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Stock exchange
A stock exchange, securities exchange or bourse,[note 1] is a facility where
stock brokers and traders can buy and sell securities, such as shares of stock
and bonds and other financial instruments. 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
Courtyard of the Amsterdam Stock
floor of the exchange or by using an electronic trading platform.[5]
Exchange (or Beurs van Hendrick
de Keyser in Dutch), the world's first
To be able to trade a security on a certain stock exchange, the security must be
formal stock exchange. The first
listed there. Usually, there is a central location at least for record keeping, but formal stock market in its modern
trade is increasingly less linked to a physical place, as modern markets use sense, was a pioneering innovation
electronic communication networks, which give them advantages of increased by the VOC managers and
speed and reduced cost of transactions. Trade on an exchange is restricted to shareholders in the early 1600s.[1][2]
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.[6]

Initial public offerings 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).
The New York Stock Exchange on
There is usually no obligation for stock to be issued through the stock exchange
Wall Street in New York City, the
itself, nor must stock be subsequently traded on an exchange. Such trading world's largest stock exchange per
may be off exchange or over-the-counter. This is the usual way that derivatives total market capitalization of its
and bonds are traded. Increasingly, stock exchanges are part of a global listed companies
securities market. Stock exchanges also serve an economic function in
providing liquidity to shareholders in providing an efficient means of disposing
of shares.

Contents
History
Early history
Establishment of formal stock exchanges
Role of stock exchanges
Raising capital for businesses
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Alternatives to stock exchanges for raising capital

R&D limited partnerships
Venture capital
Corporate partners
Mobilizing savings for investment
Facilitating acquisitions
Profit sharing
Corporate governance
Creating investment opportunities for small investors
Government capital-raising for development projects
Barometer of the economy
Listing requirements
Examples of listing requirements
Ownership
Other types of exchanges
See also
Notes
References
External links

History

Early history
There is little consensus among scholars as to when corporate stock was first traded.
Some see the key event as the Dutch East India Company's founding in 1602,[7]
while others point to earlier developments (Bruges, Antwerp in 1531 and in Lyon in
1548). One of Europe's oldest stock exchanges is the Frankfurt Stock Exchange
(Frankfurter Wertpapierbörse) established in 1585 in Frankfurt am Main.
Economist Ulrike Malmendier of the University of California at Berkeley argues that
a share market existed as far back as ancient Rome, that derives from Etruscan
"Argentari". In the Roman Republic, which existed for centuries before the Empire The term bourse is derived
was founded, there were societates publicanorum, organizations of contractors or from the 13th-century inn
leaseholders who performed temple-building and other services for the government. named "Huis ter Beurze"
(center) in Bruges. From
One such service was the feeding of geese on the Capitoline Hill as a reward to the
Dutch-speaking cities of the
birds after their honking warned of a Gallic invasion in 390 B.C. Participants in such
Low Countries, the term 'beurs'
organizations had partes or shares, a concept mentioned various times by the spread to other European
statesman and orator Cicero. In one speech, Cicero mentions "shares that had a very states where it was corrupted
high price at the time". Such evidence, in Malmendier's view, suggests the into 'bourse', 'borsa', 'bolsa',
instruments were tradable, with fluctuating values based on an organization's 'börse', etc. In England, too,
the term ‘bourse’ was used
success. The societas declined into obscurity in the time of the emperors, as most of
between 1550 and 1775,
their services were taken over by direct agents of the state.
eventually giving way to the
term ‘royal exchange’.
Tradable bonds as a commonly used type of security were a more recent innovation,
spearheaded by the Italian city-states of the late medieval and early Renaissance
periods.[8]
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Establishment of formal stock exchanges

“ The stock market — the daytime adventure serial of the well-to-do — would not be the
stock market if it did not have its ups and downs. (...) And it has many other distinctive
characteristics. Apart from the economic advantages and disadvantages of stock
exchanges — the advantage that they provide a free flow of capital to finance industrial
expansion, for instance, and the disadvantage that they provide an all too convenient
way for the unlucky, the imprudent, and the gullible to lose their money — their
development has created a whole pattern of social behavior, complete with customs,
language, and predictable responses to given events. What is truly extraordinary is the
speed with which this pattern emerged full blown following the establishment, in 1611,
of the world's first important stock exchange — a roofless courtyard in Amsterdam —
and the degree to which it persists (with variations, it is true) on the New York Stock
Exchange in the nineteen-sixties. Present-day stock trading in the United States — a
bewilderingly vast enterprise, involving millions of miles of private telegraph wires,
computers that can read and copy the Manhattan Telephone Directory in three minutes,
and over twenty million stockholder participants — would seem to be a far cry from a
handful of seventeenth-century Dutchmen haggling in the rain. But the field marks are
much the same. The first stock exchange was, inadvertently, a laboratory in which new
human reactions were revealed. By the same token, the New York Stock Exchange is
also a sociological test tube, forever contributing to the human species' self-
understanding. The behaviour of the pioneering Dutch stock traders is ably
documented in a book entitled “Confusion of Confusions,” written by a plunger on the
Amsterdam market named Joseph de la Vega; originally published in 1688, (...) ”
— John Brooks, in “Business Adventures” (1968)[9]
While the Italian city-states produced the first transferable government bonds, they did not develop the other ingredient
necessary to produce a fully-fledged capital market: the stock market in its modern sense.[10] In the early 1600s the Dutch
East India Company (VOC) became the first company in history to issue bonds and shares of stock to the general public.
As Edward Stringham (2015) notes, "companies with transferable shares date back to classical Rome, but these were
usually not enduring endeavors and no considerable secondary market existed (Neal, 1997, p. 61)."[11] The VOC, formed to
build up the spice trade, operated as a colonial ruler in what is now Indonesia and beyond, a purview that included
conducting military operations against the wishes of the exploited natives and of competing colonial powers. Control of
the company was held tightly by its directors, with ordinary shareholders not having much influence on management or
even access to the company's accounting statements.

However, shareholders were rewarded well for their investment. The company paid an average dividend of over 16% per
year from 1602 to 1650. Financial innovation in Amsterdam took many forms. In 1609, investors led by Isaac Le Maire
formed history's first bear market syndicate, but their coordinated trading had only a modest impact in driving down
share prices, which tended to remain robust throughout the 17th century. By the 1620s, the company was expanding its
securities issuance with the first use of corporate bonds.

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[14] 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, 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 was set up the following year. Soon thereafter, English
joint-stock companies began going public.
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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.[15]

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, 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
Replica of an East Indiaman of the clear that expectations of imminent wealth from the Americas were overblown.
Dutch East India Company/United In London, Parliament passed the Bubble Act, which stated that only royally
East Indies Company (VOC). The chartered companies could issue public shares. In Paris, Law was stripped of
Dutch East India Company was the
office and fled the country. Stock trading was more limited and subdued in
first corporation to be ever actually
subsequent decades. Yet the market survived, and by the 1790s shares were
listed on a stock exchange in its
modern sense. In other words, the being traded in the young United States. On May 17, 1792, the New York Stock
VOC was the world's first formally Exchange opened under a platanus occidentalis (buttonwood tree) in New York
listed public company. City, as 24 stockbrokers signed the Buttonwood Agreement, agreeing to trade
five securities under that buttonwood tree.[16]

Role of stock exchanges

Stock exchanges have multiple roles in the economy. This may include the following:[17]

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 with the facility to raise capital for expansion through selling shares to the investing
public.[18]

Capital intensive companies, particularly high tech companies, always 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. After the 1990s and early-2000s hi-tech listed companies' boom and bust in
the world's major stock exchanges , 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 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's not as common, it still happens that

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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

A 17th-century engraving depicting R&D limited partnerships

the Amsterdam Stock Exchange Companies have also raised significant amounts of capital through R&D
(Amsterdam's old bourse, a.k.a. limited partnerships. Tax law changes that were enacted in 1987 in the United
Beurs van Hendrick de Keyser in
States changed the tax deductibility of investments in R&D limited
Dutch), built by Hendrick de Keyser
(c. 1612). The Amsterdam Stock partnerships. In order for a partnership to be of interest to investors today, the
Exchange (now Euronext cash on cash return must be high enough to entice investors.
Amsterdam) was the world's first
official (formal) stock exchange
Venture capital
when it began trading the VOC's
freely transferable securities, A usual source of capital for startup companies has been venture capital. This
including bonds and shares of source remains largely available today, but the maximum statistical amount
stock.[12][13] 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
Courtyard of the Amsterdam Stock rights, patent rights, or equity.
Exchange (Beurs van Hendrick de Corporate partnerships have been used
Keyser), the foremost centre of successfully in a large number of cases.
European stock markets in the 17th
century. London Stock Exchange in
1810
Mobilizing savings for
investment
When people draw their savings and invest in shares (through an initial public offering 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

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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.

Profit sharing Börse Frankfurt (founded in

Both casual and professional stock investors, as large as institutional investors or 1585)
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 The floor of the New York Stock
can be attributed in some cases to the price mechanism exerted through Exchange
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).
London Stock Exchange, the City of
London
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 (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.

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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. Tokyo Stock Exchange, Tokyo

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 fall depending, largely, on B3 is the largest stock exchange in
economic forces. Share prices tend to rise or remain stable when companies Latin America
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.

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 a
million shares of stock worth $100 million and must have earned more than $10 million over the last three years.[19]

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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.[20]
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 ₹250 million (US$3.6 million) and minimum
public float equivalent to ₹100 million (US$1.4 million).[21]

Ownership
Stock exchanges originated as mutual organizations, owned by its member stock
brokers. However, the major stock exchanges have demutualized, where the
members sell their shares in an initial public offering. 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), Bolsas y Mercados Españoles, and the São
Paulo Stock Exchange (2007). Indonesian Stock Exchange
(Bursa Efek Indonesia) building
The Shenzhen Stock Exchange and Shanghai Stock Exchange can be characterized in Jakarta is considered one of
as quasi-state institutions insofar as they were created by government bodies in the oldest in Asia.
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). Korea Exchange (KRX) owns 25% less one share
of the Tashkent Stock Exchange.[22]

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.[23][24] 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.[25][23]

Mexican Stock Exchange

Other types of exchanges (Bolsa Mexicana de Valores),
it's the second largest stock
In the 19th century, exchanges were opened to trade forward contracts on exchanges in Latin America.
commodities. Exchange traded forward contracts are called futures contracts. 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
Capital market
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Commodities exchange
Corporate governance
Financial regulation
International Organization of Securities Commissions
Securities market participants (United States)
Shareholder
Stag profit
Stock exchanges for developing countries
Stock investor
Stock market The offices of Bursa Malaysia,
Malaysia's national stock
Stock market data systems
exchange (known before
Histoire des bourses de valeurs (French)
demutualization as Kuala
World Federation of Exchanges
Lumpur Stock Exchange)
Federation of Euro-Asian Stock Exchanges
Lists:

List of stock exchanges

List of European stock exchanges
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
List of financial regulatory authorities by country
List of Swiss financial market legislation

Notes
1. The concept of the bourse (or the exchange) was 'invented' in the medieval Low Countries (most notably in
predominantly Dutch-speaking cities like Bruges and Antwerp) before the birth of formal stock exchanges in the 17th
century. A pre-VOC bourse was not exactly a formal stock exchange in its modern sense. With the founding of the
Dutch East India Company (VOC) in 1602 and the rise of Dutch capital markets in the early 1600s, the 'old' bourse (a
place to trade commodities, government and municipal bonds) found a new purpose – a formal exchange that
specializes in creating and sustaining secondary markets in the securities (such as bonds and shares of stock) issued
by corporations – or a stock exchange as we know it today.[3][4]

References
1. Stringham, Edward Peter (2015). Private Governance: Creating Order in Economic and Social Life (https://books.goo
gle.com/books/about/Private_Governance.html?id=lX2nAQAACAAJ). Oxford University Press.ISBN 9780199365166
2. Stringham, Edward Peter (5 October 2015). "How Private Governance Made the Modern World Possible" (https://ww
w.cato-unbound.org/2015/10/05/edward-peter-stringham/how-private-governance-made-modern-world-possible).
Cato Institute.
3. Neal, Larry (2005). "Venture Shares of the Dutch East India Company", in Goetzmann & Rouwenhorst (eds.), Oxford
University Press, 2005, pp. 165–175

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4. Murphy, Richard McGill (1 July 2014). "Is Asia the next financial center of the world?" (https://www.cnbc.com/2014/07/
01/is-asia-the-next-financial-center-of-the-world.html). CNBC. "As Richard McGill Murphy (2014) notes: "In 1602 the
Dutch East India Company opened the world's first stock exchange in Amsterdam. (...) Rival European capitals
launched their own stock exchanges. The securitization of the world was under way. (...) It's worth remembering the
original Amsterdam Bourse because it established the template for the modern financial center, a physical place
where finance professionals help companies access the capital they need to grow.""
5. Lemke and Lins, Soft Dollars and Other Trading Activities, §2:3 (Thomson West, 2013-2014 ed.).
6. Lemke and Lins, Soft Dollars and Other Trading Activities, §§2:25 - 2:30 (Thomson West, 2013-2014 ed.).
7. BEATTIE, ANDREW (13 December 2017). "What Was the First Company to Issue Stock?" (https://www.investopedia.
com/ask/answers/08/first-company-issue-stock-dutch-east-india.asp). Investopedia.
8. Stringham, Edward Peter; Curott, Nicholas A.: On the Origins of Stock Markets [Part 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, ISBN 978-0199811762). 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 [1989] 1991, 109–112; Dehing and 't Hart
1997, 54; dela Vega [1688] 1996, 173)."
9. Brooks, John (1968). “The Fluctuation: The Little Crash in '62”, in “Business Adventures: Twelve Classic Tales from
the World of Wall Street”. (New York: Weybright & Talley, 1968)
10. Stringham, Edward Peter; Curott, Nicholas A.: On the Origins of Stock Markets [Part 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, ISBN 978-0199811762). 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 [1989] 1991, 109–112; Dehing and 't Hart
1997, 54; dela Vega [1688] 1996, 173)."
11. Stringham, Edward Peter: Private Governance: Creating Order in Economic and Social Life. (Oxford University Press,
2015, ISBN 9780199365166), p.42
12. Petram, Lodewijk: The World's First Stock Exchange: How the Amsterdam Market for Dutch East India Company
Shares Became a Modern Securities Market, 1602–1700. Translated from the Dutch by Lynne Richards. (Columbia
University Press, 2014, 304pp)
13. Neal, Larry (2005). "Venture Shares of the Dutch East India Company", in Origins of Value, in The Origins of Value:
The Financial Innovations that Created Modern Capital Markets, Goetzmann & Rouwenhorst (eds.), Oxford University
Press, 2005, pp. 165–175
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Congress. May 2004.
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Uncertainty". American Economic Review. 57 (4): 759–776. JSTOR 1815367 (https://www.jstor.org/stable/1815367).
18. Gilson, Ronald J.; Black, Bernard S. (1998). "Venture Capital and the Structure of Capital Markets: Banks Versus
Stock Markets". Journal of Financial Economics. 47. doi:10.2139/ssrn.46909 (https://doi.org/10.2139%2Fssrn.46909).

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19. "Overview of NYSE Quantitative Initial Listing Standards" (https://www.nyse.com/publicdocs/nyse/listing/NYSE_Initial

_Listing_Standards_Summary.pdf) (PDF). New York Stock Exchange.
20. "Applications, Notifications & Guides - Nasdaq Listing Center" (http://www.nasdaq.com/about/listing_information.stm).
NASDAQ.
21. "Bombay Stock Exchange" (https://www.bseindia.com/). Bombay Stock Exchange.
22. "Stages of the Republican Stock Exchange" (https://www.uzse.uz/abouts/history?locale=en). Tashkent Stock
Exchange.
23. Lahiri, Diptendu (7 January 2019). "Major Wall Street players plan exchange to challenge NYSE, Nasdaq" (https://ww
w.reuters.com/article/us-wallstreet-exchange-idUSKCN1P11A6). Reuters.
24. Ramsay, John (23 May 2018). "Competition among exchanges has reached a new low, and it's dangerous for the
stock market" (https://www.businessinsider.com/competition-among-exchanges-has-reached-a-new-low-and-its-dang
erous-for-the-stock-market-2018-5). Business Insider. (for recent history see also, "NYSE, Nasdaq and...? Get to
Know the U.S.'s Stock Exchanges, Part 1" (http://www.finra.org/investors/nyse-nasdaq-and-get-know-uss-stock-excha
nges-part-1). Financial Industry Regulatory Authority. 17 August 2016., and "Get to Know the U.S.'s Major Stock
Exchanges, Part 2" (http://www.finra.org/investors/get-know-uss-major-stock-exchanges-part-2). Financial Industry
Regulatory Authority. 17 August 2016.
25. Osipovich, Alexander (7 January 2019). "Wall Street Firms Plan New Exchange to Challenge NYSE, Nasdaq" (https://
www.wsj.com/articles/wall-street-firms-plan-new-exchange-to-challenge-nyse-nasdaq-11546866121). The Wall Street
Journal.

External links
Stock exchange (https://curlie.org/Business/Investing/Stocks_and_Bonds/Exchanges) at Curlie

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