It is a rare opportunity to get a peek inside the largest financial exchange on the planet, but this New York City monument makes for quite a fascinating trip if you’re lucky enough to get inside and see the inner workings.
The New York Stock Exchange building, located on Broad Street in the Wall Street area is as imposing as you would imagine. Completed in 1903, the granite structure is a monolith hunkered over narrow side streets and graced by amazing columns. In contrast to the newer glass and metal buildings that are now going up all over the world in major cities, they surely don’t compare to these older architectural beauties.
Just a few blocks from Ground Zero, the NYSE has tight security since September 11th. Getting through the door is no different than passing an airport check-in, and your bags and your identification will be eyeballed several times. Once you manage to get it, you can see the building is massive. There ceilings are tall and ornate with lots of gold leafing. Photographs of presidents and dignitaries line the walls, as do members of companies that are trading on the exchange. It’s quite a lesson in the story of our economy.
The trading floor is the most unique part of the visit, as you have a chance to see the traders in action. Unlike the old days where trading was done on paper, today the room is filled with a wizardry of computer monitors that light up whenever a stock is going up or down. The marble walls and ceiling rising over 70 feet in height gives you an immense sense of history from the moment you walk into it.
It’s a frenzy of action as the traders race around to communicate with each other. All day they stand at counter-height desks without chairs as they press the buttons on the screens or tap onto computerized tablets that enable purchases or sales. I asked one trader who took over for him when it was time for lunch, and he laughed admitting that no one on the floor ever took a lunch break. The space had the energy of a casino in Las Vegas, with people wildly making or breaking fortunes.
A small balcony above the floor is where individuals famously ring the opening and closing bell that starts and stops the day’s trading. The bells are known for being some of the loudest in existence, as they have to ring loudly over the racket happening on the floor. They have been in continuous use since the 1870’s, and are as much a part of the history of the exchange as the building itself.
One thing you notice almost immediately on the floor is that there are very few women there. There is a high level of testosterone permeating the air, and the quips and joking being bantered about clearly signify that it is the ultimate New York boy’s club.
I had the extraordinary chance to see the main boardroom of the building, with a massive dark wood table that easily looks like it could fit 100 people around it. The high ceilings here are a marvel of art, with delicate plasterwork that is simply not done today. It’s amazing to think that the building cost just $4 million to build in it’s day considering the level of craftsmanship that abounds.
The maze of streets outside of the NYSE are fun to navigate as well. There’s wonderful old bars that fill with traders at the end of the work day, and it is interesting to hear them crow about the activities of the day. Restaurants and tiny quintessential New York deli’s dot the street as does interesting shopping. The famous New York discount department store, Century 21, is just 3 blocks away if you’re looking for a name brand label at a bargain price.
Public transportation is the way to go when heading down to Wall Street, as the parking is unforgivable anywhere in New York. Attempting to bring a rental car into this setting is pure insanity, so just buy yourself a few subway metrocards or take a taxi from your hotel instead.
