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The Exchange traces its roots back to Colonial times when Stock Broker s created outdoor markets to trade new government Securities . The AMEX started out as such a market at the curbstone on Broad Street near Exchange Place. The curb brokers gathered around the lamp posts and mail boxes, resisting wind and weather, putting up lists of Stock s for sale. As trading activity increased, the shouting reached such a high level that special hand signals had to be introduced so that the brokers could continue trading. In 1921 the market was moved indoors into the building where it still resides, and the hand signals remained in place for decades even after the move. AMEX's core business has shifted over the years from stocks to options, although it continues to trade small to mid-size stocks. An effort in the mid-1990s to initiate an Emerging Company Marketplace ended in failure, as the reduced listing standards (beyond the existing lenient AMEX standards) caused Penny Stock promotors to move their scams to a national exchange.In the mid 1990s the exchange has been dogged by allegations of trading improprieties, which were highlighted by Business Week in 1999. {Link without Title} In 1998, the American Stock Exchange merged with the National Association of Securities Dealers (operators of NASDAQ ) to create "The Nasdaq-Amex Market Group" where AMEX is an independent entity of the NASD parent company. After tension between the NASD and AMEX members, the latter group bought out the NASD and aquired control of the AMEX in 2004 . Out of the three major American stock exchanges, the AMEX is known to have the most liberal policies concerning company listing, as most of its companies are generally smaller compared to the NYSE and NASDAQ. The Amex also specialises in the trading of ETFs, and hybrid/structured securities. The majority of US listed ETF's are traded at the AMEX including the SPDR and most Powershares . In 2005, the AMEX attempted to populariesan American implimentatio of the canadian Income Tust model. Listed Equity Income Hybrid Securities, (more commonly known as Income Deposit Securities ) listed on the AMEX are B & G Foods Holding Corp. (BGF), Centerplate, Inc. (CVP), Coinmach Service Corp. (DRY), and Otelco Inc. (OTT). Recently Coinmach Service Corp, has been attempting to restructure itself away from being an income trust. The large companies listed on the AMEX include British American Tobacco ( ADR )s, Imperial Oil Limited ( IMO ), Nabors Industries (NBR), Ivax Corporation (IVX) and Seaboard Corporation (SEB) and Bio-Rad Laboratories (BIO). . Seabord is notable for not having split its shares since becoming publicly listed, shares of SEB trade for $1,560 a share. Located next to the World Trade Center , it was tragically affected by the September 11, 2001 Attacks , but has recovered well since then. SOURCES
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