A stock market exchange is a forum provided by any organization, association, or group of persons for trading in securities representing shares of firms. a stock exchange performs two essential services. First, it provides a market for the buying and selling of stock. Second, it provides a way of monitoring the value of a stock investment portfolio.The statutory definition of exchange as specified by the U.S. Securities and Exchange Commission (SEC) is a ’market place or facilities for bringing together purchasers and sellers of securities or for otherwise performing with respect to securities the functions commonly performed by a stock exchange.’ The SEC carefully revised Rule 3b-16 to define these terms to mean any organization, association, or group of persons that: (1) brings together the orders of multiple buyers and sellers; and (2) uses established, nondiscretionary methods (whether by providing a trading facility or by setting rules) under which such orders with each other, and the buyers and sellers entering such orders agree to the terms of a trade.A particular trading system may not be recognized as an exchange, depending on the securities laws of the country. Given that differences across countries may exist with respect to legal definitions, a more detailed discussion of what constitutes a trading system is appropriate. Tbilisi, Georgia
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