The New A Stock Exchange opens for trading
Sixteen companies with property on the Land Registry begin trading around the clock. Prices move on fundamentals, news from City Hall and the mood of the market.
The bell rang at 9:30 this morning for the first session of the New A Stock Exchange, and unlike every other exchange in the world it will not ring again to close. The NASE trades 24 hours a day, seven days a week — New A, the market's founders like to say, never sleeps.
Every listed company owns at least one building recorded in the New A Land Registry. Its share price starts from the assessed value of those buildings, then drifts with the city's mood and jumps when the newsroom reports something that matters: a groundbreaking, a landmark designation, a lot going up for sale.
ZAYS, owner of The ZAY Building on Broadway and ZAYS Tower in Downtown New BK, opened as the largest listing by market value, followed by J.P. Morgan Chase and Silvernine Properties. Two companies — TSX Entertainment and Louis Vuitton — trade on the strength of buildings still under construction.
A note for visitors: the NASE is a game inside a virtual city. No emerald, block or dollar changes hands.
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