History of NYSE

History of NYSE can be traced back to the days of the revolution. Before the American Revolution, there was no reason for there to be a stock exchange market in the colonies, simply because all of finances were handled in London. The history of the American Revolution has changed the scene. It is because of the Revolutionary War all ties to British financial markets were completely cut. History was made in Philadelphia in 1790, when a stock exchange was formed. The first shares in the stock market came from the first three banks in North America: the Bank of North America (1781), Bank of New York (1784), and the First Bank of the United States (1791). These stock shares were issued to pay off war debts of the Continental Congress under the first Secretary of Treasury, Alexander Hamilton. Later in 1792 a group of 24 New York stock brokers formed an association named the New York Stock and Exchange Board, which is now known as the New York Stock Exchange, Incorporated..