Exchanges bring together brokers and dealers who buy and sell these objects. These various financial instruments can typically be sold either through the exchange, typically with the benefit of a clearinghouse to cover defaults, or over-the-counter (OTC), where there is typically less protection against counterparty risk from clearinghouses although OTC clearinghouses have become more common over the years, with regulators placing pressure on the OTC markets to clear and display trades openly.
Exchanges can be subdivided:
- by objects sold:
- stock exchange or securities exchange
- commodities exchange
- foreign exchange market - is rare today in the form of a specialized institution
- by type of trade:
- classical exchange - for spot trades
- futures exchange or futures and options exchange - for derivatives
In practice, futures exchanges are usually commodity exchanges, i.e. all derivatives, including financial derivatives, are usually traded at commodity exchanges. This has historical reasons: the first exchanges were stock exchanges. In the 19th century, exchanges were opened to trade forward contracts on commodities. Exchange-traded forward contracts are called futures contracts. These commodity exchanges 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.
For details see:
- stock exchange (securities exchange), List of stock exchanges, Category:Stock exchanges
- commodity exchange (futures exchange), List of futures exchanges, Category:Futures exchanges
- foreign exchange market
Read more about this topic: Exchange (organized Market)
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Famous quotes containing the word description:
“He hath achieved a maid
That paragons description and wild fame;
One that excels the quirks of blazoning pens.”
—William Shakespeare (15641616)
“I was here first introduced to Joe.... He was a good-looking Indian, twenty-four years old, apparently of unmixed blood, short and stout, with a broad face and reddish complexion, and eyes, methinks, narrower and more turned up at the outer corners than ours, answering to the description of his race. Besides his underclothing, he wore a red flannel shirt, woolen pants, and a black Kossuth hat, the ordinary dress of the lumberman, and, to a considerable extent, of the Penobscot Indian.”
—Henry David Thoreau (18171862)
“Whose are the truly labored sentences? From the weak and flimsy periods of the politician and literary man, we are glad to turn even to the description of work, the simple record of the months labor in the farmers almanac, to restore our tone and spirits.”
—Henry David Thoreau (18171862)