In today’s fast world, you might ask: What’s at the core of the global financial system? The answer is the complex network of financial markets. These markets see trillions of dollars move every day. But what are they, and how do they impact the economy? Are they just for speculating, or do they play a bigger role in capitalism?
Financial markets are places where securities are traded. This includes the stock, bond, forex, and derivatives markets1. They’re key to capitalist economies, helping to move resources around and provide cash to businesses and entrepreneurs2. The stock market is especially important, letting companies raise money by selling shares to the public2. It also shows the health of the economy, with stock prices reflecting how investors feel and what’s happening in the economy.
Key Takeaways
- Financial markets are the backbone of the global economy, facilitating the flow of capital and the trading of securities.
- The stock market is a central component of the financial system, where companies raise capital and investors buy and sell shares.
- Major U.S. stock exchanges include the New York Stock Exchange (NYSE) and Nasdaq, which have been operating since the early 1600s1.
- Financial markets play a crucial role in predicting a company’s future performance and allocating capital efficiently2.
- The Securities and Exchange Commission (SEC) and individual state regulators oversee the U.S. stock market, ensuring fairness and transparency1.
What Are Financial Markets?
Financial markets are key places where people trade things like stocks, bonds, and currencies. They help move money around, letting people, companies, and governments get funds for investments and projects3.
There are different types of financial markets, like stock and bond markets. Each one has its own role and helps the economy work better3.
Key Takeaways
- Financial markets are where people trade things like stocks and currencies.
- These markets help move money around, helping people and businesses get funds.
- There are many types of financial markets, each with its own purpose.
- These markets are important for the economy to work well3.
The New York Stock Exchange trades a huge amount of money every day3. The forex market moves over $7.5 trillion daily, more than other markets3. There are thousands of cryptocurrencies traded online3, and commodities markets deal with things like food and metals3.
Financial markets are vital for the economy. They help put money where it’s needed and finance businesses3. Many people, from small investors to big companies, play a part in these markets3.
OTC markets let people trade without using brokers, mainly for stocks and derivatives3.
“The financial markets are the lifeblood of the global economy, enabling the flow of capital, the creation of liquidity, and the generation of returns for investors.”
In short, financial markets are key for capitalist economies. They connect those with money to those who need it, making sure resources are used well3. These markets are crucial for economic growth and progress3.
Stock Markets: Trading Platforms for Companies
The stock market is key to modern economies. It lets public companies raise money by selling shares to investors through initial public offerings (IPOs)4. After listing, companies’ shares can be traded in the secondary market. This market offers liquidity, transparency, and regulated places for trading, helping the economy flow with capital and investment.
Online brokerage platforms have changed how people invest in the stock market4. Companies like Charles Schwab and Fidelity offer commission-free trading and many educational tools. These are for investors at all levels, from beginners to experts4.
Top online brokers have gotten great reviews from experts5. E*TRADE, SoFi Active Investing, Robinhood, Webull, and Interactive Brokers were named 2024 Award Winners. They scored between 4.0 to 4.5 out of 5 stars5. Fidelity, Charles Schwab, and Vanguard also won awards, scoring 4.5 to 5.0 out of 5 stars5.
Fidelity Investments is a leader in online brokerage, being named the “Best Overall” and “Best for Low Costs” in 20246. It also won for “Best for ETFs” and “Best for Cash Management.” This shows its dedication to offering full financial services to its clients6. Charles Schwab was seen as the “Best for Beginners” in 2024, with a score of 4.76.
Interactive Brokers was picked as the “Best for Advanced Traders,” “Best for International Trading,” “Best for Algorithmic Trading,” “Best for Risk Management,” and “Best for Generating Stock Trading Ideas.” It scored 4.76. This company offers a lot and is great for complex investors6.
The stock market has changed a lot, thanks to online brokerages and more individual investors. It now offers many options and is easier to get into. The stock market is crucial for the financial world, helping move capital and investment around.
Over-the-Counter (OTC) Markets
OTC markets are places where people trade securities without a central exchange7. They handle stocks, bonds, derivatives, and even cryptocurrencies like Bitcoin and Ethereum7.
Decentralized Trading Venues
Most stock trading happens on regulated exchanges7. OTC markets are less regulated and riskier for investors7.
About 4% of OTC stocks are on the OTCQX market, which is strict and watched by the SEC7. The Pink Open Market is riskier and doesn’t require companies to report or register with the SEC, which can be risky for investors7.
OTC stocks often have low liquidity, making trades slow and expensive7. They also have less public info and can be less transparent, making fraud possible7.
OTC markets have been around since the 17th century for stock trading8. The forex market is the biggest financial market, happening over-the-counter8. Exotic options, forwards, and swaps are common OTC derivatives8.
OTC markets are flexible and easy to enter, but they lack strict reporting, limiting info for investors8. They offer access to shares from foreign companies, adding diversity to investments8.
The OTCQX is the top OTC market with strict rules8. Microcap stocks, worth $50 to $300 million, are often found here and are riskier9.
OTC companies don’t have to meet strict standards, but OTCQX and OTCQB have rules9. OTCQX needs firms to be up to date on reports, have audited finances, and not be certain types of companies9. OTCQB is for companies starting out or growing, needing to report and have audited finances9.
The Pink Market is the least regulated, with companies having different levels of info9. Grey Market securities don’t have quotes because they’re not interesting to investors or don’t meet rules978.
Bond Markets: Debt Instruments
The bond market is a key part of finance where debt like corporate and government bonds are traded. Bonds are a loan deal between the issuer and the investor. The issuer pays the investor back with interest and the full amount at the end10. This market helps governments, cities, and companies get the money they need for projects and daily work11.
Debt instruments have been around since 2400 B.C., showing a long history in the bond market10. Over time, the bond market has grown a lot. The U.S. Treasury sold bonds for World War I in the early 1900s. The Securities Exchange Act of 1934 led to the SEC’s creation11. Now, the global bond market is over $100 trillion, with many types of bonds11.
Bonds are usually seen as safer than stocks because they offer a steady income and return of principal12. But, bond prices can change with interest rates, and investors need to think about credit risk and inflation12. Spreading investments across different bonds helps manage risk11.
The bond market moves opposite to the stock market, with bond rates often going down when stocks go up11. This makes bonds a good choice for investors wanting to balance their portfolios and reduce risk12.
In August 2023, Fitch Ratings lowered the U.S. long-term rating from “AAA” to “AA+” because of fiscal issues, high debt, and governance problems10. This shows how important it is to understand the bond market and its risks10.
The bond market is vital for finance, offering cash to governments, companies, and investors worldwide11. By grasping the details of debt instruments and what affects bond markets, investors can make better choices and handle the fixed-income world well101211.
Money Markets: Short-Term Lending
The money markets are key to the financial system, helping with short-term loans and borrowing. They deal in quick, short-term financial tools like certificates of deposit, municipal notes, and U.S. Treasury bills13. Money market funds give investors a mix of these products, with deals ranging from $5 million to over $1 billion13.
Wholesale and Retail Levels
Money markets work at both big and small scales. Big trades happen between institutions at the wholesale level, while individuals can invest in money market funds and accounts at the retail level14. The wholesale market is safer but pays less, while retail offers more returns but with more risk14.
Money markets are vital for short-term financing and helping money move efficiently in the financial world14. Even though money market securities are seen as safe and easy to trade, some aren’t covered by FDIC insurance. High-credit borrowers can still not pay back their loans13.
Interest rates in money markets change a lot, depending on deposit size and term length. By July 2024, Brilliant Bank’s best money market account had a 5.35% rate, needing a $1,000 deposit13. CDs during the same time offered rates from 5.35% to 6.00%, with bigger deposits and longer terms getting better rates13.
Money market funds aim to keep their net asset value (NAV) at $1 per share. But, the NAV can drop, like during the 2008 crisis, where the Reserve Primary Fund paid out 98 cents on the dollar15. To make money market funds safer, the SEC has brought in new rules, the latest in 202315.
“The money markets play a crucial role in providing short-term financing and facilitating the efficient allocation of capital in the financial system.”
In summary, money markets are key to the financial world, offering short-term loans and borrowing at both big and small scales. They provide low-risk, easy-to-trade instruments. But, investors should watch out for risks, like money market fund NAV instability. Rules are being made to make these markets safer131415.
Derivatives Markets: Complex Financial Products
The derivatives markets are a key part of the global financial scene. They deal with financial products whose value comes from an underlying asset like stocks or currencies16. The Chicago Mercantile Exchange (CME) is a big player, offering futures and options contracts16. OTC-traded derivatives might have more risk from counterparty issues compared to those traded on exchanges16.
Futures and Options Exchanges
These markets let investors hedge risks, bet on price changes, and get into various asset classes. Futures and options are common on exchanges like the Chicago Board Options Exchange (Cboe) and the CME16. Many derivatives settle in cash, including interest rate and stock index futures16. Forward contracts are like futures but aren’t traded on an exchange, raising counterparty risk16. Swaps are used to swap cash flows, like changing a variable to a fixed interest rate16.
Derivatives can be leveraged, meaning you need little capital to control a big asset value16. This leverage can make gains or losses bigger, making derivatives complex and risky17. Experienced investors might use them to manage risk, but they can also be used for speculation, adding risks to the financial system17.
“The derivatives market is estimated at over $1 quadrillion on the high end, potentially more than 10 times the total world gross domestic product (GDP).”18
Because of their size and complexity, derivatives have faced more rules and oversight lately18. While they have economic benefits, their misuse can lead to financial instability and crises17. Investors need to think carefully about the risks and rewards of these markets161718.
Forex Market: Currency Trading
The forex market is the biggest financial market worldwide, with over $7.5 trillion traded daily1920. It’s a global network of banks, companies, and brokers trading currencies19. This market is open 24/7, 5 days a week, making it easy for traders to access through online platforms20.
Currencies are traded in pairs like USD/CAD or EUR/USD20. The market has three main parts: spot, forward, and futures markets1920. London, New York, and Tokyo are key places for trading20.
Trading in the forex market has its perks, like easy access and low costs19. But, it’s also very volatile and affected by global events20. Experts and big players are the main forces here20.
Traders can use day trading, swing trading, or scalping for quick profits21. Choosing between forex and stocks depends on your personality and goals21.
In summary, forex offers a chance for traders to make money from currency changes and diversify their investments. But, it’s crucial to be careful because of the risks, including big losses211920.
Commodities Markets: Physical Goods Trading
Commodities markets are key places where producers and consumers trade goods like food, energy, and metals. These markets help set fair prices and spread goods around the world. They also offer chances for risk management and betting on prices22.
Spot and Derivatives Markets
There are two main ways to trade commodities: spot and derivatives markets. Spot markets deal with immediate trades of goods, where both sides agree on a price and deliver the goods right away22. Derivatives markets, on the other hand, trade contracts like futures and options tied to commodities. These contracts help people manage risks and bet on price changes22.
In the U.S., big exchanges like the ICE Futures U.S., CBOT, CME, and NYMEX are key players in commodities trading22. These exchanges have helped make trading clear and fair by setting standard terms and prices23.
Commodities markets have grown bigger and more important over time. This is thanks to more global demand, new tech, and the rise of commodity funds23. Regulators must balance things to keep trade fair and stop harmful speculation22.
As the world changes, commodities markets become even more crucial. They help set prices and move goods around the globe, affecting the economy24.
“Commodities markets enable the efficient pricing and distribution of essential goods, as well as provide opportunities for hedging and speculation.”
Cryptocurrency Markets: Digital Assets
Cryptocurrency markets have grown fast, moving from being new to being a key part of finance25. They use blockchain technology for secure, decentralized ways to record and track digital assets25. These assets, like cryptocurrencies, NFTs, and more, are kept and traded on blockchains. Each one has unique public and private keys for safety25.
There are five main types of digital assets, showing the wide variety available on blockchains25. Cryptocurrencies have grown a lot, with thousands out there, with Bitcoin leading the way26. These currencies can be swapped for regular money, making them “convertible”26.
Stablecoins help control price swings by linking to stable assets or adjusting supply as needed26. NFTs are special digital items on blockchains, like the Ethereum one, showing ownership of things like art or music26.
Companies can also raise money through ICOs, IEOs, and STOs, offering tokens or coins26. These need special knowledge to understand, so it’s key to check the project’s website and white paper carefully26.
Cryptocurrency and digital asset markets use both central and decentralized exchanges, each with its own risks. Central exchanges are watched over, while decentralized exchanges don’t have a single boss27. These markets have issues like big price changes, unclear rules, and competition from new digital currencies27.
Understanding cryptocurrency markets and digital assets needs a good plan. They are changing how we think about finance and business25.
“The development of cryptocurrencies and other digital assets has the potential to transform the financial services industry and the broader economy.”
– PwC, “Understanding Cryptocurrency and Digital Assets”
Stock Exchanges and Initial Public Offerings (IPOs)
Stock exchanges are key places for buying and selling shares of companies28. When a company goes public, it does an IPO to sell shares to the public for the first time28. This helps the company get money for its operations and growth28. After the IPO, the company’s shares are traded in the secondary market, where investors buy and sell them28.
An IPO is when a company sells shares to both big and small investors for the first time28. Stock exchanges need a certain amount of shares to be available for trading, based on the share price and the number of shares sold28. The first IPO in the U.S. was the Bank of North America’s public offering around 178328. The U.S. Securities and Exchange Commission regulates IPOs under the Securities Act of 193328.
Underwriters get a fee from an IPO, which includes different parts like the Manager’s fee and Underwriting fee28. Law firms that know about securities law often help with the IPO process because of all the legal stuff28. For IPOs that are international, many underwriters work together to follow the laws of different places28.
Before 1860, most U.S. companies sold shares directly to the public without investment banks, a method called a Direct Public Offering (DPO)28. There are a few ways to sell shares in an IPO, like Best efforts contract and Firm commitment contract28.
IPO activity changes with the economy, going up and down over time29. IPOs let a company’s founders and early investors make money as the company goes public29. The price of IPO shares is set through underwriting, which changes private shares to public ones when the company goes public29.
IPOs can be expensive because of legal and marketing costs, but they let companies get money from more people and can get more money later through other offerings29. The main goal of an IPO is to make money, but it also brings benefits like more exposure, prestige, and better credit terms because of regular reports29.
Companies need to meet certain rules from exchanges and groups like the SEC before they can go public29. IPO trends can change based on the economy and certain industries, like tech IPOs did during the dotcom boom and slowed down after the 2008 crisis29.
Companies of different sizes and profits can do an IPO, based on how competitive the market is and if they can meet the listing rules for their industry29. Going from private to public involves a lot of paperwork, marketing, and setting up a board to follow rules and report correctly29.
Private info is shared with the public through the S-1 Registration Statement, which includes a prospectus with the company’s finances and IPO details that gets better until the offering date29.
An Initial Public Offering (IPO) is when a private company sells shares to the public for the first time and becomes public30. Big investors like hedge funds and banks usually buy shares in an IPO first30. After the IPO, common investors can buy shares of the new public company quickly30.
IPO is a way for a company to get money by giving up a part of itself to investors30. The process involves working with an investment bank that values the company, sets a share price, and picks a date for the IPO30. A company planning an IPO must register with exchanges and the SEC to meet all the rules30.
At first, a lot of IPO shares go to big institutions, banks, and financial firms before common investors can buy them30. When a stock goes public, company insiders might not be able to sell shares for a while, usually 180 days, due to a lockup agreement30.
Buying an IPO can be good for investors looking for big gains, but there’s a risk of the stock price dropping30. Many IPOs don’t make money because companies might be overvalued or priced wrong, causing the stock price to fall after the IPO30.
The Role of stock exchange in Financial Crises
The stock exchange is key in financial crises, like the 2008-2009 global one. The crisis was partly caused by the OTC market for mortgage-backed securities (MBS) and collateralized debt obligations (CDOs). These were complex financial tools made from mortgage loans31.
These OTC markets lacked transparency and rules, leading to a big risk buildup. This risk led to the financial system’s collapse. It shows how important stock exchanges and regulated markets are for financial stability32.
Mortgage-Backed Securities and CDOs
Before the crisis, mortgage loans were turned into MBS and then into CDOs. These were traded in opaque OTC markets, not on stock exchanges31. When the housing bubble burst and more mortgages defaulted, these securities lost value. This caused big losses for investors and worsened the crisis.
The OTC markets for MBS and CDOs were hard to understand due to their lack of transparency and rules. This made it hard for regulators and traders to see the risks. The crisis spread fast because of how these financial tools were connected worldwide.
The 2008-2009 crisis showed how crucial regulated stock exchanges are for financial stability. They offer a place for trading securities with clear rules and oversight. This helps reduce big risks32.
After the crisis, rules for OTC markets were made stricter to increase transparency and prevent future crises32.
Now, stock exchanges are vital for the global financial system. They connect capital with opportunities and help the economy grow31. As the economy changes, the role of transparent and regulated stock exchanges is more important than ever.
How the Stock Market Works
The stock market is a place where shares of companies are bought and sold33. Only companies that have had an initial public offering (IPO) can have their shares traded on places like the New York Stock Exchange (NYSE) and Nasdaq33. When you buy a stock, you’re buying a part of the company. The number of shares you own shows how much of the company you own.
Public Companies
Public companies sell shares to the public through an IPO and list them on stock exchanges33. They must share their financial info and follow strict rules, making things clear for investors. Going public lets companies get money to grow and expand.
What Are Stocks?
Stocks, or equities, are a way to own part of a public company34. You can buy and sell stocks through online brokers, often at a low cost or even for free34. Stocks let investors share in a company’s profits through dividends and could increase in value if the stock price goes up.
Investing in the stock market can help you build wealth over time34. The S&P 500 index, which tracks big U.S. companies, has made about 10% a year on average before inflation34. But, the market can be unpredictable, with prices going up and down suddenly34.
To invest in the stock market, you need to do your homework, spread out your investments, and think long-term34. Investing in index funds that follow the whole market can give you returns close to the average34. Also, mutual funds made up of stocks from different companies are popular in retirement accounts like 401(k)s34.
The stock market is key to the financial world, helping companies get money and investors share in business success35. With tools like the free stock market game, over 475,000 students are learning about and playing with the stock market35.
Major Stock Exchanges Worldwide
Many major stock exchanges around the world are key for trading shares of publicly listed companies36. In 2016, these exchanges held 87% of the global market’s value36. Twenty-one exchanges had more than US$1 trillion in market capitalization each36.
In the U.S., the New York Stock Exchange (NYSE) and Nasdaq are top exchanges. The NYSE’s market value is $25.00 trillion36. Nasdaq’s is $21.70 trillion36.
Other big exchanges are in London, Tokyo, and Shanghai. The London Stock Exchange has $3.18 trillion in market value36. The Tokyo Stock Exchange has $6.46 trillion36. The Shanghai Stock Exchange has $6.70 trillion36.
These exchanges offer places for investors to buy and sell securities. They help move money and support economic growth worldwide37. As of December 2023, 55,214 companies are traded globally. The NYSE has the biggest market cap at $25.56 trillion37.
The Tokyo Stock Exchange has a market cap of $6.15 trillion with 3,930 listed firms37. The London Stock Exchange is the ninth-biggest, with a market cap of $3.42 trillion and 1,908 listed companies37.
There are about 80 major stock exchanges worldwide37. The Amsterdam Stock Exchange is the oldest, starting in 160237.
These exchanges are vital for the global financial system. They provide a place for trading securities, help move money, and support economic growth38. The NYSE had a market capitalization of $23.12 trillion in March 2018, nearly 40% of the world’s stock market38. NASDAQ had $10.93 trillion in the same period38.
Other big exchanges include the Tokyo Stock Exchange with $6.22 trillion, the Shanghai Stock Exchange with $5.01 trillion, and the Hong Kong Stock Exchange with $4.46 trillion38.
Over-the-Counter (OTC) Trading
The OTC market is where securities trade directly between parties, without a central exchange39. It includes stocks, bonds, derivatives, and currencies, and trades billions of dollars daily39. This market is less regulated, less liquid, and more complex than traditional exchanges, making it riskier for investors.
OTC trading has different levels, each with its own rules and transparency. The OTCQX Best Market is the most regulated, while the Pink Sheets have few rules40. The OTCQB is in between, with less strict rules40. There are also “grey market” securities, not regulated and priced by broker-dealers40.
Companies often choose OTC trading for its lower costs compared to big exchanges like the NYSE or Nasdaq40. But, OTC securities often have low liquidity and wide spreads due to thin trading40. Investors should be careful due to the lack of strict rules, fraud risks, and unclear financial standards for many companies40. It’s important to research well and talk to investment experts before investing in OTC stocks39.
Despite challenges, the OTC market helps trade certain securities39. For listed stocks, OTC trades are reported and published in real-time39. OTC trades are also reported to the FINRA OTC Reporting Facility for public sharing39. FINRA shares data on OTC trading, including through Alternative Trading Systems (ATSs)39.
Most stock trading happens on regulated exchanges, offering more transparency and protection39. Investors should be cautious and research well before investing in OTC securities39.
“OTC securities are known for low liquidity, prone to wide bid/ask spreads due to thin trading volume.”
The OTC derivatives market grew a lot from the 1980s to the early 2000s41. It was driven by financial products like interest rates and foreign exchange, reaching US$601 trillion by 201041. New tech helped big financial institutions profit from derivatives and global finance41.
After the 2007 credit crisis, concerns about OTC derivatives grew, leading to new safety measures41. By 2013, cleared OTC derivatives reached $693 trillion, with a market value of $20 trillion41.
While OTC markets are important, most stock trading is on regulated exchanges, offering more safety and information39. Investors should be careful and research well before trading in OTC markets, as they are less regulated and complex39.
Other Assets Traded in Stock Markets
Stocks are the most common thing traded in stock exchanges, but there’s more. The market also includes American Depositary Receipts (ADRs), derivatives, mutual funds, and ETFs, preferred stocks, real estate investment trusts (REITs), bonds, and commodities42. Each has its own rules and ways of trading that investors need to know.
ADRs let investors buy shares of foreign companies on a U.S. exchange43. They make it easier to invest in international markets. But, ADRs must meet certain requirements to be listed without limits43.
Derivatives, like options and futures, are also big in the stock market42. They get their value from things like stocks or commodities. Investors use them to manage risk, bet on prices, or make money.
- Equity-based items, like stocks and ETFs, give you a piece of an asset42.
- Debt items, such as bonds, are long-term debts. Short-term debts include Treasury bills42.
- Currency derivatives let investors trade on currency market changes42.
The stock market also has preferred stocks, REITs, and funds based on commodities42. These can add variety to your investments, offer income, and give you a look into specific markets42.
| Asset Type | Description |
|---|---|
| American Depositary Receipts (ADRs) | Certificates that represent ownership in shares of a foreign company, traded on U.S. exchanges43. |
| Derivatives | Financial instruments that derive their value from an underlying asset, such as options and futures contracts42. |
| Mutual Funds and ETFs | Investment vehicles that pool investor assets to invest in a diversified portfolio of securities44. |
| Preferred Stocks | Equity securities that provide a fixed dividend payment and have priority over common stocks in the event of a company’s liquidation. |
| Real Estate Investment Trusts (REITs) | Companies that own, operate, or finance income-producing real estate, offering investors exposure to the real estate market. |
| Bonds | Debt securities that represent a loan to a government or corporation, providing fixed-income payments to investors42. |
| Commodities | Physical goods, such as agricultural products, metals, or energy resources, that can be traded on specialized exchanges. |
There’s a lot of variety in what you can trade in the stock market42. Knowing about these different financial instruments can help investors make better choices and improve their investment results42.
Conclusion
The stock exchange and financial markets are key to the global economy. They help move money around, let companies get funds, and offer chances for investors to grow their money45. As the stock market changes, knowing how it works and the different financial markets is vital. This knowledge helps investors, businesses, and policymakers make smart choices.
The U.S. stock market, shown by the S&P 500 Index, shows how well the market is doing. The CBOE Volatility Index (VIX) shows what people think the market will be like45. Exchange-Traded Funds (ETFs) have also grown, giving investors more ways to spread out their investments45. In India, the Bombay Stock Exchange (BSE) and the National Stock Exchange of India (NSE) are important for the corporate world. The NSE has a market value over $2 trillion46.
As financial markets change, it’s important for everyone to keep up with new trends, rules, and ways to invest47. By understanding the complex world of financial markets, people can make better investment choices. This helps the global economy grow and stay stable.
FAQ
What are financial markets?
What is the role of the stock market in the economy?
What are over-the-counter (OTC) markets?
What is the role of the bond market?
What are the key features of the money markets?
What are derivatives markets?
What is the forex (foreign exchange) market?
What are commodities markets?
What are cryptocurrency markets?
How do stock exchanges work?
How did the stock market contribute to the 2008-09 financial crisis?
What are the main components of the stock market?
What are the major stock exchanges around the world?
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- Initial public offering – https://en.wikipedia.org/wiki/Initial_public_offering
- What Is an IPO? How an Initial Public Offering Works – https://www.investopedia.com/terms/i/ipo.asp
- IPOs for Beginners – https://www.investopedia.com/financial-edge/0312/ipos-for-beginners.aspx
- Stock exchanges can be pillars of trust in a turbulent world – https://www.weforum.org/agenda/2024/01/stock-exchange-trust/
- Global Events and Their Impact on the Stock Market – https://finhabits.com/global-events-and-their-impact-on-the-stock-market/
- How Does the Stock Market Work? – https://www.investopedia.com/articles/investing/082614/how-stock-market-works.asp
- Stock Market: Definition and How It Works – NerdWallet – https://www.nerdwallet.com/article/investing/what-is-the-stock-market
- Free Stock Market Game For Students – HowTheMarketWorks – https://www.howthemarketworks.com/
- List of major stock exchanges – https://en.wikipedia.org/wiki/List_of_major_stock_exchanges
- Stock Exchanges Around the World – https://www.investopedia.com/financial-edge/1212/stock-exchanges-around-the-world.aspx
- What are the largest stock exchanges in the world? – https://www.ig.com/en/trading-strategies/what-are-the-largest-stock-exchanges-in-the-world–180905
- A Look at Over-the-Counter Equities Trading – https://www.finra.org/investors/insights/over-the-counter-equities-trading
- What Is Over-the-Counter (OTC)? | The Motley Fool – https://www.fool.com/terms/o/over-the-counter/
- Over-the-counter (finance) – https://en.wikipedia.org/wiki/Over-the-counter_(finance)
- Financial Instruments Explained: Types and Asset Classes – https://www.investopedia.com/terms/f/financialinstrument.asp
- What are stock exchanges and how do they work? | Vanguard – https://investor.vanguard.com/investor-resources-education/portfolio-management/stock-exchanges
- Exchange-Traded Funds and Products – https://www.finra.org/investors/investing/investment-products/exchange-traded-funds-and-products
- Lesson 8: Conclusion – Napkin Finance – https://napkinfinance.com/lessons/conclusion-6/
- Indian Stock Exchange Explained | Kuvera – https://kuvera.in/blog/indian-stock-exchange-explained-kuvera/
- Conclusion | The Global Securities Market: A History – https://academic.oup.com/book/38695/chapter/336140061