The New York Stock Exchange (NYSE) is the oldest stock exchange in the United States. Established in 1792 along a wall that had been used to keep wild pigs out of settlers’ gardens in lower Manhattan (WALL STREET), the NYSE is the largest stock exchange in the world based on dollar value of shares traded. In 2000 the exchange traded 262.5 billion shares, valued at $11.1 trillion dollars.

The New York Mercantile Exchange (NYMEX) is a market exchange where precious metals and energy FUTURES and OPTIONS contracts are bought and sold. Created in 1872 as the New York Butter and Cheese Exchange, it was renamed the New York Mercantile Exchange in 1882, and in 1994 it merged with COMEX (Commodity Exchange Inc.) to become the largest physical commodity futures exchange. Today NYMEX is used primarily by managers and broker/ dealers to reduce RISK in business transactions.

The New York Clearing House Association is the oldest and largest bank clearinghouse in the United States. Established in 1853, the Clearing House was created to provide “clearing” operations for the burgeoning network of New York banks.

New-product development is the process companies go through in creating, changing, and repositioning PRODUCTs for their TARGET MARKETS. Given the dynamics of changing markets and changing technology, almost every business needs to be constantly evaluating new products.

See MULTILEVEL MARKETING.

Nepotism refers to the practice of people, usually executives and managers, giving relatives preferential treatment in EMPLOYMENT. Such people are in a position to heavily influence various employment-related decisions, such as hiring, firing, promotions, COMPENSATION AND BENEFITS, and discipline.