The Tradition of Bell Ringing in Stock Exchanges: Exploring the Symbolism

The New York Stock Exchange kicks off each workday morning at 9:30 am ET with the ringing of a brass bell. This iconic tradition has been happening for over 150 years, marking the start of the world's largest stock exchange by market capitalization.

At the end of the trading day, around 4 pm ET, the bell rings again to signal the close of the market. What was once a chaotic scene of shouting floor brokers and paper everywhere has now transformed into a more electronic trading system in NYSE's hybrid market. The hustle and bustle have calmed down significantly.

From Wall Street to the Nasdaq Exchange in Times Square to the Chicago Board Options Exchange, loud, ringing bells mark the beginning and end of each trading session.

Stock exchanges explain that the bell ringing serves as an important signal and a tradition that honors the market's ability to withstand difficult times and thrive during prosperous periods.

This was the scene on the floor of the New York Stock Exchange, April 7, 1939 as the market closed an active session after the Good Friday holiday. Weary clerks produced this shower of paper at the closing gong.

After an active session following the Good Friday holiday, the New York Stock Exchange floor was filled with weary clerks on April 7, 1939. As the closing gong sounded, a shower of paper filled the air.

Peter Asch, the NYSE’s chief historian, mentioned that even though fewer people may be responding to the bells, there is still a considerable percentage. He emphasized the significance of the bell as a marker for traders, whether they are placing orders electronically or physically going to the point of sale.

The New York Stock Exchange used to have around 5,000 people on the trading floor from the era of Reagan to the early 2000s. However, nowadays, there are only about 300 individuals present, as mentioned by Asch. Despite the significant decrease in numbers, the exchange still attracts cameras and producers from business television networks who film there, along with invited guests. Unfortunately, the exchange remains closed to the general public.

Anyone can apply to ring the NYSE bell by filling out an online form with no fee. However, there are certain requirements that must be met.

The bell ringing at the NYSE has been a prestigious event, with a wide range of guests including President Ronald Reagan, Serena Williams, the cast of MTV’s “Jersey Shore,” and South African President Nelson Mandela. It has also become a special opportunity for many CEOs to commemorate important events such as an initial public offering.

The opportunity is first reserved for companies listed on the NYSE, but other organizations and non-profits are also invited.

A bell is rung to celebrate the close of trading in the S&P options pit at the Cboe Global Markets exchange on April 26, 2023 in Chicago, Illinois.

Former South African President Nelson Mandela rang the opening bell at the New York Stock Exchange on May 9, 2002. He was accompanied by NYSE Chairman Richard Grasso, who applauded during the event. The moment was captured in a photo by Henny Ray Abrams/AFP/Getty Images.

At the Chicago Board Options Exchange, the bell is rung manually with a tassel, unlike the NYSE where it is rung electronically by holding down a button. The opening bell coincides with the New York exchanges, and the closing bell is rung at 3:15 pm CT (4:15 pm ET) when Cboe’s index options products close.

David Howson, the global president at Cboe Global Markets, suggests that guests should give the tassel at least five strong yanks to create a loud sound that can be heard over the noise of the trading floor. However, he notes that guests are often hesitant to ring the bell loudly, and the workers on the floor may not always help encourage them.

A screen displays the opening bell ceremony for information for semiconductor and chipmaker GlobalFoundries Inc. during the company's IPO at the Nasdaq MarketSite in Times Square in New York City, on October 28, 2021.

A bell is rung to celebrate the close of trading in the S&P options pit at the Cboe Global Markets exchange on April 26, 2023 in Chicago, Illinois.

Scott Olson/Getty Images

Howson mentioned that there was a brief period when traders on the floor were playfully trying to convince the bell ringer to ring the bell early for amusement.

Mark McCooey, a former floor broker at the NYSE, shared a different perspective on the bell ringing tradition. During his time from 1990 to 1997, he vividly remembers standing up to eat lunch and always being on high alert, even during bathroom breaks, in case he needed to act quickly. Additionally, some traders would track their steps with pedometers and cover between six to eight miles daily while moving between different stock panels.

"It’s constant," he said, shaking his head. "There's no hiding under your desk. So it really is quite a relief to hear that second bell."

McCooey shared that by the end of the day, he would often find himself ankle-deep in discarded paper. Occasionally, white rice and other food items would be tossed on the floor, causing the sheets to stick to people’s shoes as they navigated through the mess. On slower days, individuals would play pranks by stapling order papers onto the back of others’ jackets, creating 10-foot long tails. The custodians would then sweep it all up into four- to five-feet high piles.

The Nasdaq Exchange does not have a physical trading floor. Instead, it commemorates the link between Wall Street and Main Street through its opening and closing bell ceremonies, according to Karen Snow, who serves as the global head of listings at Nasdaq.

A huge United States flag is draped across the front of the New York Stock Exchange September 15, 2001 in preparation for its reopening on September 17 in New York City. The stock exchange had been closed since two hijacked commercial airliners were deliberately crashed into the World Trade Center's twin towers on September 11.

A screen in Times Square, New York City, showed the opening bell ceremony for GlobalFoundries Inc., a semiconductor and chipmaker, during its IPO at the Nasdaq MarketSite on October 28, 2021. Brendan McDermid/Reuters captured the moment.

The bell ringing podium overlooks Times Square with its expansive windows, attracting crowds of pedestrians who gather to watch the festivities from outside.

Representatives from Microsoft, Bumble, and UN Women, a United Nations entity, were special guests at the closing bell ceremony on March 8 to celebrate International Women’s Day. Pink confetti burst from a machine in front of the podium as the bell rang (bell ringers can choose the color). After the tolling of the bell, Dua Lipa's "Dance the Night Away" from the "Barbie" soundtrack played loudly. ("Barbie" was distributed by Warner Bros., a company owned by Warner Bros. Discovery, CNN's parent company).

Snow mentioned that choosing a holiday is similar to Christmas. He emphasized that it is a tradition that holds significant importance in our culture, particularly in American culture.

At times, the ringing of bells can be a solemn moment.

Following the 9/11 terrorist attacks, the NYSE, situated just a few blocks away from the World Trade Center, temporarily closed its doors. Tragically, numerous employees from financial firms based in the Trade Center were either lost or injured during the attack. Additionally, a significant amount of the communication and utilities essential for stock trading were severely impacted, with some being damaged or completely destroyed.

Trudi Wagner, a former NYSE floor broker, poses for a photo with another broker, Ronald Moser, during her time at the New York Stock Exchange in 2007.

A large American flag covers the front of the New York Stock Exchange on September 15, 2001. It was getting ready to reopen on September 17 in New York City after being closed following the tragic events of September 11, when two planes were flown into the World Trade Center.

Photo by Chris Hondros/Getty Images

On September 17, 2001, the Dow Jones Industrial Average experienced a significant drop of more than 684 points when the US stock market reopened. This marked the largest one-day point decline on record at that time. Following this, the blue-chip index recorded its worst five-day performance since the Great Depression.

Trudi Wagner, who was a part of the NYSE trading floor from 1993 to 2007, shared her memories of that day. She mentioned the intense emotions felt while opening and closing the exchange after 9/11. The high trading volume added to the already tense atmosphere, making it a truly frightening experience.

Former floor brokers still feel tied to the stock market's schedule even after leaving the trading floor. They find themselves reminiscing about their old routines, like catching the early morning ferry from New Jersey to Manhattan and rushing to hear the opening bell on time.

From left to right on balcony, Gerald Putnam, CEO of Archipelago Holdings, John Thain, CEO of the New York Stock Exchange, Marshall Carter, Chairman of the NYSE, and Catherine Kinney, President and co-COO of the NYSE, celebrate the listing of the exchange as a publicly traded company Wednesday, March 8, 2006 in New York.

Trudi Wagner, a former NYSE floor broker, poses for a photo with another broker, Ronald Moser, during her time at the New York Stock Exchange in 2007.

Trudi E. Wagner was able to enjoy some perks with her job. Working as a vice president at Goldman Sachs on the NYSE, she was done for the day once the closing bell rang and her trades were closed. After taking off her blue trading coat, she would quickly head home and could even make it to New Jersey by 5:30 pm if she was fast enough. Wagner would often relax at the beach after work.

Now a co-owner of specialized cheese and charcuterie grocery stores in Charleston, South Carolina, her work schedule is no longer as strict as it used to be.

One habit that Wagner has held onto for 17 years since leaving Wall Street is still watching the opening bell most mornings on TV. She reflects on the significance of 9:30 am and 4 pm, as those times are ingrained in her mind.

From left to right on the balcony, you can see Gerald Putnam, who is the CEO of Archipelago Holdings, John Thain, the CEO of the New York Stock Exchange, Marshall Carter, the Chairman of the NYSE, and Catherine Kinney, the President and co-COO of the NYSE. They are celebrating the listing of the exchange as a publicly traded company on Wednesday, March 8, 2006 in New York.

Diane Bondareff/AP

Editor's P/S:

The ringing of the bell at the New York Stock Exchange serves as a powerful symbol of the market's resilience and vitality. Despite the chaotic and often frantic nature of trading, the bell provides a moment of order and tradition, connecting the past with the present. It is a reminder that even in the most turbulent times, the market has endured and will continue to thrive.

The bell ringing also highlights the evolution of the stock market, from the bustling trading floors of the past to the more electronic and globalized markets of today. While the bell itself may have changed, its significance remains the same: it marks the beginning and end of each trading day, and it provides a sense of continuity and stability in a world that is constantly changing.