While the exchange-traded shares of emerging companies initially, most of the firms that trade today on AMEX have joined it after many years of success. It is also the third-largest exchange in the United States in market value and a daily trading volume of over 80 million shares.
AMEX trades over 1, small and emerging company stocks, options, bonds, derivatives, and exchange-traded funds ETFs. It is also in charge of keeping the securities market liquid and orderly and allowing traders to trade automatically or manually.
It has complete discretion over whether or not to list or delist any corporation for any reason. NYSE American differs from the NYSE in many respects, including having more flexible regulations and standards for companies seeking to be listed, lower trading volumes, and a focus on small and emerging businesses. This has been a guide American Stock Exchange and its definition.
Here we discuss how it works, along with its history and functions. You can learn more from the following articles —. Your email address will not be published. Save my name, email, and website in this browser for the next time I comment. Free Investment Banking Course. Login details for this Free course will be emailed to you. Forgot Password? Article by Wallstreetmojo Editorial Team. The exchange trades over 1, stocks, options, bonds, derivatives, and exchange-traded funds ETFs of small and emerging companies.
NYSE American is also responsible for keeping the securities market liquid and orderly while allowing traders to execute automatic or manual trades. However, it has less strict listing requirements and standards than its rivals. What is American Stock Exchange?
All comment letters should refer to File No. This file number should be included on the subject line if e-mail is used. To help us process and review comments more efficiently, comments should be sent in hardcopy or by e-mail but not by both methods.
Copies of the submission, all subsequent amendments, all written statements with respect to the proposed rule change that are filed with the Commission, and all written communications relating to the proposed rule change between the Commission and any person, other than those that may be withheld from the public in accordance with the provisions of 5 U. Copies of such filing will also be available for inspection and copying at the principal office of the Exchange.
All submissions should refer to File No. SR-Amex and should be submitted by [insert date 21 days from date of publication].
After careful review, the Commission finds that the Amex's proposal is consistent with the Act and the rules and regulations promulgated thereunder applicable to a national securities exchange and, in particular, with the requirements of Section 6 b of the Act.
When it approved Amex's proposal relating to shareholder approval of equity compensation plans, 11 the Commission had urged the Amex to adopt a rule similar to the NYSE's rules prohibiting members and member organizations from giving a proxy to vote without explicit instructions from beneficial owners when the matter to be voted on authorizes the implementation of any equity compensation plan, or any material revision to the terms of any existing equity compensation plan.
The Commission believes that the Amex's amended provision precluding broker voting on equity compensation plans is consistent with the Act. The Commission notes that equity compensation plans have become an important issue for shareholders. Because of the potential for dilution from such issuances, shareholders should be making the determination rather than brokers on their behalf. The Commission further notes that, generally under Amex rules, only matters that are considered routine are allowed to be voted on by a broker on behalf of a beneficial owner.
Because of the recent significance and concern about equity compensation plans, the Commission believes that it is appropriate for the Amex to decide that shareholder approval of equity compensation plans is not a routine matter and must be voted on by the beneficial owner.
In its approval of the NYSE and Nasdaq proposals, the Commission had considered the impact on smaller issuers, such as those listed on Nasdaq and the Amex, in response to the comments received on this issue. The Commission notes that the Amex has implemented a transition period that would make the proposed new preclusion on broker voting on equity compensation plans effective as of January 31, The Commission further notes that this transition period is consistent with the transition periods recently approved for the regional exchanges and should ensure that the Amex's broker voting prohibition is in place for the upcoming proxy season and will be implemented by the same time as the other marketplaces.
The Commission finds good cause for approving the Amex's proposal and Amendment No. The Commission notes that the Amex's proposal is similar to rules that it has recently approved for the NYSE and the regional exchanges on this issue, and is consistent with current NASD rules. The Commission further believes that making the Amex's rule change effective as of January 31, , is consistent with the transition periods that the Commission has recently approved for the regional exchanges, and will allow the Amex's new broker voting prohibition to be in place for this upcoming proxy season.
Further, accelerated approval should allow sufficient time for Amex members to make any necessary adjustments to implement the change by the transition date. Based on the above, the Commission finds good cause, consistent with Sections 6 b 5 and 19 b 2 of the Act 18 to approve the Amex's proposal and Amendment No. For the Commission, by the Division of Market Regulation, pursuant to delegated authority.
In Amendment No. The Commission also published a correction to the notice of File No. The Federal Register subsequently published another correction.
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