The U.S. equities marketplace is the largest, most competitive and complex in the world. While its function has remained the same, it has dramatically transformed over the past two decades. Learn how these changes impact listed companies and U.S. investors.



“A blue chip stock can
now be traded on more than
60 different venues”


    Benefits of U.S. Market Structure

  • Among the most diverse and resilient in the world, with investors not needing to rely on a single exchange or other trading venue.
  • Investment professionals and retail investors benefit from lower cost transactions due to innovation and efficient pricing - the result of greater competition.

    Costs

  • Technology, connectivity and market data costs have risen for investment professionals to facilitate trading to all the disparate trading venues.
  • Order flow is fractured across the licensed exchange groups (60% of trading) and the 50+ alternative trading systems (40% of trading).



The Role of
Public Exchanges

Licensed exchanges – like the NYSE and Nasdaq – are the backbone of our equity markets. They provide public companies with access to capital. Investors benefit from highly regulated markets with efficient, transparent prices.

Exchanges also provide the quotes and prices that the entire market relies upon. This includes broker dealers which use the prices formed on exchanges to internalize their clients’ orders and facilitate trading in their dark pools.

NYSE’s key functions:

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