A more thorough explanation:

The New York Stock Exchange (NYSE) is a public marketplace located in New York City where stocks are traded. It is the largest stock exchange in the world based on market capitalization. The NYSE used to have traders on the floor using the open outcry system, but now it mostly uses electronic trading systems. The NYSE is open from 9:30 am – 4:00 pm EST and is closed on certain holidays.

Companies may want to be listed on the NYSE because it gives them greater access to capital and makes their stock more liquid. Only public companies can be listed on the NYSE, which means they must complete an Initial Public Offering and meet other Securities and Exchange Commission (SEC) regulations for public companies. The NYSE also has its own listing requirements, which include quantitative and qualitative standards.

Quantitative standards require companies to meet minimums for financial metrics such as an earnings test and a global market capitalization test, as well as a minimum requirement for the amount of publicly held shares and shareholders. Qualitative standards include satisfying certain corporate governance requirements.

For example, if a company wants to be listed on the NYSE, it must meet certain financial metrics and have a certain number of publicly held shares. It must also have good corporate governance practices, such as having a diverse board of directors and transparent financial reporting.