exchange

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Exchange

Stock Exchange

A place, whether physical or electronic, where stocks, bonds, and/or derivatives in listed companies are bought and sold. A stock exchange may be a private company, a non-profit, or a publicly-traded company (some exchanges have shares that trade on their own floors). A stock exchange provides a regulated place where brokers and companies may meet in order to make investments on neutral ground. The concept traces its roots back to medieval France and the Low Countries, where agricultural goods were traded for cash or debt. Most countries have a main exchange and many also have smaller, regional exchanges. A stock exchange is also called a bourse or simply an exchange.

exchange


exchange

See swap.

Exchange.

Traditionally, an exchange has been a physical location for trading securities. Trading is handled, at least in part, by an open outcry or dual auction system.

Two examples in the United States are the New York Stock Exchange (NYSE), which has the largest trading floor in the world, and the Chicago Board Options Exchange (CBOE).

However, the definition is evolving. Traditional exchanges handle an increasing number of trades electronically, off the floor. Nasdaq and other totally electronic securities markets, without trading floors, have exchange status.

As a result, the terms exchange and market are being used interchangeably to mean any environment in which listed products are traded.

The term exchange also refers to the act of moving assets from one fund to another in the same fund family or from one variable annuity subaccount to another offered through the same contract.

exchange

see MARKET, BARTER.

exchange

  1. 1the transfer of the right to own or use goods and services. Exchange is necessary in specialized economies (see SPECIALIZATION). In simpler specialized economies, exchange can take the form of BARTER. In more complex specialized economies exchange is undertaken through MARKETS, where the right to own or use goods and services is bought and sold. See TRANSACTION.
  2. the means of financing the purchase of goods and services in a market. See MONEY, FOREIGN EXCHANGE.

exchange

Parties may exchange like-kind properties and not pay any income taxes at the time of the exchange but, instead, defer them until the later sale of the exchanged property. See 1031 exchange.

Exchange

A transfer of property for other property or services. Some exchanges produce currently taxable income while others can be structured so as to defer any tax liability.
References in periodicals archive ?
I propose to introduce the expected exchangeability condition that is satisfied if the expected effect of all permutations of the original sample is equal to each other and to that of the original sample.
The last column contains data about the exchangeability of each row with an exact answer to the query given within example 2.
However, unless the goal of restoration efforts is to recreate the past, it may be unnecessary, even inadvisable, to obtain historical data because only current ecological and genetic exchangeability contribute to future population persistence.
RED) attempts to form a visible and transparent social context for its products, allowing for understandings of exchangeability and value that differ from usual conceptions of use-value.
The relative distances covered by the two balls gives a mental picture of the exchangeability of the nutrient.
Lane, Vice Chairman and head of the firm's Asset Management group, said the new family of funds creates "value-added for our investors by providing easy access and exchangeability.
Providing exchangeability between the two fund families gives investors a more complete line of investment solutions to choose from in constructing a well-diversified portfolio.
said, "It is of great significance that OSF, UI and USLP have agreed on using common Japanese EUC codes for improving exchangeability of data in Japanese.
JennisonDryden mutual fund shareholders and Strategic Partners mutual fund shareholders will enjoy the benefit of exchangeability between the two fund families, increasing their ability to create an effective long-term asset allocation strategy.
Now suppose that, despite the free exchangeability of apples and
n] stand in a definite physical relation of exchangeability, such that any member of A can be replaced by a definite member of B or C without the capacity of work of the physical system in which the substitution is assumed being thereby changed.