What is Wall Street?

Wall Street is a New York street located in lower Manhattan, between Broadway and the East River. It is considered the historic heart of the financial district, it is the main residence of the New York Stock Exchange.
The term Wall Street is used to refer to both the American financial market and financial institutions. Interestingly, most of the financial firms in the metropolis are not listed on Wall Street, but on other more specific or smaller markets in Manhattan.

Wall Street itself, the adjacent financial center, is packed with skyscrapers of all sizes. Without a doubt, the loss of the World Trade Center has spurred the development of the New York financial center in a way that has not been seen in decades. This is in part attributable to tax incentives provided by federal, public, and local governments to support development elsewhere. The new World Trade Center complex, centered on Daniel Libeskind’s Memory Foundations plan, is under development. The centerpiece of this plan is the 541-meter One World Trade Center, completed in 2014. New residential construction is already springing up in the surrounding area, and buildings that were previously office space are being converted into residential units, which are also being converted they benefit from tax incentives. Better access to the financial center is planned in the form of a new commuter rail station, and a new downtown transportation hub located on Fulton Street.

Today, a large part of the Wall Street staff is made up of professionals who work in the fields of law and finance. Many of the companies located in the vicinity are local companies and stores of some important chain, oriented to satisfy the needs. tastes and needs of professionals and administrative personnel who work or live in the area. Most people who work in the financial center commute to the workplace from suburban Connecticut, Pennsylvania, New Jersey, or the Hudson Valley to the north.

The New York Stock Exchange is one of the last places where transactions are not yet done electronically. But ironically, it is not necessary to be on Wall Street to operate commercially there, since operations can be ordered from anywhere electronically, and except perhaps for prestige, from the place itself.

Since the founding of the Federal Reserve banking system, the Federal Reserve Bank of New York in the financial center has been the point where monetary policy in the United States is implemented, although it is decided in Washington DC by the Board of Directors. Governors of the Federal Reserve Bank. As such, New York is special today when it comes to being the only state that constitutes its own district of the Federal Reserve banking system. This is perhaps in part due to the population distribution in the United States at the time, as until the 1960s, New York was the most populous state in the United States.