Exchange

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 +== Introduction ==
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 +An exchange is simply a market in which securities, commodities, options, or futures are traded.
 +There are auction based exchanges, which means specialists are physically present on the exchanges’ trading floors. Each specialist "specializes" in a particular stock, buying and selling the stock in a verbal auction. These specialists are under competitive threat by electronic-only exchanges that claim to be more efficient (that is, execute faster trades and exhibit smaller bid-ask spreads) by eliminating human intermediaries.
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[[CBOT]] [[CBOT]]

Revision as of 12:02, 29 June 2005

Introduction

An exchange is simply a market in which securities, commodities, options, or futures are traded. There are auction based exchanges, which means specialists are physically present on the exchanges’ trading floors. Each specialist "specializes" in a particular stock, buying and selling the stock in a verbal auction. These specialists are under competitive threat by electronic-only exchanges that claim to be more efficient (that is, execute faster trades and exhibit smaller bid-ask spreads) by eliminating human intermediaries.


CBOT

CME

NYFE

NASDAQ

NYSE

EUREX

LIFFE

NYMEX

COMEX