The third largest exchange in the United States, behind the New York Stock Exchange and the NASDAQ. It offers trading on equities, options, and exchange traded funds (ETFs). Companies with shares traded on the AMEX are generally smaller than those listed on the New York Stock Exchange. In 1993, it created the first domestic product market for ETFs and listed 122 at the end of 2002. The AMEX is the listing exchange for most U.S.- registered ETFs and a variety of listed derivative securities including equity and index options.
The AMEX is the second largest options exchange in the United States. It also lists over 100 closed-end funds ranging from single-state tax-free bond funds to global equity funds. The benchmark index is the AMEX Composite whose symbol is XAX. The AMEX also allows trading on NASDAQ-listed stocks.
In 1998, AMEX was purchased by the National Association of Securities Dealers (NASD), which operates the NASDAQ stock market.