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| Sunday, 19 February 2006 |
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Junior Observer |  |
| News Business Features Editorial
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Leading stock exchange of the world The New York Stock Exchange (NYSE), also known as the Big Board, is one of the most recognisable financial institutions in the world. It is the world's largest stock exchange by dollar volume, and the second largest by number of listings. It deals with over 2,800 companies valued at nearly $20 trillion in global market capitalisation.
The main building of the NYSE is at Broad Street in New York, while the trading floor is located at Wall Street, and comprises five rooms which facilitate trading activities. The origin of the Exchange dates back to May 17, 1792 when the Buttonwood Agreement was signed by 24 stock brokers under a buttonwood tree, outside Wall Street, New York. On March 8, 1817, this organisation drafted a constitution and renamed itself the 'New York Stock and Exchange Board'. The name was shortened to its current form in 1863. The first president-elect was Anthony Stockholm. It was first located in a room rented for 200 dollars per month, at Wall Street in 1817. By the beginning of the 20th century, the NYSE had become one of the biggest financial institutions in the world, prompting the need for more space. Leading architects were thus invited for a competition to design a new building to house the Exchange. The neo-classic design of George B. Post was selected for the building, which is still considered as one of his masterpieces. Demolition of the old building started on May 1, 1901, while the new building was opened at Broad Street on April 22, 1903. The figural sculptures on the face of the building are its most recognisable feature, along with the six massive Corinthian columns, which give the building a feeling of substance and stability. They are known as an embodiment of the nation's growth and prosperity. The Wall Street offices were built as an addition to this complex in 1922. The trading floor of the NYSE is of 109X140 feet dimensions, and is made of marble walls which run 72 feet high to meet the ornate gilt ceiling. Its huge glass windows are 96X50 feet. It has a 30 square feet skylight. The NYSE installed its first ticker in 1867, and the first telephones in 1878. Electric lights were in use by 1883, while the building was also one of the first to have air-conditioning. The electronic display boards on the walls, which are associated with stock exchanges, were first installed in 1966, along with radio pagers. A highly technical wireless data system, which increased the speed of trading, was introduced in 1996. The Exchange was closed shortly after World War I began in July 1914, but was re-opened on November 28 the same year, to help the war effort. The Exchange opens for trading at 9:30am and closes at 4:00pm. The present trading hours were introduced on September 30, 1985. Extended hours for trading were introduced on June 13, 1991. The NYSE was closed from September 11 to 17, 2001 as a result of the September 11, 2001 attacks. The Exchange merged with the fully electronic stock exchange, Archipelago Holdings last year. Britain's greatest medieval experience The Warwick Castle of England is another famous building in this lovely country full of ancient castles and fortresses. It is located in the town of Warwick in the county of Warwickshire in central England, and overlooks the River Avon.
This castle is described as "Britain's greatest medieval experience" and played a leading role in the country's history. According to legend, the first significant fortifications at the castle were set up by Ethelfleda, the daughter of King Alfred the Great in 914. They replaced even older wooden fortifications, which had proved ineffective against the Danes who had launched attacks against her father. The remains of these ancient fortifications can still be seen on top of a mound at the southern end of the castle courtyard. This is known as Ethelfleda's Mound. After the Norman conquest of England in the 11th century, William the Conqueror appointed Henry de Newburgh as the first Earl of Warwick in 1088. He enlarged the mound, and expanded the castle. It has gone through many evolutions over the years. In 1264, the Warwick Castle was raided by Simon de Montfort who imprisoned the earl and his countess (they were supporters of the king) until a ransom was paid for them. After the death of the earl, his title and the castle passed to the Beauchamp family during the 14th century. They added more fortifications to the castle over the next 180 years. One of the most prominent features of the building is the Caesar's Tower, which was built on the orders of Thomas Beauchamp. It is recognised as a masterpiece of 14th century military architecture. It rises 147 feet from the edge of the river, and has three levels topped by a platform. The steps below the tower lead to the dungeons, where many instruments of torture have been found. The 128 feet Guy's Tower was also built by the Beauchamps in the 14th century. This tower is 12-sided and has five levels. The windows on the upper storey had been enlarged to facilitate the use of cannon. Along the south wall of the castle are located the chapel, royal apartments and the Great Hall, which was the heart of Warwick Castle. The hall today holds many arms and armour collected through the years, some of which had belonged to Lord Oliver Cromwell and Bonnie Prince Charlie. The Victoria Rose Garden and Peacock Garden are also part of the castle grounds. The Avon provided extra security to the castle, while also powering its mills. Warwick Castle was later owned by many Earls of Warwick until 1978, when it was sold to the Tussauds Group, which owns the famous wax museum, Madam Tussaud's of London. This group restored the castle to its former glory and opened it to the public. It is a popular tourist site, attracting thousands of visitors from all
over the world. It holds many events around the year such as jousting
(staged fights), falconry and archery displays. |
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