The origins of the American Stock Exchange (the "Amex") are colorful and equally as modest as the beginnings of the New York Stock Exchange. The latter began as a trading forum under a buttonwood tree while the Amex started at the curbstone on Broad Street near Exchange Place. Nothing stopped the curb brokers; even in the snow and rain they gathered around the lamp posts and mail boxes, putting up lists of stocks for sale. By 1900, millions of dollars' worth of securities in mining companies, farm machinery, railroads, life insurance, and printing and textile companies were being traded in the street. With the increase of volume, the more enterprising brokers rented rooms above the street, where their clerks could receive telephone orders and call them down to the curb. This worked fine until the level of shouting reached such an extent that special broker hand signals were substituted, a system that has prevailed on the Amex for decades after it moved indoors. In 1921, the New York Curb Market, as it was called, moved inside. In 1929, it became the New York Curb Exchange and moved to new expanded facilities at 86 Trinity Place in 1931. It was not until 1953 that it officially became the American Stock Exchange. Today, a listing on the Amex affords companies greater liquidity, visibility and analyst coverage, resulting in an increased propensity for major institutions to hold its shares. Another benefit is the national recognition, which is measured by the marked increase in the number of large brokerage firms holding shares for their accounts. The Amex also provides ongoing services to its listed clients, including the access of several thousand retail brokers and portfolio managers through its luncheon meetings clubs, industry seminars and conferences. It also prepares a bimonthly report for investment professionals focusing on a different group of listed companies in each issue. The American Stock Exchange is the only primary marketplace in the United States for both equities and derivative securities. The Amex trades more than 900 issues on its primary list. The Amex trades options on 30 broad-based sector indexes and more than 1,000 domestic and foreign stocks, as well as Long-term Equity AnticiPation SecuritiesŪ (LEAPSŪ) on 116 stocks. In addition, the Amex is a leader in listing warrants on foreign currencies and indexes as well as hybrid instruments and other structured products. In 1998, The Amex merged with the National Association of Securities Dealers and the Philadelphia Stock Exchange.