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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 ?
The IRS has ruled that a taxpayer did not hold the relinquished property for the required qualified use, when the taxpayer received the property as a liquidating distribution from a legal entity, then immediately exchanged it for the replacement property.
Even though properties may be exchanged tax free between related parties, (54) Sec.
Example 3: The facts are the same as in Example 1 except that, on June 12, 2000, after A purchased the replacement building using the proceeds of T's $2 million nonrecourse loan, A immediately exchanged the building for T's land.
This concern was brought to the attention of many exchange advisers after In re Exchanged Titles,(24) in which an intermediary's bankruptcy trustee attempted to include parked relinquished property as an asset of the intermediary's bankruptcy estate; a bankruptcy court ultimately held that the taxpayer's equitable claim to the relinquished property could not be defeated by the trustee.
1031 treatment if the property is exchanged shortly after the distribution.
75-291, 1975-2 CB 332 (X exchanged land and factory for Y's land and a factory built solely for exchange purposes; the IRS held that X qualified for Sec.
There is tremendous demand for a neutral environment in which Internet traffic - from email to video - can be exchanged between content providers and ISPs," said Jay Adelson, CTO of Equinix.
The company intends to pay accrued interest on the exchanged securities in cash upon consummation of the exchange offer.