The Origins of the New York Stock Exchange, 1791-1860

Journal of Legal Studies, Vol. 27, No. 1 (1998).

Posted: 11 Jul 1997

See all articles by Stuart Banner

Stuart Banner

UCLA School of Law; Washington University in St. Louis - School of Law

Abstract

A small number of early 19th-century New York stockbrokers built, from scratch, an organization that by the end of the century would be one of the most powerful nongovernmental bodies in the world. The origin and the early growth of the New York Stock and Exchange Board can be attributed in large part to the brokers' success in regulating themselves, success which enabled them to create wealth and to capture wealth from nonmembers. The value of the Stock and Exchange Board's regulatory function was enhanced by the unenforceability in the New York courts of an important class of transactions. In its earliest decades, the Board was the only institution capable of regulating, and resolving disputes arising from, a wide range of market activity.

JEL Classification: K22, N21

Suggested Citation

Banner, Stuart, The Origins of the New York Stock Exchange, 1791-1860. Journal of Legal Studies, Vol. 27, No. 1 (1998).. Available at SSRN: https://ssrn.com/abstract=10509

Stuart Banner (Contact Author)

UCLA School of Law ( email )

405 Hilgard Ave.
Los Angeles, CA 90095-1476
United States
310-206-8506 (Phone)
310-825-6023 (Fax)

Washington University in St. Louis - School of Law

MO
United States

Register to save articles to
your library

Register

Paper statistics

Abstract Views
2,824
PlumX Metrics