A stock exchange, securities exchange, or bourse is an
exchange where
stockbrokers and
traders can buy and sell
securities, such as
shares of
stock,
bonds and other
financial instrument
Financial instruments are monetary contracts between parties. They can be created, traded, modified and settled. They can be cash (currency), evidence of an ownership, interest in an entity or a contractual right to receive or deliver in the form ...
s. Stock exchanges may also provide facilities for the issue and redemption of such securities and 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 and bonds. Stock exchanges often function as "continuous auction" markets with buyers and sellers consummating transactions via
open outcry at a central location such as the floor of the exchange or by using an electronic system to process financial transactions.
To be able to trade a
security on a particular stock exchange, the security must be
listed there. Usually, there is a central location for record keeping, but trade is increasingly less linked to a physical place as modern markets use
electronic communication networks, which give them advantages of increased speed and reduced cost of transactions. Trade on an exchange is restricted to
brokers who are members of the exchange. In recent years, various other trading venues such as electronic communication networks,
alternative trading systems and "
dark pools" have taken much of the trading activity away from traditional stock exchanges.
Initial public offering
An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investm ...
s of stocks and bonds to investors is done in the
primary 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 obligation for stock to be issued through the stock exchange itself, nor must stock be subsequently traded on an exchange. Such trading may be ''off exchange'' or
over-the-counter. This is the usual way that
derivatives and bonds are traded. Increasingly, stock exchanges are part of a global securities market. Stock exchanges also serve an economic function in providing liquidity to
shareholders in providing an efficient means of disposing of shares. In recent years, as the ease and speed of exchanging stocks over digital platforms has increased, volatility in the day-to-day market has increased, too.
History
The beginnings of lending were in Italy in the late Middle Ages. In the 14th century, Venetian lenders would carry slates with information on the various issues for sale and meet with clients, much like a broker does today. Venetian merchants introduced the principle of exchanging debts between
moneylenders; a lender looking to unload a high-risk, high-interest loan might exchange it for a different loan with another lender. These lenders also bought government debt issues. As the natural evolution of their business continued, the lenders began to sell debt issues to the first individual investors. The Venetians were the leaders in the field and the first to start trading securities from other governments, yet did not embark on private trade with India. Nor did the Italians connect on land with the Chinese
Silk Road. Along the potential overland trade route, Holy Roman Emperor
Frederick II repulsed advances by Mongol
Batu Kahn (
Golden Horde) in 1241. There is little consensus among scholars as to when corporate
stock was first traded. Some view the key event as the
Dutch East India Company's founding in 1602, while others point to much earlier developments (Bruges, Antwerp in 1531 and in Lyon in 1548). The first book in history of securities exchange, the Confusion of Confusions, was written by the Dutch-Jewish trader
Joseph de la Vega and the
Amsterdam Stock Exchange is often considered the oldest "modern" securities market in the world.
On the other hand, economist
Ulrike Malmendier of the
University of California at Berkeley argues that a share market existed as far back as
ancient Rome
In modern historiography, ancient Rome is the Roman people, Roman civilisation from the founding of Rome, founding of the Italian city of Rome in the 8th century BC to the Fall of the Western Roman Empire, collapse of the Western Roman Em ...
, that derives from
Etruscan "Argentari". In the
Roman Republic
The Roman Republic ( ) was the era of Ancient Rome, classical Roman civilisation beginning with Overthrow of the Roman monarchy, the overthrow of the Roman Kingdom (traditionally dated to 509 BC) and ending in 27 BC with the establis ...
, which existed for centuries before the
Empire
An empire is a political unit made up of several territories, military outpost (military), outposts, and peoples, "usually created by conquest, and divided between a hegemony, dominant center and subordinate peripheries". The center of the ...
was founded, there were ''societates publicanorum'', organizations of contractors or leaseholders who performed temple-building and other services for the government. One such service was the feeding of geese on the Capitoline Hill as a reward to the birds after their honking warned of a Gallic invasion in 390 B.C. Participants in such organizations had ''partes'' or shares, a concept mentioned various times by the statesman and orator
Cicero. In one speech, Cicero mentions "shares that had a very high price at the time". Such evidence, in Malmendier's view, suggests the instruments were tradable, with fluctuating values based on an organization's success. The ''societas'' declined into obscurity in the time of the emperors, as most of their services were taken over by direct agents of the state.
Tradable
bonds as a commonly used type of security were a more recent innovation, spearheaded by the Italian city-states of the late
medieval
In the history of Europe, the Middle Ages or medieval period lasted approximately from the 5th to the late 15th centuries, similarly to the post-classical period of World history (field), global history. It began with the fall of the West ...
and early
Renaissance
The Renaissance ( , ) is a Periodization, period of history and a European cultural movement covering the 15th and 16th centuries. It marked the transition from the Middle Ages to modernity and was characterized by an effort to revive and sur ...
periods.
[Stringham, Edward Peter; Curott, Nicholas A.: ''On the Origins of Stock Markets'' art IV: ''Institutions and Organizations''; Chapter 14 pp. 324–344, in ''The Oxford Handbook of Austrian Economics'', edited by Peter J. Boettke and Christopher J. Coyne. (Oxford University Press, 2015, ). Edward P. Stringham & Nicholas A. Curott: "Business ventures with multiple shareholders became popular with '' commenda'' contracts in medieval Italy ( Greif, 2006, p. 286), and Malmendier (2009) provides evidence that shareholder companies date back to ancient Rome. Yet the title of the world's first stock market deservedly goes to that of seventeenth-century Amsterdam, where an active secondary market in company shares emerged. The two major companies were the Dutch East India Company and the Dutch West India Company, founded in 1602 and 1621. Other companies existed, but they were not as large and constituted a small portion of the stock market (Israel 9891991, 109–112; Dehing and 't Hart 1997, 54; dela Vega 6881996, 173)."]
Joseph de la Vega, also known as Joseph Penso de la Vega and by other variations of his name, was an Amsterdam trader from a Spanish Jewish family and a prolific writer as well as a successful businessman in 17th-century Amsterdam. His 1688 book ''Confusion of Confusions'' explained the workings of the city's
stock market. It was the earliest book about
stock trading and inner workings of a stock market, taking the form of a dialogue between a merchant, a
shareholder and a philosopher, the book described a market that was sophisticated but also prone to excesses, and de la Vega offered advice to his readers on such topics as the unpredictability of market shifts and the importance of patience in investment.
In England, the Dutch
King William III sought to modernize the kingdom's finances to pay for its wars, and thus the first government bonds were issued in 1693 and the
Bank of England
The Bank of England is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694 to act as the Kingdom of England, English Government's banker and debt manager, and still one ...
was set up the following year. Soon thereafter, English
joint-stock companies began going public.
London's first stockbrokers, however, were barred from the old commercial center known as the Royal Exchange, reportedly because of their rude manners. Instead, the new trade was conducted from coffee houses along
Exchange Alley. By 1698, a broker named John Castaing, operating out of
Jonathan's Coffee House, was posting regular lists of stock and commodity prices. Those lists mark the beginning of the
London Stock Exchange.
18th century
One of history's greatest
financial bubbles occurred around 1720. At the center of it were the
South Sea Company, set up in 1711 to conduct English trade with South America, and the
Mississippi Company
John Law's Company, founded in 1717 by Scottish economist and financier John Law (economist), John Law, was a joint-stock company that occupies a unique place in French and European monetary history, as it was for a brief moment granted the enti ...
, focused on commerce with France's Louisiana colony and touted by transplanted Scottish financier
John Law, who was acting in effect as France's central banker. Investors snapped up shares in both, and whatever else was available. In 1720, at the height of the mania, there was even an offering of "a company for carrying out an undertaking of great advantage, but nobody to know what it is".
By the end of that same year, share prices had started collapsing, as it became clear that expectations of imminent wealth from the Americas were overblown. In London, Parliament passed the
Bubble Act, which stated that only royally chartered companies could issue public shares. In Paris, Law was stripped of office and fled the country. Stock trading was more limited and subdued in subsequent decades. Yet the market survived, and by the 1790s shares were being traded in the young United States. On May 17, 1792, the
New York Stock Exchange opened under a ''
Platanus occidentalis'' (buttonwood tree) in
New York City
New York, often called New York City (NYC), is the most populous city in the United States, located at the southern tip of New York State on one of the world's largest natural harbors. The city comprises five boroughs, each coextensive w ...
, as 24 stockbrokers signed the
Buttonwood Agreement, agreeing to trade five securities under that buttonwood tree.
19th century onwards
Bombay Stock Exchange was started by Premchand Roychand in 1875. While BSE Limited is now synonymous with Dalal Street, it was not always so. In the 1850s, five stock brokers gathered together under a Banyan tree in front of Mumbai Town Hall, where Horniman Circle is now situated. A decade later, the brokers moved their location to another leafy setting, this time under banyan trees at the junction of Meadows Street and what was then called Esplanade Road, now Mahatma Gandhi Road. With a rapid increase in the number of brokers, they had to shift places repeatedly. At last, in 1874, the brokers found a permanent location, the one that they could call their own. The brokers group became an official organization known as "The Native Share & Stock Brokers Association" in 1875.
The Bombay Stock Exchange continued to operate out of a building near the
Town Hall until 1928. The present site near
Horniman Circle was acquired by the exchange in 1928, and a building was constructed and occupied in 1930. The street on which the site is located came to be called ''Dalal Street'' in Hindi (meaning "Broker Street") due to the location of the exchange.
On 31 August 1957, the BSE became the first stock exchange to be recognized by the
Indian Government under the Securities Contracts Regulation Act. Construction of the present building, the
Phiroze Jeejeebhoy Towers at
Dalal Street,
Fort area, began in the late 1970s and was completed and occupied by the BSE in 1980. Initially named the ''BSE Towers'', the name of the building was changed soon after occupation, in memory of Sir
Phiroze Jamshedji Jeejeebhoy, chairman of the BSE since 1966, following his death.
In 1986, the BSE developed the S&P
BSE SENSEX index, giving the BSE a means to measure the overall performance of the exchange. In 2000, the BSE used this index to open its derivatives market, trading S&P BSE SENSEX futures contracts. The development of S&P BSE SENSEX options along with equity derivatives followed in 2001 and 2002, expanding the BSE's trading platform.
Historically an open outcry floor trading exchange, the Bombay Stock Exchange switched to an electronic trading system developed by
Cmc ltd. in 1995. It took the exchange only 50 days to make this transition. This automated,
screen-based trading platform called BSE On-Line Trading (BOLT) had a capacity of 8 million orders per day. Now BSE has raised capital by issuing shares and as on 3 May 2017 the BSE share which is traded in NSE only closed with ₹999.
Roles

Stock exchanges have multiple roles in the economy. This may include the following:
Raising capital for businesses
Besides the borrowing capacity provided to an individual or firm by the
banking system, in the form of
credit or a loan, a stock exchange provides
companies
A company, abbreviated as co., is a legal entity representing an association of legal people, whether natural, juridical or a mixture of both, with a specific objective. Company members share a common purpose and unite to achieve specifi ...
with the facility to raise
capital for expansion through selling
shares to the investing public.
Capital intensive companies, particularly
high tech companies, typically need to raise high volumes of capital in their early stages. For this reason, the public market provided by the stock exchanges has been one of the most important funding sources for many capital intensive
startups. In the 1990s and early 2000s, hi-tech listed companies experienced a boom and bust in the world's major stock exchanges. Since then, it has been much more demanding for the high-tech entrepreneur to take his/her company public, unless either the company is already generating sales and earnings, or the company has demonstrated credibility and potential from successful outcomes: clinical trials, market research, patent registrations, etc. This shift in market expectations has led to an increased reliance on private equity and venture capital funding in the early stages of high-tech companies. This is quite different from the situation of the 1990s to early-2000s period, when a number of companies (particularly Internet boom and biotechnology companies)
went public in the most prominent stock exchanges around the world in the total absence of sales, earnings, or any type of well-documented promising outcome. Though it is not as common, it still happens that highly speculative and financially unpredictable hi-tech startups are listed for the first time in a major stock exchange. Additionally, there are smaller, specialized entry markets for these kind of companies with
stock indexes tracking their performance (examples include the
Alternext,
CAC Small,
SDAX,
TecDAX).
Alternatives to stock exchanges for raising capital
Alternative investment funds refer to funds that include hedge funds, venture capital, private equity, angel funds, real estate, commodities, collectibles, structured products, etc. Alternative investment funds are an alternative to traditional investment options (stocks, bonds, and cash).
= Research and Development limited partnerships
=
Companies have also raised significant amounts of capital through
R&D limited partnerships. Tax law changes that were enacted in 1987 in the United States changed the tax deductibility of investments in R&D limited partnerships. In order for a partnership to be of interest to investors today, the
cash on cash return must be high enough to entice investors.
=Venture capital
=
A general source of capital for startup companies has been
venture capital
Venture capital (VC) is a form of private equity financing provided by firms or funds to start-up company, startup, early-stage, and emerging companies, that have been deemed to have high growth potential or that have demonstrated high growth in ...
. This source remains largely available today, but the maximum statistical amount that the venture company firms in aggregate will invest in any one company is not limitless (it was approximately $15 million in 2001 for a biotechnology company).
=Corporate partners
=
Another alternative source of cash for a private company is a corporate partner, usually an established multinational company, which provides capital for the smaller company in return for marketing rights, patent rights, or equity. Corporate partnerships have been used successfully in a large number of cases.
Mobilizing savings for investment
When people draw their savings and invest in shares (through an
initial public offering
An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investm ...
or the
seasoned equity offering of an already listed company), it usually leads to
rational allocation of resources because funds, which could have been consumed, or kept in idle
deposits with banks, are mobilized and redirected to help companies' management boards finance their organizations. This may promote business activity with benefits for several economic sectors such as agriculture, commerce and industry, resulting in stronger economic growth and higher
productivity levels of firms.
Facilitating acquisitions
Companies view acquisitions as an opportunity to expand
product lines, increase distribution channels, hedge against
volatility, increase their
market share, or acquire other necessary business
assets. A
takeover bid or
mergers and acquisitions through the
stock market is one of the simplest and most common ways for a company to grow by acquisition or fusion.
Facilitating company growth
By going public and listing on a stock exchange, companies gain access to a broader pool of investors, which can provide the necessary funds for expansion, research and development, and other growth initiatives. Additionally, being listed on a stock exchange enhances a company's visibility and credibility, making it more attractive to potential partners, customers, and employees. According to a report by the
World Federation of Exchanges (WFE), stock exchanges contribute to economic growth by enabling companies to access long-term capital, thereby fostering innovation and job creation.
Redistribution of wealth
While stock exchanges are not designed to be platforms for the redistribution of wealth, they play a significant role in allowing both casual and professional stock investors to partake in the wealth generated by profitable businesses. This is achieved through the distribution of dividends and the potential for stock price increases leading to capital gains. As a result, individuals who invest in stocks have the opportunity to share in the prosperity of successful companies, effectively participating in a form of wealth redistribution through their investment activities. Thus, while not the primary purpose of stock exchanges, the opportunity for individuals to benefit from the success of businesses can be seen as a form of wealth
redistribution within the financial markets.
Profit sharing
Both casual and professional
stock investors, as large as
institutional investors or as small as an ordinary
middle-class family, through
dividends and
stock price increases that may result in
capital gains, share in the wealth of profitable businesses. Unprofitable and troubled businesses may result in
capital losses for shareholders.
Corporate governance
By having a wide and varied scope of owners, companies generally tend to improve management standards and
efficiency to satisfy the demands of these shareholders and the more stringent rules for public corporations imposed by public stock exchanges and the government. This improvement can be attributed in some cases to the price mechanism exerted through shares of stock, wherein the price of the stock falls when management is considered poor (making the firm vulnerable to a takeover by new management) or rises when management is doing well (making the firm less vulnerable to a takeover). In addition, publicly listed shares are subject to greater transparency so that investors can make informed decisions about a purchase. Consequently, it is alleged that public companies (companies that are owned by shareholders who are members of the general public and trade shares on public exchanges) tend to have better management records than
privately held companies (those companies where shares are not publicly traded, often owned by the company founders, their families and heirs, or otherwise by a small group of investors).
Despite this claim, some well-documented cases are known where it is alleged that there has been considerable slippage in
corporate governance on the part of some public companies, particularly in the cases of
accounting scandals. The policies that led to the
dot-com bubble in the late 1990s and the
subprime mortgage crisis in 2007–08 are also examples of corporate mismanagement. The mismanagement of companies such as
Pets.com (2000),
Enron (2001),
One.Tel (2001),
Sunbeam Products (2001),
Webvan (2001),
Adelphia Communications Corporation (2002),
MCI WorldCom (2002),
Parmalat (2003),
American International Group (2008),
Bear Stearns (2008),
Lehman Brothers (2008),
General Motors
General Motors Company (GM) is an American Multinational corporation, multinational Automotive industry, automotive manufacturing company headquartered in Detroit, Michigan, United States. The company is most known for owning and manufacturing f ...
(2009) and
Satyam Computer Services (2009) all received plenty of media attention.
Many banks and companies worldwide utilize securities identification numbers (
ISIN) to identify, uniquely, their stocks, bonds and other securities. Adding an ISIN code helps to distinctly identify securities and the ISIN system is used worldwide by funds, companies, and governments.
However, when poor financial, ethical or managerial records become public,
stock investors tend to lose money as the stock and the company tend to lose value. In the stock exchanges, shareholders of underperforming firms are often penalized by significant share price decline, and they tend as well to dismiss incompetent management teams.
Creating investment opportunities for small investors
As opposed to other businesses that require huge capital outlay, investing in shares is open to both the large and small stock investors as minimum investment amounts are minimal. Therefore, the stock exchange provides the opportunity for small investors to own shares of the same companies as large investors.
Government capital-raising for development projects
Governments at various levels may decide to borrow money to finance infrastructure projects such as sewage and water treatment works or housing estates by selling another category of
securities known as
bonds. These bonds can be raised through the stock exchange whereby members of the public buy them, thus loaning money to the government. The issuance of such bonds can obviate, in the short term, direct taxation of citizens to finance development—though by securing such bonds with the full faith and credit of the government instead of with collateral, the government must eventually tax citizens or otherwise raise additional funds to make any regular coupon payments and refund the principal when the bonds mature.
Barometer of the economy
At the stock exchange, share prices rise and decreases depending, largely, on economic forces. Share prices tend to rise or remain stable when companies and the economy in general show signs of stability and growth. A
recession,
depression, or
financial crisis could eventually lead to a
stock market crash. Therefore, the movement of share prices and in general of the
stock indexes can be an indicator of the general trend in the economy.
Employment opportunities
Stock exchanges offer employment opportunities to various individuals such as
jobbers and other members who perform activities within the stock exchange. This makes the stock exchange a source of employment, not only for investors but also for the members and their employees. The diverse range of roles within the stock exchange, including trading, analysis, compliance, and administrative functions, creates an ecosystem of employment opportunities that support the operations and functions of the exchange. Additionally, the stock exchange's role in facilitating capital formation and investment in businesses also indirectly contributes to job creation and economic growth, making it a significant player in the employment landscape.
Regulation of companies
The stock exchange plays a role in regulating companies by exerting a significant influence on their management practices.
To be listed on a stock exchange, a company is required to adhere to a set of rules and regulations established by the exchange itself. These regulations serve as a framework for corporate governance, financial transparency, and accountability, thereby ensuring that listed companies operate in a manner that is conducive to investor confidence and market stability. By imposing these standards, stock exchanges contribute to the overall integrity and reliability of the financial markets, fostering an environment where companies are held accountable for their actions and decisions, ultimately benefiting both investors and the broader economy.
Listing requirements
Each stock exchange imposes its own
listing requirements upon companies that want to be listed on that exchange. Such conditions may include minimum number of shares outstanding, minimum market capitalization, and minimum annual income.
Examples of listing requirements
The listing requirements imposed by some stock exchanges include:
* New York Stock Exchange: the
New York Stock Exchange (NYSE) requires a company to have issued at least 1.1 million shares of stock worth $40 million and must have earned more than $10 million over the last three years.
* NASDAQ Stock Exchange:
NASDAQ requires a company to have issued at least 1.25 million shares of stock worth at least $70 million and must have earned more than $11 million over the last three years.
* London Stock Exchange: the main market of the
London Stock Exchange requires a minimum market capitalization (£700,000), three years of audited financial statements, minimum public float (25%) and sufficient
working capital for at least 12 months from the date of listing.
* Bombay Stock Exchange:
Bombay Stock Exchange (BSE) requires a minimum market capitalization of and minimum public float equivalent to .
* The Shanghai Stock Exchange (SSE): To be eligible for an initial public offering (IPO) on
the Shanghai Stock Exchange SSE, a company must meet certain criteria such as minimum market capitalization, a minimum net profit, and a minimum number of shareholders. Also, the company’s total share capital must not be less than RMB 30 million. Companies must also submit financial reports and undergo a review by the
CSRC.
* Australian Securities Exchange in Sydney:
Australia Securities Exchange in Sydney requires a company to meet the Profit Test by demonstrating either of the following: A$1 million aggregated profit from continuing operations over the past 3 years or A$500,000 consolidated profit from continuing operations over the last 12 months. Alternatively, a company can meet the Assets Test by fulfilling one of the following criteria: A$4 million net tangible assets or A$15 million market capitalization.
Ownership
Stock exchanges originated as
mutual organizations, owned by its member stockbrokers. However, the major stock exchanges have ''demutualized'', where the members sell their shares in an
initial public offering
An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investm ...
. In this way the mutual organization becomes a corporation, with shares that are listed on a stock exchange. Examples are
Australian Securities Exchange (1998),
Euronext (merged with New York Stock Exchange),
NASDAQ (2002),
Bursa Malaysia (2004), the
New York Stock Exchange (2005), , and the
São Paulo Stock Exchange (2007).
The
Shenzhen Stock Exchange and
Shanghai Stock Exchange can be characterized as quasi-state institutions insofar as they were created by government bodies in China and their leading personnel are directly appointed by the
China Securities Regulatory Commission.
Another example is
Tashkent Stock Exchange established in 1994, three years after the collapse of the Soviet Union, mainly state-owned but has a form of a public corporation (
joint-stock company
A joint-stock company (JSC) is a business entity in which shares of the company's stock can be bought and sold by shareholders. Each shareholder owns company stock in proportion, evidenced by their shares (certificates of ownership). Shareho ...
).
Korea Exchange (KRX) owns 25% less one share of the Tashkent Stock Exchange.
In 2018, there were 15 licensed stock exchanges in the United States, of which 13 actively traded securities. All of these exchanges were owned by three publicly traded multinational companies,
Intercontinental Exchange,
Nasdaq, Inc., and
Cboe Global Markets, except one,
IEX.
In 2019, a group of financial corporations announced plans to open a members owned exchange,
MEMX, an ownership structure similar to the mutual organizations of earlier exchanges.
[
]
Stock market capitalization ranking
Top ten traditional stock exchanges by total market capitalization ( As of December 2024)
Other types of exchanges
In the 19th century, exchanges were opened to trade forward contracts on commodities. Exchange traded forward contracts are called futures contract
In finance, a futures contract (sometimes called futures) is a standardized legal contract to buy or sell something at a predetermined price for delivery at a specified time in the future, between parties not yet known to each other. The item tr ...
s. These '' commodity markets'' later started offering future contracts on other products, such as interest rates and shares, as well as options contracts. They are now generally known as futures exchanges.
See also
* Auction
* Asset allocation
* Capital market
* Commodities exchange
* Corporate governance
* Diversification (finance)
* Federation of Euro-Asian Stock Exchanges
* Financial regulation
* Financial risk management
Financial risk management is the practice of protecting Value (economics), economic value in a business, firm by managing exposure to financial risk - principally credit risk and market risk, with more specific variants as listed aside - as well ...
* Histoire des bourses de valeurs (French)
* International Organization of Securities Commissions
* Securities market participants (United States)
* Stag profit
* Stock market crash
* Stock market bubble
* Stock market data systems
* Standard deviation
In statistics, the standard deviation is a measure of the amount of variation of the values of a variable about its Expected value, mean. A low standard Deviation (statistics), deviation indicates that the values tend to be close to the mean ( ...
* Risk management
* World Federation of Exchanges
Lists:
* List of stock exchanges
* List of European stock exchanges
In the European region, there are multiple stock exchanges among which five are considered major (as having a market cap of over US$1 trillion):
*Euronext, which is a pan-European, Dutch-domiciled and France-headquartered stock exchange compo ...
* List of stock exchanges in the Americas
* List of African stock exchanges
* List of stock exchanges in Western Asia
* List of South Asian stock exchanges
* List of East Asian stock exchanges
* List of Southeast Asian stock exchanges
* List of stock exchanges in Oceania
* List of countries without a stock exchange
* List of stock market indices
Notable stock market indices include:
Global
Large companies not ordered by any nation or type of business:
* Dow Jones Global Titans 50
* FTSE All-World
* MSCI World - Developed, large-cap stocks only
* OTCM QX ADR 30 Index
* S&P Global 1 ...
* List of stock market crashes and bear markets
* List of financial regulatory authorities by country
* List of Swiss financial market legislation
References
External links
{{Authority control
Exchange