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Stock exchange
A regulated marketplace where securities are bought and sold.
A stock exchange brings buyers and sellers of securities together under fair, supervised rules. Well-known venues include Xetra in Frankfurt, the London Stock Exchange, and the NYSE and Nasdaq in New York.
Each exchange has its own trading hours. Outside them the price there does not move; news shows up at the next open, often as a gap. Your broker routes your orders to an exchange or another trading venue.