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Stock exchange
Investierenab 13 J.
A marketplace for securities (stocks, ETFs, bonds). On the stock exchange, buyers and sellers meet and trade at market prices.
The stock exchange (Börse) is an organised marketplace where securities are bought and sold. It used to be physical (traders shouted prices at each other); today it is almost entirely electronic.
The most important exchanges: New York Stock Exchange (NYSE, the world's largest), NASDAQ (tech-focused), Frankfurt Stock Exchange (Germany's largest), London Stock Exchange, Tokyo Stock Exchange.
How it works: if you want to buy a share, you place an order (buy order). The exchange looks for a seller at the same price – if both agree, the trade is executed. Today this often takes just milliseconds.
Did you know? The Frankfurt Stock Exchange was founded in 1585 by 84 merchants who simply wanted to agree on uniform exchange rates for 9 types of coins.
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