Posted in Finance, Accounting and Economics Terms, Total Reads: 305
Definition: Opening Bell
Opening bell is a symbolic phenomenon to mark the start of the trading day. The prominent stock exchange using it is the New York Stock Exchange. It has been using a metal bell to begin the trading session since 1985. The bell is rung everyday at 09:30 am. With the advent of electronic trading the significance of bell has declined in recent years. Many notable dignitaries have featured in ringing the bell in the past. Some of them are Michael Phelps, secretary general Kofi Annan, nelson Mandela and others. Cartoon character such as Mickey mouse, fictional character such as pink panther and the Darth Vader have also shared the floor.
Similar to opening bell, a closing bell is also run to mark the close of the day. The closing bell is rung at 04:00 pm. In the NYSE the bells are located at 4 main locations. Out of the 4 bells used one is used as a backup if the main bell fails to ring. The bell is controlled by a green button and another button coloured oranges provides a single stroke to mark a moment of silence. Historically however a gavel was used instead of a bell.