Company that founded New York—the site of some of the world’s greatest stock exchanges. Listen to a concise historical overview here.

The stock market, explained in 3 minutes

The stock market consists of a set of exchanges and other venues where shares of public companies are bought and sold. The Nasdaq and the New York Stock Exchange are two of the most well-known exchanges in the US, while major exchanges also operate around the world, including in Tokyo, Shanghai, London, and São Paulo.

A stock market timeline

The stock market has come a long way since the 1600s, when the first version of a stock exchange was created in Amsterdam. Mile markers along the way include everything from the Dow Jones Industrial Average's creation in 1896 to the stock market woes during the COVID-19 pandemic in 2020.

The history of Wall Street as a financial center dates back to the 1700s, beginning with the establishment of the New York Stock Exchange and New York City's first official slave market.

The first US stock exchange dates back to the 1790s in Philadelphia

Only two years after that stock exchange in Philadelphia started, the largest stock exchange in the US to date was created: the New York Stock Exchange.

When the New York Stock Exchange was started in 1792, traders would meet both outside on the street and in coffee shops to do business.

As technology evolved, so did Wall Street

Before the telephone was invented in the mid 1800s, people had to trade stocks in person. But once office telephones and computers became commonplace, banks and other financial institutions didn't necessarily need to have their headquarters near exchanges like Wall Street's New York Stock Exchange.

The world's oldest stock exchange was called the Amsterdam Stock Exchange

What is now referred to as Euronext Amsterdam got its start centuries ago, in the early 1600s. Back then, it was called the Amsterdam Stock Exchange—and it might not have existed without the Dutch East India Co.'s desire to raise funding for its seafaring ventures.

'The stock market' can be loosely defined as a set of exchanges and other places where shares of public companies are bought and sold.

What’s up with the new Texas Stock Exchange?

The two biggest stock exchanges in the U.S. are both based in New York—the New York Stock Exchange and the Nasdaq. But a potential new “Texas Stock Exchange”—which would be based in, you guessed it, Texas—could change that. To find out more about the project, backed by enormous companies such as BlackRock and Citadel, watch this video.

A timeline of Wall Street's history

Wall Street's historical timeline starts with Wall Street getting its name in the 1600s and ends with details about the Occupy Wall Street movement in 2011.

Visualize the differences between the New York Stock Exchange and the Nasdaq.

Wall Street has come a long way since the 1600s

Wall Street originated as part of a Dutch settlement and soon became the nation's financial hub. But Wall Street has since morphed into eight blocks of luxury gyms and apartments.

The NYSE is one of the few remaining stock exchanges where much active trading still happens in person on the trading floor.

Find out how companies decide which stock exchange to list on

Tech companies often prefer to list on the tech-focused Nasdaq, whereas more traditional organizations opt for the New York Stock Exchange. Sometimes the choice is made partly based on the services an exchange offers a company.

The Nasdaq was founded in 1971, marking the debut of electronic trading

The Nasdaq stock exchange arguably invented electronic trading, making it a key part of fintech history. It's often used as a benchmark for how the tech industry is performing.

Read about when Nasdaq partnered with the London Stock Exchange in 1992, and other key moments in Nasdaq history

The partnership became the first intercontinental linkage between capital markets, setting the stage for worldwide trading amid increasing globalization. Nasdaq separated from its parent company in 2006, becoming a fully independent licensed national securities exchange. A year later, it added the Scandinavian-based Exchange, OMX.

Companies sometimes change which stock exchange they're listed on.

The bond market dates back to the 1100s in Venice

In the early 1800s, bonds were used to fund US railroads and canals in Great Britain. “Liberty Bonds” were sold during both World Wars in the 20th century. Learning about the early and modern history of bonds can offer a glimpse into how the modern bond market came to be.

How ancient Romans invested and worked

The first stock exchange didn't open for business until the early 1600s, but that didn't stop the Ancient Romans from working and investing their money centuries before. While Romans are better known for their political inventions than their economic ones, understanding how they viewed money can help paint a better picture of the Roman mindset that created systems like democracy. Read this article to learn more.

In 1711, the New York City Common Council decided that the city’s slave market would operate on Wall Street

In 1711, the New York City Common Council decided that the city’s slave market would operate on Wall Street. Back then, the nation’s economy rode on the backs of slave labor and the slave trade itself—meaning that the slave market’s location was an economic hub for the city.

Why does the stock market matter?

Open any newspaper, turn on your local TV news station, or listen to a daily business radio segment, and you’re bound to hear about how the stock market is performing. Netflix created a 17-minute (free) explainer that dives deep into the nitty-gritty of how we got here.

The New York Stock Exchange wouldn't have been made if not for municipal bond sales

The Funding Act of 1790 nationalized and consolidated the debt held by the 13 colonies to be sold off in the form of bonds.

The Nasdaq is typically the world's second-largest stock exchange when measured by the total market value of the companies listed on the exchange.

What is after-hours trading?

While both the New York Stock Exchange and the Nasdaq open at 9:30 am ET and close at 4 pm ET, some trading is allowed after that. After-hours trading was once only open to institutional investors and people with particularly high net worths. Now, with the advent of computers, anyone can trade stocks anywhere online, and those regulations have broadened.

The Wall Street Journal: a timeline

The Wall Street Journal got its start as a financial news bulletin for people trading stocks. Since then, it has evolved beyond just financial news. It now ranks among the preeminent global business news sources.

Electronic trading transformed investing, ushering in a new era for retail investors in which average Americans could research stocks online and then use early platforms like StreetSmart and E-Trade to conduct their transactions

In the early 1990s, stock brokerages knew that online trading would be a great equalizer, creating opportunities for more individuals to buy and sell stocks.

Key moments in fintech history include the transatlantic cable’s invention and E-Trade’s founding

Founded in 1982, E-Trade was the first-ever online brokerage, pioneering a method of investing that is common today. Its story is part of a timeline that the New York Times put together of key moments in early fintech history.

See how New York City has grown since 1609

Wall Street and the southern tip of Manhattan were the first parts of the island to be developed beyond farmland by Dutch and English settlers. It wasn’t long until New York City resembled the city we know today.

Crypto exchanges are online platforms to buy, sell, and exchange cryptocurrencies

Crypto exchanges have grown alongside and fueled the boom in digital currencies. Popular exchanges like Coinbase, Kraken, and Binance each have separate features, fee structures, and more. You can learn how to begin with the platforms, how to carry out research, and when to be aware of the associated risks.

Spot markets are where commodities intended for relatively immediate delivery are traded

Spot markets are where physical securities are exchanged for cash. Also known as cash markets or physical markets, the trades are relatively immediate—both parties agree to an immediate transfer. Currencies and securities can also be traded on spot markets.

Hamilton founded what many regard as the first commercial bank in the United States

In 1784, Alexander Hamilton helped found the Bank of New York, which initially operated without a charter, financed early federal operations, provided what is considered the US government's first loan, and became the first stock traded on the New York Stock Exchange.

See the world’s largest stock markets in 1900 versus 2023

The US is now home to the world's largest stock market, but that wasn't always the case. This data visualization shows where the largest stock markets in the world were in 1900, then compares that map to the current geographical distribution of stock markets today, based on each country’s percentage share of global market capitalization. See what it looks like by clicking here.

Mapping early New York

Want to see how Wall Street (and New York City as a whole) has changed over time? Use this timeline and map to see Manhattan today overlaid with the precise boundaries of early land grants to the Dutch in the 1600s. Scroll through the progress of city building through the first century of European settlement there.

The world’s first publicly traded company was the United East India Co.

In an effort to best Spain and gain access to valuable trade in Asia, the Dutch Republic launched the VOC, or the United East India Co. The company held an initial public offering in 1602, allowing “subscribers” to choose how much they wanted to invest in the new venture. It was open to all residents of the republic, making this the first opportunity for retail investors in the world.

Over-the-counter markets are used to bypass traditional exchanges while trading

Commodities are regularly traded via OTC markets so that buyers and sellers can bypass central exchanges and negotiate terms more directly. Before the advent of formal exchanges, most assets were traded OTC.

How exchanges like the Chicago Mercantile act as trading referees

Chicago's Mercantile Exchange emphasizes futures contracts on commodities. This podcast episode breaks down how exchanges actually work, make money, and streamline the market.

Visualizing the history of money

Money is any medium of exchange used in payments for goods or services and can take many forms. From cattle and shells in ancient times to paper and blockchain today, money has taken many shapes and sizes. This infographic illustrates some of the major forms of exchange world cultures have used over the last 5,000 years.

The first-ever IPO was issued by the Dutch East India Co., a spice company.

It first offered shares to the public in the 1600s on the Amsterdam Stock Exchange to help finance its passages. The Dutch East India Co. succeeded in part due to its monopolistic hold over the East Indies at the time.

Watch former Securities and Exchange Commission Chair Gary Gensler's 'Eras Tour' for the agency's 90th anniversary, a look back on the pivotal moments in the agency's history.

ETFs were first created as an alternative to mutual funds, combining the diversification benefits of a mutual fund with the ability to trade throughout the day on a stock exchange.

Visualizing decades of stock market performance

Stock markets and the indexes that track their biggest companies tend to ebb and flow, with long growth periods punctuated by shorter recessions. Track the 60-year history of one of the most common stock market indexes, the S&P 500, with this data visualization. The chart highlights the long-term durability of markets despite appearance of short-term volatility.

Shares are parts of a stock that represent ownership of a company

Shares are traded on the stock market. Once you buy a single share of a company, you are considered a shareholder of that company and may have certain rights as a partial owner, such as voting on business decisions.

Explore an alternative investments timeline

From what’s known as the first leveraged buyout, when JPMorgan acquired the Carnegie Steel Company, to the creation of the first-ever hedge fund, alternative investments have a long history.

See a map of the world's 25 largest stock exchanges, which had a total market cap of $106T as of 2023.

Want to begin trading in cryptocurrency? Check out these exchanges

Explore the current cryptocurrency market. CoinMarketCap tracks 242 spot exchanges where various cryptocurrencies are traded. Newbie and experienced traders will find timely exchange ranks and scores charted according to traffic, liquidity, and trading volumes. CoinMarketCap promises legitimacy in all trading volumes reported.

The stock market has crashed many times throughout history

Have you ever wondered how long it takes the market to recover after a crash? This chart outlines major stock market dips throughout history and tracks how many days it took for the market to recover.

Peter Tuchman, who has worked on the trading floor of the New York Stock Exchange for over four decades and ranks among the most famous traders in history, is known as the 'Einstein of Wall Street.'

The Erie Canal transformed New York City into America’s banking capital

By redirecting western trade through New York Harbor, the canal turned New York into the nation’s commercial hub. This surge in commerce shifted financial power from Philadelphia to Wall Street, establishing the city as America’s banking capital.

Prior to the creation of the Securities and Exchange Commission, the 1913 Pujo Committee determined that 180 people were managing more than $22B—a large slice of the entire nation's wealth—and recommended extensive regulations.