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How to trade the new single stock future Part 2

Those who believe that the futures markets have been riddled with scandals are likely unaware that the history of stock trading in the United States was also grounded in scandals. Although the trading of shares in public companies did not originate in the United States, stock trading was very popular in America in the 1700s. | I CHAPTER THREE The History of Stock Trading An Overview I The Origins of Stock Trading Those who believe that the futures markets have been riddled with scandals are likely unaware that the history of stock trading in the United States was also grounded in scandals. Although the trading of shares in public companies did not originate in the United States stock trading was very popular in America in the 1700s. At that time brokers gathered near Wall Street in Lower Manhattan to trade stocks alongside a 12-foot-high stockade. Although few if any formal rules and regulations governed stock trading a radical change took place in 1798 as a result of a financial panic caused by William Duer. Duer had overextended his debts to several banks which ultimately caused them to fail. Duer was sent to debtors prison for his part in the financial debacle. To help prevent similar problems in the future 24 brokers met to formalize a variety of trading rules known as the Buttonwood Agreement. In the early 1800s trading moved indoors with the formalization of the stock exchange as the New York Stock Exchange NYSE in 27 28 How to Trade the New Single Stock Futures 1863. Brokers who elected to remain outdoors to do their trading were forerunners of the American Stock Exchange AMEX . Several periods of boom and bust occurred in the stock market since the mid-1800s not the least of which was the crash of 1929. As I noted before trading in stocks was not without its heroes and villains nor its periods of boom and bust. Those who point a finger at futures trading as a manipulated or high-risk game need only examine some of the numerous stock scandals that have continued to haunt the equities markets since their inception to see that where there is risk and reward there also exists the potential for crime. Stock trading remained essentially unchanged for many years other than the implementation of checks and balances to control market corners and stock manipulation. It was not until the .