stock exchange
Let an agent explain what a stock exchange is and how it works, relay listing, trading and disclosure rules and market data sources from exchanges and regulators, distinguish exchanges from brokers, indices and over-the-counter markets, and route investment decisions to licensed advisers.
Research draft, second pass
A second pass drafted this model: the structure a model of this thing needs, and what is known about it in the world. The line under this one says how the second half was obtained - researched against sources, or recalled without web access, in which case nothing here was read anywhere and every claim is a lead to verify. Unreviewed either way.
written by Claude from model knowledge without web access - no source was read, every claim is a lead to verify
Researched by: Claude
Purpose and description
Let an agent explain what a stock exchange is and how it works, relay listing, trading and disclosure rules and market data sources from exchanges and regulators, distinguish exchanges from brokers, indices and over-the-counter markets, and route investment decisions to licensed advisers.
An organised and regulated marketplace where shares, bonds and other securities are listed and traded under rules on admission, disclosure and trading, operated by an exchange company and supervised by a securities regulator; stock exchanges provide price discovery, liquidity and a route for companies to raise capital, and range from global exchanges to regional and specialist markets.
What it is for: Trading securities and raising capital under rules.
It can be explain how listing and trading work; identify an exchange and its regulator; relay market data sources and rules; distinguish exchange, broker, index and OTC market.
Distinguishing features
Regulated marketplace with admission rules
Central order matching
Continuous disclosure obligations for issuers
Supervised by a regulator
What it looks like
Not a single object; historically a trading floor, today mostly electronic systems with a public identity and building.
Physical character
trading hours: about 6-9 hours per day - by exchange
listed companies: tens to thousands companies - by exchange
How it is recognised
Regulated venue with listing rules and an order book
Supervised by a securities regulator
A broker gives access; an index summarises prices; OTC trading happens off exchange
Related models
is a kind of - a regulated market
is part of - the wider system
is supervised by - the authority
is confused with - a measure, not a venue
In practice
Families and kinds
major national exchanges
regional exchanges
growth and professional markets for smaller issuers
derivatives and commodity exchanges, related
historical exchanges such as bourses and merchant houses
Identifiers
Market Identifier Code ISO 10383 MIC identifies each venue
ticker symbols per exchange identify listed securities
Standards and regulation
Securities laws and exchange rulebooks
Listing and disclosure requirements
Market abuse and insider trading rules
ISO 10383 market identifier codes
Failure modes and hazards
Market crashes and trading halts
Market abuse and manipulation
Technology outages
Agents giving investment advice
Also called
Where this came from
wikidata · CC0 1.0
Drafted structure
Bundle to layer to finding to question, as the second pass will find it: 4 bundles · 8 layers · 8 findings · 16 questions.
Understand What an exchange is.
Definition.
Function
Function.
Function
Function.
- What does a stock exchange do, and how does trading and price discovery work? definition
- Is the question about an exchange, a broker, an index or OTC trading? boundary
Which
Identifying an exchange.
Which
Which.
- Which exchange is meant, who operates it, and who regulates it? provenance
- Which entry fits the specific exchange? action
Rules Listing and trading rules.
Regulation.
Listing
Listing and disclosure.
Listing
Listing.
- What must a company do to list and stay listed, in general terms? provenance
- Which entry fits securities regulation? action
Trading
Trading rules.
Trading
Trading.
- What rules govern orders, halts, market abuse and settlement? provenance
- Is the user asking whether to buy or sell, which needs a licensed adviser? boundary
Data Market data.
Data.
Prices
Price and volume data.
Prices
Prices.
- Where are official prices, volumes and announcements published? provenance
- Is the data current and sourced? boundary
Indices
Indices.
Indices
Indices.
- Which indices summarise the exchange, and who computes them? provenance
- Which entry fits stock market indices? action
Context History and economy.
Context.
History
History.
History
History.
- How did exchanges develop from merchant houses and bourses to electronic markets? provenance
- Which references are standard? provenance
Economy
Economic role.
Economy
Economy.
- What role do exchanges play in capital formation and the economy, with debates attributed? provenance
- Is the presentation neutral? boundary
What the second pass must settle
- Should each exchange be a separate entry?
- How should MIC codes and regulators be linked?
- The registry entry has merged aliases naming specific Japanese market segments and a historical Spanish house; should they be split off?