Stock exchange
A stock exchange is a form of exchange which provides services forstock brokers and traders to buy or sell stocks, bonds, and othersecurities. Stock exchanges also provide facilities for issue and redemption of securities and other financial instruments, and capital events including the payment of income and dividends. Securities traded on a stock exchange include stock issued by listed companies, unit trusts, derivatives, pooled investment products andbonds. Stock exchanges often function as "continuous auction" markets, with buyers and sellers consummating transactions at a central location, such as the floor of the exchange.[2]
To be able to trade a security on a certain stock exchange, it must belisted there. Usually, there is a central location at least for record keeping, but trade is increasingly less linked to such a physical place, as modern markets are electronic networks, which gives them advantages of increased speed and reduced cost of transactions. Trade on an exchange is by members only.
The initial public offering of stocks and bonds to investors is by definition done in theprimary market and subsequent trading is done in the secondary market. A stock exchange is often the most important component of a stock market. Supply and demand in stock markets are driven by various factors that, as in all free markets, affect the price of stocks (see stock valuation).
There is usually no compulsion to issue stock via the stock exchange itself, nor must stock be subsequently traded on the exchange. Such trading is said to be off exchange orover-the-counter. This is the usual way that derivatives and bonds are traded. Increasingly, stock exchanges are part of a global market for securities.
In recent years, various other trading venues, such as electronic communications networks, alternative trading systems and "dark pools" have taken much of the trading activity away from traditional stock exchanges.[3]
Major stock exchanges
| Rank | Exchange | Economy | Headquarters | Market cap (USD bn) | Trade volume (USD bn) | Time zone | Δ | DST | Open (local) | Close (local) | Lunch (local) | Open (UTC) | Close (UTC) |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | New York Stock Exchange |  United States | New York | 19,179 | 12,693 | EST/EDT | −5 | Mar–Nov | 09:30 | 16:00 | No | 14:30 | 21:00 |
| 2 | NASDAQ | United States | New York | 6,671 | 8,914 | EST/EDT | −5 | Mar–Nov | 09:30 | 16:00 | No | 14:30 | 21:00 |
| 3 | Japan Exchange Group |  Japan | Tokyo | 4,624 | 2,866 | JST | +9 | 09:00 | 15:00 | 11:30–12:30 | 00:00 | 06:00 | |
| 4 | Euronext |  France Netherlands Belgium Portugal | Amsterdam | 3,818 | 1,900 | CET/CEST | +1 | Mar–Oct | 09:00 | 17:30 | No | 08:00 | 16:30 |
| 5 | London Stock Exchange Group |  United Kingdom Italy | London | 3,396 | 1,890 | GMT/BST | +0 | Mar–Oct | 08:00 | 16:30 | No | 08:00 | 16:30 |
| 6 | Hong Kong Stock Exchange |  Hong Kong | Hong Kong | 3,089 | 913 | HKT | +8 | 09:15 | 16:00 | 12:00–13:00 | 01:15 | 08:00 | |
| 7 | Shanghai Stock Exchange |  China | Shanghai | 2,408 | 2,176 | CST | +8 | 09:30 | 15:00 | 11:30–13:00 | 01:30 | 07:00 | |
| 8 | Toronto Stock Exchange |  Canada | Toronto | 2,333 | 1,121 | EST/EDT | −5 | Mar–Nov | 09:30 | 16:00 | No | 14:30 | 21:00 |
| 9 | Deutsche Bourse |  Germany | Frankfurt | 1,936 | 1,101 | CET/CEST | +1 | Mar–Oct | 08:00 (Eurex) 8:00 (floor) 9:00 (Xetra) | 22:00 (Eurex) 20:00 (floor) 17:30 (Xetra) | No | 07:00 | 21:00 |
| 10 | SIX Swiss Exchange |  Switzerland | Zurich | 1,606 | 502 | CET/CEST | +1 | Mar–Oct | 09:00 | 17:30 | No | 08:00 | 16:30 |
| 11 | Shenzhen Stock Exchange | China | Shenzhen | 1,526 | 2,007 | CST | +8 | 09:30 | 15:00 | 11:30–13:00 | 01:30 | 07:00 | |
| 12 | National Stock Exchange of India |  India | Mumbai | 1,472 | 442 | IST | +5.5 | 09:15 | 15:30 | No | 03:45 | 10:00 | |
| 13 | Bombay Stock Exchange | India | Mumbai | 1,499 | 93 | IST | +5.5 | 09:15 | 15:30 | No | 03:45 | 10:00 | |
| 14 | Australian Securities Exchange |  Australia | Sydney | 1,464 | 800 | AEST/AEDT | +10 | Oct–Apr | 09:50 | 16:12 | No | 23:50 | 06:12 |
| 15 | Korea Exchange |  South Korea | Seoul | 1,309 | 1,297 | KST | +9 | 09:00 | 15:00 | No | 00:00 | 06:00 | |
| 16 | BME Spanish Exchanges |  Spain | Madrid | 1,224 | 731 | CET/CEST | +1 | Mar–Oct | 09:00 | 17:30 | No | 08:00 | 16:30 |
| 17 | BM&F Bovespa |  Brazil | São Paulo | 1,100 | 751 | BRT/BRST | −3 | Oct–Feb | 10:00 | 17:30 | No | 13:00 | 20:00 |
| 18 | JSE Limited |  South Africa | Johannesburg | 1,028 | 287 | CAT | +2 | 09:00 | 17:00 | No | 07:00 | 15:00 | |
| 19 | Taiwan Stock Exchange |  Taiwan | Taipei | 899 | 572 | CST | +8 | 09:00 | 13:30 | No | 01:00 | 05:30 | |
| 20 | Singapore Exchange |  Singapore | Singapore | 811 | 215 | SST | +8 | 09:00 | 17:00 | No | 01:00 | 09:00 | |
| 21 | Moscow Exchange |  Russia | Moscow | 735 | 300 | MSK | +4 | 10:00 | 18:45 | No | 06:00 | 14:45 |
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