There are exchanges in London, Amsterdam, Hong Kong, Paris (the Bourse), and Zurich; also much smaller ones in South Africa and Australia. So you see that when we talk about "listed" stocks, we're covering quite a territory. Reasons (or Listing Securities Why do we have all these exchanges, and how do they work? We have them to accommodate swiftly changes in ownership in widely held securities. The reason for listing a stock or bond on an exchange is to provide it with a market where people who wish to buy or sell can, through the agency of floor brokers, arrive at a mutually satisfactory price by auction. For example, suppose on the New York Stock Exchange there are 1,000 shares of U.


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