When you buy or sell a stock, bond or any other financial instrument, there are two important dates, namely, transaction date and the settlement date.

Transaction date, also known as the trade date, is the date on which the security is traded. On the other hand, settlement date is the date on which the trade is settled, that is, the date on which the buyer of the security must pay for the securities delivered to him by the seller.

Settlement date is usually one to five days after the trade date, depending on the transaction type. These are referred to as T+1, T+2, T+3, etc. The terminology T+3 means that the settlement date is three business days after the trade is executed. This is also known as rollover settlement.

Stocks and bonds usually have T+3 settlement. For government securities and options, the settlement date is usually the next business day, that is, T+1.

All markets aim to reduce the settlement to T+1 or even same-day settlement. A short settlement period helps in reducing the risk of default by the counterparty. It also helps in minimizing the effects of any dealing mistakes, because any errors can be spotted quickly before the stock prices have changed drastically.

Trade Settlement Dates: T+1, T+2, and T+3

A primary market refers to that segment of capital markets that deals with the new issues of securities. In this market, companies obtain funding by selling their companies shares to the investors.

This process of selling new shares to investors is called underwriting, and the sale itself is referred to as initial public offer, It is also know as floating on the market, or listing.
<h3>Initial Public Offering (IPO)</h3>
Let us understand this with the help of the market practice followed in the US. The process is similar in other major markets also.

A firm wanting to get listed will first contact many investment banks who will facilitate the IPO process. In case of a very large offering, there will be a syndicate of investment banks instead of just one bank. The firm will negotiate the terms for the IPO, and finally select a lead manager for the IPO. The terms will include things such as the fees, marketing strategy, timing, etc. It will also include the underwriting terms. Usually, a syndicate of banks (the lead-managers) underwrites the transaction. This means that they take the risk of distributing the securities. If they are not able to place the full issue, they will have to hold some securities themselves.

At this stage, the lead manager will advice on the terms and pricing of the issue. Then, a preliminary notice is filed with the SEC, providing details about the issue and the issuing company. This is the preliminary prospectus, which has to be approved by the SEC. Once approved, it becomes the IPO prospectus, which is then use to market the securities. This process may take several weeks.

Once the SEC has accepted the preliminary prospectus and the registration documents, the lead manager is responsible for marketing of the issue. Marketing involves road shows, advertising, public notices, and talking to investors, etc.

The managing underwriters may underwrite the IPO on either a firm commitment or best efforts basis. In a firm commitment offering, the underwriters will purchase the shares at a discount (of usually 7%) and resell them for the full public offering price to institutional and individual investors. In contrast, a best efforts offering means that the underwriters are only committing their best efforts to sell the shares. Here the price risk remains with the issuing company rather than the bank.
<h3>Private placements</h3>
In case of private placement, the issue is placed directly with a few selected small number of investors. This is also known as non-public offering. Typical investors include large banks, mutual funds, insurance companies and pension funds. The private placement does not have to be registered with the Securities and Exchange Commission.

Private placements are much cheaper than IPOs. However, this method cannot be used for large issues because a small group of investors will have limited risk appetite. Also, these issues are not traded in the secondary market, as opposed to IPO securities, which once listed are traded in the secondary market. This makes it difficult for investors to liquidate these securities.
<h3>Seasoned New Issues (SNI)</h3>
Another type of new issue is the seasoned new issue. This refers to offering an additional amount of already existing security.

Initial Public Offerings (IPOs) and Private Placements

Once the securities have been issued in the primary market, they become available for purchase and sale in the secondary markets. There are secondary markets for all kinds of securities, such as stocks, bonds, futures, options, etc.

In the primary market, the investors purchased securities directly from the issuers. However, in the secondary market, the investors purchase these securities from other investors.

There are primarily two types of secondary markets:
<ol>
	<li>Exchanges</li>
	<li>Over-the-counter      (OTC) markets</li>
</ol>
Let us under how both these markets operate.
<h3>Exchanges</h3>
A stock exchange is a place where stockbrokers and trades trade stocks and other securities.

Usually each country will have atleast one national stock exchange. For example, in the USA, the two major stock exchanges are: the American Stock Exchange (AMEX) and the New York Stock Exchange (NYSE). Apart from that there are several regional exchanges which deal in small local companies.

When you normally trade in stocks or futures, you are actually trading them through a stock exchange, such as AMEX, or NYSE. These exchanges have the following characteristics:
<ul>
	<li>An      exchange provide a centralized place where all trades are conducted</li>
	<li>An      exchange plays the key role of acting as the counterparty to all trades.      This means is that when you are buying 100 shares of IBM, you are not      directly buying it from another party selling those shares. Instead, you      are buying it from the stick exchange.</li>
	<li>An      exchange removes counterparty risk, because it stands on the other side of      all trades.</li>
	<li>Since      all the all trades flow through one central place, the price quoted for a      security is always the same regardless of who is making the trade. This,      in theory, provides a level playing field for all types of investors.</li>
	<li>Exchanges      offer greater regulatory oversight, since only members can trade on the      exchange, and also only listed products can be traded on an exchange.</li>
</ul>
<h3>Over the Counter (OTC) Market</h3>
An OTC market is a decentralized market where non-listed securities are traded by the market participants. There is no centralized place to make the trade. Instead, the market consists of all the participants trading among themselves. Examples of OTC markets are spot forex and many debt markets. This also happens for stocks, and deals are done directly between broker/dealers who make two-way prices to each other in the stocks that they are trading in.

In the US, an example of OTC market is The National Association of Securities Dealers Automated Quotation (NASDAQ). On NASDAQ, the brokers/dealers display their quotes via an electronic system. However, they must directly contact the dealer to get a firm quote and execute the deal.

An OTC market has the following characteristics:
<ul>
	<li>Since      there is no centralized exchange and little regulation, there is heavy      competition between different providers for gaining higher trading volume      to their firm.</li>
	<li>OTC      markets generally have lower transaction costs compared to exchanges</li>
	<li>In OTC      markets, the prices for the securities vary from trade to trade and from      firm to firm. Even the quality of execution varies from firm to firm. This      means that the deals are not always done at the best price.</li>
	<li>OTC      markets are prone to counterparty risk because there is no centralized      exchange and the parties are directly dealing with each other.</li>
</ul>
<div id="_mcePaste" style="position: absolute; left: -10000px; top: 0px; width: 1px; height: 1px; overflow: hidden;">
<p class="MsoNormal">Once the securities have been issued in the primary market, they become available for purchase and sale in the secondary markets. There are secondary markets for all kinds of securities, such as stocks, bonds, futures, options, etc.</p>
<p class="MsoNormal"></p>
<p class="MsoNormal">In the primary market, the investors purchased securities directly from the issuers. However, in the secondary market, the investors purchase these securities from other investors.</p>
<p class="MsoNormal"></p>
<p class="MsoNormal">There are primarily two types of secondary markets:</p>
<p class="MsoNormal"></p>

<ol style="margin-top: 0in;" type="1">
	<li class="MsoNormal">Exchanges</li>
	<li class="MsoNormal">Over-the-counter      (OTC) markets</li>
</ol>
<p class="MsoNormal"></p>
<p class="MsoNormal">Let us under how both these markets operate.</p>
<p class="MsoNormal"></p>

<h1>Exchanges</h1>
<p class="MsoNormal">A stock exchange is a place where stockbrokers and trades trade stocks and other securities.</p>
<p class="MsoNormal"></p>
<p class="MsoNormal">Usually each country will have atleast one national stock exchange. For example, in the USA, the two major stock exchanges are: the American Stock Exchange (AMEX) and the New York Stock Exchange (NYSE). Apart from that there are several regional exchanges which deal in small local companies.</p>
<p class="MsoNormal"></p>
<p class="MsoNormal">When you normally trade in stocks or futures, you are actually trading them through a stock exchange, such as AMEX, or NYSE. These exchanges have the following characteristics:</p>
<p class="MsoNormal"></p>

<ul style="margin-top: 0in;" type="disc">
	<li class="MsoNormal">An      exchange provide a centralized place where all trades are conducted</li>
	<li class="MsoNormal">An      exchange plays the key role of acting as the counterparty to all trades.      This means is that when you are buying 100 shares of IBM, you are not      directly buying it from another party selling those shares. Instead, you      are buying it from the stick exchange.</li>
	<li class="MsoNormal">An      exchange removes counterparty risk, because it stands on the other side of      all trades.</li>
	<li class="MsoNormal">Since      all the all trades flow through one central place, the price quoted for a      security is always the same regardless of who is making the trade. This,      in theory, provides a level playing field for all types of investors.</li>
	<li class="MsoNormal">Exchanges      offer greater regulatory oversight, since only members can trade on the      exchange, and also only listed products can be traded on an exchange.</li>
</ul>
<p class="MsoNormal"></p>
<p class="MsoNormal"></p>

<h1>Over the Counter (OTC) Market</h1>
<p class="MsoNormal"></p>
<p class="MsoNormal">An OTC market is a decentralized market where non-listed securities are traded by the market participants. There is no centralized place to make the trade. Instead, the market consists of all the participants trading among themselves. Examples of OTC markets are spot forex and many debt markets. This also happens for stocks, and deals are done directly between broker/dealers who make two-way prices to each other in the stocks that they are trading in.</p>
<p class="MsoNormal"></p>
<p class="MsoNormal">In the US, an example of OTC market is The North American Securities dealers Automated Quotation (NASDAQ). On NASDAQ, the brokers/dealers display their quotes via an electronic system. However, they must directly contact the dealer to get a firm quote and execute the deal.</p>
<p class="MsoNormal"></p>
<p class="MsoNormal">An OTC market has the following characteristics:</p>
<p class="MsoNormal"></p>

<ul style="margin-top: 0in;" type="disc">
	<li class="MsoNormal">Since      there is no centralized exchange and little regulation, there is heavy      competition between different providers for gaining higher trading volume      to their firm.</li>
	<li class="MsoNormal">OTC      markets generally have lower transaction costs compared to exchanges</li>
	<li class="MsoNormal">In OTC      markets, the prices for the securities vary from trade to trade and from      firm to firm. Even the quality of execution varies from firm to firm. This      means that the deals are not always done at the best price.</li>
	<li class="MsoNormal">OTC      markets are prone to counterparty risk because there is no centralized      exchange and the parties are directly dealing with each other.</li>
</ul>
<p class="MsoNormal"></p>
<p class="MsoNormal"></p>

</div>

Secondary Market: Exchanges Vs. OTC Market

NASDAQ stands for National Association of Securities Dealers Automated Quotations. It was founded in 1971 to give dealers the ability to post their quotes electronically.

This is the entity that founded NASDAQ as a way to increase the trading in over-the-counter stocks which were not able to meet the requirements to get their stocks listed on larger exchanges such as the New York Stock Exchange (NYSE). These OTC stocks were previously traded over the phone and because information on the stock had to be obtained directly from a dealer who specialized in the stock it was difficult for the public to trade these stocks. The NASDAQ exchange was thus founded in 1971 giving dealers the ability to post their quotes electronically and therefore streamlining the process and opening up the stocks to a much larger audience. This was an instant success. In 1975 NASDAQ came up with its own listing requirements, which helped them separate the large companies from the smaller ones. This helped these companies to be able to compete with the other large companies that were listed on exchanges like the NYSE. Although NYSE is the largest exchange by market capitalization, it’s electronic quote mechanism made NASDAQ the largest exchange by trading volume.

The NASDAQ has no physical location, unlike the NYSE. It is a completely electronic market.

<img class="alignright size-full wp-image-954" title="nasdaq" src="https://financetrain.com/wp-content/uploads/2010/09/nasdaq.jpg" alt="" width="389" height="272" />Apart from this, NASDAQ is different from NYSE in terms of how the market is quoted. While NYSE is an auction market, NASDAQ is the dealers market. In NYSE, the buyers and sellers trade directly with one another and a specialist facilitates the trade. On the other hand, on NASDAQ, the public buys and sells stocks with the help of someone known as the market maker. A market maker is the registered broker/dealer that provides both buy and sell quotes and is ready to take a position in those stocks. The primary difference between an NYSE specialist and a NASDAQ market maker is that the specialist’s job is to match the buyers and sellers in an orderly manner. The market maker on the other hand maintains his own inventory and trades on stocks in his own capacity, thereby creating the market. A market maker earns from the bid-offer spread that he quotes for the stocks that he trades in.

In a dealers market, the transaction costs are low because there are multiple market makers competing for your quote. On an average there are 14 market makers competing against one another to provide you the best pricing possible. This helps NASDAQ create the most efficient market place for traders.

A trading system called Small Order Execution System (SOES) existed along side NASDAQ to facilitate clearing trades of low volume. It has been phased out and is no longer necessary.

NASDAQ uses SuperMontage for all securities transactions. It is a fully integrated order entry and execution system.

What is NASDAQ and how it operates?

SuperMontage is a very powerful fully integrated order entry and execution system used by NASDAQ.

It being more efficient and accurate, SuperMontage replaced the earlier systems namely, SOES and SuperSoes.

SuperMontage is capable of processing more than 5,000 transactions per second. The system was approved by the regulators in 2001 and was implemented in 2002.

Currently NASDAQ is the largest stock exchange in the world, based on the trading volume (number of transactions). With the help of SuperMontage, NASDAQ is able to offer traders a more informative and useful service.
<h3>Shows Top Five Bids and Offers</h3>
The most important feature of SuperMontage is that instead of just showing the best currently available price to investors looking at buying or selling a particular security, it also shows the interest available five levels deep. For example, if the best price somebody was willing to sell a particular stock for was $10, the system would show the volume available for $10, $9.99, $9.98, $9.97 and $9.96, that is, how many people are wanting to sell at each of these prices.

This kind of insight can be really helpful because sometimes the best price may not really be the true price as someone may be quoting that price because they are desperate to buy or sell that stock. In such a situation, the second best quote may be very different from the best price, which will help the traders judge what they can realistically expect from that trade.
<h3>List Offers at Multiple Prices</h3>
In SuperMontage, traders can list offers at multiple prices. For example, assume that a trader has 1000 shares of a company available for sale. Using SuperMontage, they can make an offer to sell all 500 shares at $10, 300 shares at $9.95 and the remaining 200 shares at $9.20. By doing this, the traders’ likelihood of finding deals at mutually acceptable prices increases.
<h3>Anonymous Trading</h3>
SuperMontage system allows fully anonymous trading. This means that a trader/boroker can place an order without other without other traders knowing about their identity. During the entire clearing and settlement process the order remains anonymous.

In brief, SuperMontage is the first stock market platform that:
<ul>
	<li>Fully      integrates a public limit order book and market maker quotations.</li>
	<li>Allows      market makers and ECNs to enter multiple quotes at single or multiple price      levels.</li>
	<li>Displays      orders either anonymously or by name.</li>
	<li>Shows      aggregate investor buy and sell interest five levels deep.</li>
	<li>Time-stamps      individual orders to preserve position and priority.</li>
</ul>
These SuperMontage features add up to a fairer, more level playing field for all market participants, increasing market quality and investor protection.

Introduction to SuperMontage used by NASDAQ

Trading in stocks involves certain cost with are commonly known as trading costs. These courses are made up of the commission or the brokerage fees paid to the broker, and the bid-offer spread. In case of large transactions there is an additional cost known as market impact. This is because executing a large transaction may move the price from the originally quoted price.

The trading costs are important from the return perspective and also from the perspective of the arbitrageurs as high transaction costs make negate the viability of an arbitrage opportunity.

Let us discuss these costs in detail.
<h3>Commission or Brokerage Fees</h3>
A commission or brokerage fees is the fee paid by a client to the broker for buying and selling shares on his behalf.

This fee is generally negotiable and depends on the size and volume of the trade and also on the level of service expected. It could be calculated as a percentage of the total transaction value.

The commission covers expenses for the broker such as transaction fees paid to the stock exchange, order-handling fees, etc.

The full-service brokerage firms generally charge the highest fees and commissions. Discount brokerage firms offer reduced commissions. Commissions are discounted even more at deep discount brokerage firms.

The difference in commissions and fees is due to the level of service provided by the broker. For example, full-service broker provides a full range of services including personal advice and financial research. A discount broker may not provide advice but may or may not provide free research. Some discount brokers may charge for research information. A deep discount firms will generally provide no-frills execution-only service

The rates may be even lower in case of orders placed via internet, which is the cheapest method.
<h3>Bid-Ask Spread</h3>
The bid-offer spread is the difference between the prices a broker/dealer is ready to buy the stock and the price at which he is ready to sell the stock.

The size of the spread reflects the liquidity position of the stock, as less liquid stocks will tend to have high bid-ask spread. Therefore, under competitive conditions the bid-ask spread measures the cost of making a trade without delay.

Typical bid-offer spreads in large liquidity stocks are about 0.5-1.0 %.
<h3>Market Impact</h3>
When people buy and sell stocks, it adds new information in the market, which has an impact on the market price of securities. If all other factors remain the same, buying stocks will increase their market price.

So, in case of a very large trade, where the stock is illiquid, the price at which the trade is executed will be higher than the indicated price. This is due to the market impact.

Market impact is a function of the market depth at the time of execution, an will vary with time and stock. Estimating market impact is a complex task.

Trading Costs Involved in Stock Trading

Buying on margin refers to taking a loan from the broker to purchase stocks. The loan from the broker is known as broker call loan. This allows you to buy more shares than you would have normally using just your own funds, that is, an investor is able to leverage his position by investing his own funds as well as borrowed funds.

The investor has to pay a commission or fees and interest to the broker for the loan. The stock thus purchased remains with the broker as the collateral.

The phenomenon of using borrowed funds to take a higher risk position is known as leverage. For example, if an investor has $1000 and he borrows another $1,000 from the broker and takes a stock position for $2000, then the investor is said to be leveraged 2 times (2x).

A few regulatory authorities have a limit on the amount of leverage that can be allowed for margin trading. In the USA, the Federal Reserve sets this leverage limit at 2x, which means that means an investor cannot borrow more than 50% of funds for any trade.

Buying on margin is usually for short-term investments. Also, not all stocks are available for margin trading. Federal Reserve lists the stocks that are available for margin trading. Generally penny stocks and IPOs are not available for margin trading because of high risk of daily fluctuations.
<h3>Initial and Maintenance Margin</h3>
Once you have purchased a stock on margin, the value of your position will rise or fall based on the price movement, which will affect your equity and funding position.

For example, assume that you have purchased a stock for $20,000 with $10,000 as own funds (equity) and the remaining 10,000 as borrowed funds. Here your equity is 50%, which is the initial margin.

Now if the stock position falls to $15,000, this loss will be attributed to the equity. So, remaining equity is $5,000 and the margin has reduced to 33.33%  ($5,000/$15,000). The collateral value is sufficient to cover the call loan of $10,000.

However, if the equity reduces further, the broker may want you to deposit additional funds to increase the margin to a certain minimum level. This request is known as margin call. The threshold at which the broker triggers a margin call is knows a maintenance margin, and the minimum margin that the broker wants you to maintain is known as initial margin.

For example, the broker may trigger the margin call when the equity has reduced to less than 10% (maintenance margin), and will request you to top up the account so that the initial margin is above 25%.

If you don’t fulfill the margin call, the broker may liquidate the stock position in order to safeguard his position.

Margin Trading: Buying on Margin

Short selling refers to the process of selling a security not owned by the investor with the intention of buying it back at a later date at a cheaper price.

Since the investor doesn’t own the security, he typically borrows it from a broker/dealer and short sells it in the market. On the future date, the investor will purchase the security from the market at the current market price and return it to the lender. If the stock price has fallen, the investor will make a profit in the deal.

The investor also has to pay a fee to the lender for the borrowed stock, which is known as the borrowing costs.
<h3>Restrictions on short sales</h3>
Different markets place certain restrictions on short sales.

In the USA, a stock is eligible for short sale only if the last price movement is positive. This is called the uptick rule. This rule is put in place to limit the volatility of fluctuations in the market.

Another rule prevents the brokers/dealers from investing the proceeds of short sales in other positions. With this rule in place, the brokers can create only a limited amount of leverage.

In the UK, instead of uptick rule, the leverage is limited using the capital adequacy norms. Since the capital of a firm is limited, there is a limit on the total risk and the degree of leverage.

Similar to margin trading, an investor is required to deposit a margin in case of short selling also. This is because the rise in the stock price, instead of fall as expected by him, will expose the investor to losses, which otherwise will have to be covered by the broker/dealer. So, both the initial margin and maintenance margin apply to short selling.
<h3>Stock Borrowing</h3>
As we said before, the investor borrows the stock from a broker dealer for the purpose of short selling.

The broker lends these stocks from the securities that he holds or are in his custody on behalf of his clients. Some large investors owning their own stocks will directly lend in the market.

There are two types of loans:

<strong>Call loans:</strong> The lender can terminate such loans anytime. This is the most common type of loan.

<strong>Term loans:</strong> These loans are provided for a specified period, for example, one month.

These loans are for a given number of stocks rather than a particular value.

This are secured loans as when shares are borrowed, cash or another security is pledged as collateral.

The typical fee for a stock loan is 0.30% per annum. In case of short supply, when many investors are going short on a stock, the fee may go up to 20-30% per annum.

Even though the stock is borrowed by an investor, the dividends still belong to the lender. So, while returning the stock, the investor has to pay the fee along with any dividend received.

Short Selling and Stock Borrowing Costs

The trading activity in a securities exchange is typically organized in one of the following two ways:

<strong>Call Markets </strong>

In a call market the market is called at a certain time and place and all the traders trade at that time. The time when the market is called is called a trading session. Due to the way it is organized, a call market is very liquid during a trading session as all the traders need to be present and trade at that time. Once the trading session is over the market becomes illiquid till the next session.

Since there are many securities to be traded, a call market may call all the securities at the same time or the securities may be called one after the other, in rotation. When operating in rotation, the call market may call all securities in one rotation. Alternatively, if there are fixed trading hours in a session, then it will call as many securities as it can in the given time period.  Call market structure is generally used for organizing small markets. This structure is also used by many governments to sell their instruments such as bonds, notes and bills. Many stock exchanges also use this structure for trading in less active stocks.  Examples of call market are Deutsche Bourse and Euronext Paris Bourse.

<strong>Continuous Trading Market </strong>

In a continuous trading market, traders can trade at any time when the market is open. Buyers and sellers continuously place their orders and are matched on a continuous basis. Most markets that we see today including the stock exchanges, derivatives exchanges, and forex market are continuous trading markets.

Most continuous markets typically start their trading session with a call market auction, so many trades are executed when the market opens based on the initial auction and then the market continues to be open for trading. Some markets also close with a call market auction.

In call markets, the <a href="https://financetrain.com/how-a-trade-is-executed/">trades are usually executed</a> using order-driven system. They use single price auctions to match buyers and sellers. All the buyers and sellers orders are entered in the order book, and then a single trading price is chosen that will maximize the trading volume.

Both the market structures have their own advantages and disadvantages. The biggest advantage of a call market is that it provides high liquidity as all traders interested in a security have to make their trades at the same time and place. The advantage of continuous market is that the traders have the flexibility to make their traders whenever they want.

Research suggests that traders prefer continuous trading markets with opening as call market.

Call Market Vs. Continuous Trading Market

<p>In the securities markets there are different systems used to match the orders of different buyers and sellers. These are called the execution mechanisms in the market, and the markets are classified based on the execution system that they use.</p>



<p>There are three main types of markets: quote-driven markets, order-driven markets, and brokered markets. Some markets use a combination of these execution systems and are called hybrid markets.</p>



<p><strong>Quote-driven Markets</strong></p>



<p>Quotes-driven markets run through a network of dealers. The dealers quote prices and the traders have to buy and sell at those rates. These are also called <a title="Secondary Market: Exchanges Vs. OTC Market" href="https://financetrain.com/secondary-market-exchanges-vs-otc-market/">over-the-counter (OTC) markets</a> or dealers market. An example of a quote-driven market is the London Stock Exchange.</p>



<p><strong>Order-driven Markets</strong></p>



<p>An order-driven market does not require the intermediation of a dealer. Instead these markets work as auction markets, where the exchange runs an order matching system and trading rules are used to match the orders submitted by buyers and sellers. Most stock exchanges, futures exchanges and ECNs are organized as order-driven markets.</p>



<p><strong>Brokered Markets</strong></p>



<p>In a brokered market, the trades between the customers are arranged by brokers, such as in case of real estate transactions, and large block trades. The customers approach brokers to execute their orders. The brokers also actively initiate searches and suggest their clients’ different trades. The liquidity in the brokers market is primarily provided by the brokers. Such markets are however considered illiquid because of the time and cost involved in executing trades. Brokered markets are unorganized and are prevalent everywhere in the economy.</p>



<p><strong>Hybrid Markets</strong></p>



<p>Hybrid markets combine the features of two or more of the above market systems. An example is the New York Stock Exchange (NYSE). NYSE is largely an order-driven market, but requires dealers, like in a quotes-driven market, to provide liquidity when there is no one else. Another example is <a title="What is NASDAQ and how it operates?" href="https://financetrain.com/what-is-nasdaq-and-how-it-operates/" class="rank-math-link">NASDAQ</a>.</p>

Trade Execution Systems

The Stock Market

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The Stock Market

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