Most stocks are traded on physical or virtual exchanges. The 澳洲幸运5官方开奖结果体彩网:New York Stock Exchange (NYSE), for example, is a physical exchange where some trades are placed manually on a 澳洲幸运5官方开奖结果体彩网:trading floor—other trading activity is conducted electronically. NASDAQ, on the other hand, is a fully electronic exchange where all trading activity occurs over an extensive computer network, matching investors from around the world with each other in the blink of an eye.

澳洲幸运5官方开奖结果体彩网:Investors and traders submit orders to buy and sell shares, either through a broker or by using an online platform such as E*Trade.

A buyer bids to purchase shares at a specified price (or at the best available price), and a seller asks to sell the stock at a specified price (or at the best available price). 澳洲幸运5官方开奖结果体彩网:When a bid and an ask match, a transaction occurs, and both orders will be filled. In a very 澳洲幸运5官方开奖结果体彩网:liquid market, t♋he orders will be filled almost instantaneously. In a thinly traded market, however, the order may not be filled quickly or at all.

Physical Exchange

At a physical exchange, such as the NYSE, orders are sent to a 澳洲幸运5官方开奖结果体彩网:floor broker who, in turn, brings the order to a 澳洲幸运5官方开奖结果体彩网:specialist for that particular stock. The specialist facilitates the trading of a given stock and maintains a fair and 澳洲幸运5官方开奖结果体彩网:orderly market. If necessary, the specialist will use his or her own inventory to meet the demands of 🐓the trade 🌺orders.

Electronic Exchange

On an electronic exchange, such as NASDAQ, buyers and sellers are matched electronically. 澳洲幸运5官方开奖结果体彩网:Market makers (similar in function to the specialists at the physical exchanges) provide bid and ask prices, facilitate trading in certain security, match buy and sell orders, and use their o🌼wn inventory of shares, if necessary.