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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 ?
Some clients leave millions of dollars in the name of the QI who is to complete their exchanges.
1031(f) requires that, when a client exchanges property with a related party, both parties must hold their respective properties received in the exchange for at least two years to qualify under Sec.
Reverse exchanges also help taxpayers when a desirable replacement property that requires a quick closing suddenly becomes available, and the relinquished property is not ready for sale.
To protect from server failure and increase Exchanges availability, an active/passive Exchange server cluster can be deployed with the Microsoft Cluster Service.
CEOs once leapt at the chance to join business-to-business exchanges, fearing they would lose competitive advantage to early adopter rivals if they didn't move quickly.
PAST PROBLEMS WITH CERTAIN SECTION 1031 exchanges had led to the development of the reverse or "parking" exchange in which a third-party "warehouses" the new property until the taxpayer sells the existing property.
In recent months, major corporations have taken -- or signaled plans to take -- equity interest in business-to-business (B2B) exchanges or participate in them.
Reverse exchanges are particularly valuable when multiple properties are exchanged for a single replacement property.
Online business-to-business exchanges may hold the real key to insurers' Internet success.
Waste exchanges, also known as materials exchanges, are services that help industrial companies find buyers for leftover goods and byproducts that would otherwise be discarded.
Arbor, chairman of the Chicago Board of Trade, stated, "Like our Chicago Bulls, Chicago's financial exchanges and their members are world champions.
The second exception is mandatory but narrow in scope: a revised definition of the "all earnings and profits amount" (the measure of taxable income in certain inbound asset transfers under section 367(b)) would apply to exchanges occurring on or after August 26, 1991.