American Stock Exchange (AMEX or ASE)
One of the oldest U.S. stock exchanges and innovator of the exchange traded fund (ETF), now a specialty of the AMEX. The AMEX also claims bragging rights for being the first stock exchange to establish a presence on the Internet. Located in New York City, it incorporates both open outcry auctions that are conducted on the floor of the exchange and electronic trading. Each auction is facilitated by a specialist whose job is to match up buyers and sellers and to make a market in one or more securities. See hybrid market. On the Web at www.amex.com.