what year did the stock market start — A history

History of the stock market (Answering "what year did the stock market start")

Short lead — The question "what year did the stock market start" has more than one sensible answer. Transferable financial claims and joint ventures date back centuries; early formal exchange activity appeared in 16th-century Antwerp and reached a recognizable modern form with the Amsterdam Stock Exchange and the Dutch East India Company in 1602. For the United States, the Philadelphia exchange (1790) and the Buttonwood Agreement that led to the New York Stock Exchange (1792) are commonly cited start points.

Early precursors (antiquity to late medieval period)

The roots of the stock market lie in systems that allowed the transfer of capital and risk. Long before formal exchanges, societies developed contractual and partnership forms that spread both profits and losses.

• Roman and ancient partnerships: In antiquity, traders and financiers organized syndicates and partnerships to share the costs and rewards of trading voyages and large projects. These arrangements created transferable claims on future returns in rudimentary form.
• Medieval merchant-credit networks: From the 12th to the 15th centuries, European merchants developed bills of exchange, promissory notes, and contracts that could be traded among bankers and merchants. These instruments made it possible to move credit and claims without moving coin.

These early practices did not constitute a modern stock market, but they created the legal and commercial environment in which capital pooling, trade financing, and transferability of claims were feasible.

Emergence of organized securities trading in early modern Europe

Organized trading of debt and equity-like instruments grew with maritime trade, state financing, and the rise of permanent merchant communities.

Venice and early moneylender markets (13th–15th centuries)

Venice was a major hub for trade and finance in the late medieval era. Merchants, bankers, and moneylenders in Venetian markets operated secondary trading in state debt and credit claims. Those early marketplaces helped normalize the idea that financial claims could be bought and sold.

Antwerp and formal exchange practices (16th century)

Antwerp emerged in the 16th century as a commercial and financial center where bills of exchange and promissory notes were actively traded. Historians identify Antwerp as one of the first places with systematic, repeatable trading of trade-related financial claims in an open marketplace.

Amsterdam and the Dutch East India Company (VOC) (1602)

A major turning point came in the early 17th century. In 1602 the Dutch East India Company (Vereenigde Oostindische Compagnie, VOC) issued shares that were transferable and tradable on the Amsterdam exchange. Many historians consider this the world’s first modern stock market event:

• The VOC was a centralized, chartered company that raised capital by issuing tradable shares to a broad group of investors.
• Amsterdam developed an organized marketplace (the Amsterdam Stock Exchange) where those shares and other claims could be bought and sold with relative regularity.

Because the VOC issued permanent, transferable shares in a company with ongoing commercial operations, the Amsterdam activity of the early 1600s is commonly cited as the beginning of the modern stock market in the sense of public equity and organized secondary trading.

Spread to Britain and establishment of London markets

Trade and capital markets expanded across Europe and to London, which developed its own informal and later formal trading venues.

Coffee houses and Jonathan's Coffee House (17th–18th centuries)

In London, deal-making and brokerage initially happened in coffee houses where merchants and brokers met. Jonathan’s Coffee House and other venues became meeting points for brokers, creating continuous, dealer-based markets in stocks and government debt.

Formation of the London Stock Exchange (late 18th / official 1801)

Over the late 18th century the coffee-house trading culture evolved toward formalization. The trading community consolidated into more structured arrangements, and by the start of the 19th century the London Stock Exchange became an established institution. While informal trading predated the formal institution, 1801 is commonly given as the LSE’s formal founding year.

Origins of the stock market in the United States

The U.S. developed its own exchanges during the late 18th century as the new republic created financial markets to support trade, public finance, and private enterprise.

Philadelphia Stock Exchange (1790)

The Board of Brokers of Philadelphia—often dated to 1790—is frequently cited as the first organized U.S. exchange. In early American finance, Philadelphia was a key commercial center and the site of organized brokerage activity and securities trading.

Buttonwood Agreement and the New York Stock Exchange (1792)

On May 17, 1792, 24 brokers signed what became known as the Buttonwood Agreement under a buttonwood tree on Wall Street. That pact established rules for trading and commission rates and formed a more organized association of brokers. The Buttonwood Agreement and the subsequent organization of the brokers on Wall Street are popularly identified as the origin of the New York Stock Exchange. Accordingly, 1792 is the year most commonly cited when answering "what year did the stock market start" for the NYSE and for the American stock market tradition.

19th century growth and institutionalization

The 19th century brought rapid expansion of capital markets:

• Listings grew to include banks, insurance companies, railroad corporations, and municipal debt.
• The NYSE adopted a constitution in 1817 and built permanent exchange spaces.
• Technological advances such as the telegraph and, later, the stock ticker (introduced commercially in the 1860s) allowed prices to circulate quickly and tied regional markets together.

These changes transformed stocks from a local, episodic market into a continuous, national marketplace for securities.

20th century developments: regulation, new exchanges, crashes

The 20th century saw major regulatory and structural developments.

Market crashes and reforms (1929 crash and the Great Depression)

The 1929 Wall Street crash and the ensuing Great Depression were watershed events. The scale and impact of the crash prompted calls for increased transparency, oversight, and investor protections.

Securities and Exchange Commission (SEC) and post-1930s regulation

As part of the U.S. government’s response, the Securities and Exchange Commission (SEC) was formed in 1934 to regulate securities markets, enforce disclosure standards, and restore public trust in capital markets.

American Stock Exchange (AMEX) and other regional markets

Regional exchanges and specialized markets developed through the 20th century. The American Stock Exchange (AMEX) evolved from curb trading in New York and became a significant venue for certain securities and derivatives.

NASDAQ and electronic trading (1971)

NASDAQ launched in 1971 as the first electronic, automated quotation system for securities. It pioneered dealer-based, screen-driven trading and later became a major national exchange, especially for technology-focused companies.

Technological change and globalization (late 20th–21st centuries)

Advances since the 1970s accelerated market integration:

• Electronic order matching, algorithmic trading, and later high-frequency trading reshaped execution.
• Interexchange linkages and cross-listings increased liquidity and global capital flows.
• Many traditional physical trading floors have given way to electronic systems; still, major exchanges retain market infrastructure and oversight roles.

Defining "the year the stock market started" — interpretive answers

When someone asks "what year did the stock market start," the clearest answer depends on how you define "start." Useful interpretive answers:

• Earliest organized securities trading (forms of tradeable financial claims): medieval/early-modern Europe (13th–1500s).
• First formal exchange activity and first modern public company with tradable shares: Antwerp and Amsterdam in the 16th–17th centuries; the Dutch East India Company (VOC) issued tradable shares in 1602 on the Amsterdam exchange.
• First U.S. organized exchange activity: Philadelphia (1790).
• Founding year commonly cited for the New York Stock Exchange: 1792 (Buttonwood Agreement).

These answers are complementary rather than contradictory. The stock market, as a concept, evolved in stages.

Major milestones timeline

Economic and social impacts

Organized stock markets enabled large-scale capital formation by mobilizing savings into trade, infrastructure, and industry. Key impacts:

• Mobilizing capital for maritime trade and later industrialization (railroads, utilities, manufacturing).
• Enabling risk sharing through widely held corporate ownership and liquidity for investors.
• Creating mechanisms for price discovery and reallocating capital to new ventures.
• Expanding opportunities for individual investors to participate in enterprise growth.

At the same time, markets can amplify systemic risk, create incentives for speculative behavior, and produce short-term volatility that affects households and businesses.

Criticisms, crises, and reform

Stock markets have repeatedly experienced bubbles, panics, and crashes. Notable examples include the South Sea Bubble (1720), periodic 19th-century banking panics, the 1929 crash, the 1987 Black Monday, and the 2008 global financial crisis. Each episode has prompted regulatory or structural responses, from disclosure rules to improved market infrastructure and oversight.

Modern context and recent headlines (timeliness)

Markets continue to evolve amid technological change and macroeconomic forces. Two notable headlines from late 2025 illustrate how markets and investor behavior shape contemporary discourse:

• As of Dec. 2025, reports highlighted Berkshire Hathaway’s unusually large cash holdings. According to coverage in December 2025, Berkshire Hathaway’s cash and short-term investments approached an estimated $400 billion. Observers noted Warren Buffett’s cash hoard as a signal of cautious capital allocation amid high equity valuations and the AI-driven rally in certain technology sectors. (Reported Dec. 2025 — market coverage summary.)

• On Dec. 10, 2025, Tesla and SpaceX founder Elon Musk confirmed via social media that SpaceX was planning an IPO in 2026. That announcement prompted market discussion about what a potential SpaceX public listing could mean for investors and for the size and character of public capital markets. (Reported Dec. 10, 2025 — public statements and media coverage.)

These items illustrate how large cash positions, shifting sector momentum (for example, AI-driven concentration of capital), and high-profile IPO plans can become market-moving stories. They also show that the stock market remains a living institution affected by corporate action, investor sentiment, and macro trends.

Note: the above paragraphs report contemporaneous coverage as of the dates noted. They are provided for historical and contextual background and are not investment recommendations.

Defining "what year did the stock market start" — concise answers

If you need a short, specific reply for search intent, use one of these lines depending on what the user means:

• If you mean the earliest organized trading in tradable financial claims: medieval and early modern Europe (13th–16th centuries).
• If you mean the first modern stock exchange and the first publicly tradable company: Amsterdam and the Dutch East India Company (VOC) in 1602.
• If you mean the first organized U.S. exchange: Philadelphia, 1790.
• If you mean the commonly cited founding year of the New York Stock Exchange: 1792 (Buttonwood Agreement).

Each of these answers is a valid response to "what year did the stock market start" depending on the chosen definition of "stock market."

Major milestones (compact bullet list)

• 1200s–1400s: Transferable bills of exchange and merchant credit in Venice and other ports
• 1500s: Antwerp’s formal market activity
• 1602: VOC share issuance and Amsterdam Stock Exchange activity
• 1700s: London coffee-house trading evolves
• 1790: Philadelphia organized exchange activity
• 1792: Buttonwood Agreement — New York brokers organize (NYSE origin)
• 1817: NYSE constitution
• 1860s–1870s: Telegraph, ticker tape, faster information flow
• 1929: Stock market crash; regulatory reforms follow
• 1934: SEC established
• 1971: NASDAQ launches (electronic quotations)
• 1990s–2020s: Electronic trading, globalization, algorithmic trading, index funds growth

Frequently asked follow-ups

Q: So, what single year should I memorize when asked "what year did the stock market start"?

A: If forced to pick one year that most readers expect for the U.S. stock market, give 1792 (the Buttonwood Agreement). For the wider idea of a modern stock market, cite 1602 (VOC and Amsterdam).

Q: Why do historians disagree about a single start year?

A: Because the stock market evolved gradually. Different regions created institutions at different times: transferable claims and informal trading preceded formal exchanges; the Amsterdam example (1602) represents the first modern public company and an organized secondary market, while the American tradition has later, independent founding dates.

Further reading and related topics

See also: joint-stock company; Amsterdam Stock Exchange; Dutch East India Company (VOC); London Stock Exchange; New York Stock Exchange; Philadelphia Stock Exchange; NASDAQ; Securities and Exchange Commission; stock market crash.

Sources and notes on authority

This article synthesizes historical scholarship on early modern finance and established institutional histories for major exchanges. Commonly cited primary origins include Amsterdam (VOC 1602) and the Buttonwood Agreement (1792) for the NYSE. For modern-era facts and recent headlines, contemporary market coverage from December 2025 is noted above with reporting dates.

Practical note for digital-asset users and brand guidance

While this article focuses on the long history of stock markets and national exchanges, many readers also trade or store digital assets today. For users exploring crypto trading or Web3 wallets, Bitget provides a trading platform and Bitget Wallet for custody and transfers. If you choose to explore crypto markets, research custody options carefully and follow best practices for security. This article does not provide investment advice.

Final guidance and next steps

If you asked "what year did the stock market start" to settle a quick fact, use 1602 (Amsterdam/VOC) for the first modern public company and trading venue, and 1792 (Buttonwood Agreement) for the commonly referenced start of the U.S. stock market tradition. For deeper context, review the timeline above and consider how financial, legal, and technological developments over centuries shaped modern markets.

Further exploration: explore exchange histories, classic works on financial history, and authoritative institutional histories for the NYSE and Amsterdam Stock Exchange. For practical experience in contemporary markets, learn order types, market structure, and market regulation; for crypto-oriented readers, consider Bitget Wallet for custody and Bitget for trading platforms.

Additional note on timeliness: the section titled "Modern context and recent headlines" cited reporting from Dec. 2025 to provide background on how contemporary events interact with market history. Those items reflect reported developments as of the dates noted and are included to help readers relate the long arc of market history to current headlines.

Further questions about terminology, dates, or how to interpret early financial practices are welcome — I can expand any section, add more primary-source citations, or produce a printable timeline you can cite.