Stock Exchange

A stock exchange is a regulated marketplace where buyers and sellers trade listed securities under a common set of rules: standardized contracts, published prices, and a central mechanism for matching orders. Listing on one requires meeting minimum standards for share price, market value, and financial reporting.

The exchange itself does not set prices; it provides the venue and the rulebook while market participants set prices through their orders. Major US exchanges include the NYSE and NASDAQ, alongside newer all-electronic venues (IEX, Cboe) that compete for the same order flow.