An exchange is the setting where investors meet to trade securities, including stocks, options and futures. Exchanges also provide the technology needed to settle trades and ensure liquidity. While exchanges used to always be physical places, they are increasingly becoming virtual.
Traditionally buy and sell orders were matched on an exchange by the specialist. Increasingly orders are being matched electronically.
International exchanges are located in most major cities in Canada, Mexico, Europe, Asia, and South America. Africa? Australia?
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