The New York Stock Exchange (NYSE) was founded in 1792 when 24 stockbrokers signed the Buttonwood Agreement on Wall Street in New York City. With a market capitalization that exceeds $19 trillion (2016), it is the world's largest stock exchange.
In 2007, it merged with the Euronext and in 2012, the combined entity was acquired by the Intercontinental Exchange (ICE). Its exchanges include the main board NYSE, NYSE American, NYSE Arca Equities, NYSE Arca Options, NYSE American Options, NYSE Bonds and NYSE National.
The Nasdaq has evolved dramatically since its beginnings in 1971 as primarily a US based equities exchange. With the inclusion of several stock exchanges in the United States and Europe, Nasdaq’s old world heritage includes the Philadelphia Stock Exchange (PHLX), the first exchange established in the US(1790), the Copenhagen Exchange (1808), as well as the Boston Exchange (1834).
Bats operates four stock exchanges in the US, which are the BZX Exchange, BYX Exchange, EDGA Exchange and the EDGX Exchange. The BZX Exchange, originally called the Bats Exchange, became a registered national securities exchange in October 2008. The BYX Exchange was launched in October 2010, providing an additional liquidity pool for traders to access.
In early 2014, Bats merged with Direct Edge, a US equities market operator that operated the EDGA and EDGX exchanges. Through its four equities exchanges, Bats offers four unique pools of liquidity, providing customer’s a choice when executing their trading strategies.
The Chicago Stock Exchange (CHX) is an integral part of the National Market System and it competes with all US equity markets. The CHX offers the ability to transact business in virtually all equity securities traded on the NYSE, AMEX, NASDAQ or other national securities exchanges.
It is an ideal venue for hedge funds, options market markers, quantitative traders, professional traders and active individual traders that require immediate and automated execution, in addition to serving the needs of traditional broker-dealer clients and the individual investors they represent.
The Investors Exchange (IEX) is an exchange that matches orders to buy and sell securities. It supports displayed and non-displayed trading as well as the routing of orders to other trading centers. Pending SEC approval, the IEX plans to become a primary listing exchange and support its first IEX-listed company in October 2017.
The OTC Markets provide investors with the information necessary to intelligently analyze, value and trade 10,000 US and global securities. To create clarity in the investment process, the exchange has organized these securities into three tiered markets, which are the OTCQX, OTCQB and Pink. They are organized based upon the quality and quantity of information that the companies make available.
The Long-Term Stock Exchange (LTSE) is filing with the Securities and Exchange Commission (SEC) to become a new national securities exchange. It represents a new approach to governance designed for the mutual benefit of companies and investors.
The Intercontinental Exchange (ICE) launched in 2000 with an electronic trading platform that brought more transparency and accessibility to the OTC energy markets. Soon after, it began to evolve in response to customer demand for efficiency, automation and risk management. It added global futures markets, cleared OTC products, data services and clearing houses, all of which were designed to serve the dynamic needs of market participants around the world.
CBOE Holdings, owner of the Chicago Board Options Exchange (CBOE), the Bats exchanges, CBOE Futures Exchange (CFE) and other subsidiaries, is one of the world’s largest exchange holding companies and a leader in providing global investors cutting-edge trading and investment solutions.
The company offers trading across a diverse range of products in multiple asset classes and geographies, including options, futures, US and European equities, exchange-traded funds (ETF), and multi-asset volatility and global foreign exchange (FX) products.
Bats Options is now part of the CBOE family. Bats operates two US listed cash equity options markets, which are the BZX Options Exchange and EDGX Options Exchange. By combining with CBOE, it brings together the industry leader with Bats’ market leading technology to provide the best in options trading, education, innovation and products.
The CME Group is the world's leading and most diverse derivatives marketplace, handling 3 billion contracts worth approximately $1 quadrillion annually (on average). The company provides a marketplace for buyers and sellers, bringing together individuals, companies and institutions that need to manage risk or that want to profit by accepting risk.
Its exchanges, which include the CME, CBOT, NYMEX and COMEX, offer the widest range of global benchmark products across all major asset classes, including futures and options based on interest rates, equity indexes, foreign exchange, energy, agricultural commodities, metals, weather and real estate.
The BOX Options Exchange (BOX) is an equity options market that is jointly owned by the TMX Group and a group of broker-dealers. BOX was established in 2002 and launched trading in February 2004 as an alternative to the then existing market models. Since inception, BOX has provided BOX participants with an efficient, transparent marketplace, cutting-edge technology and best price filtering for customer order execution.
The Eris Exchange is a futures exchange (Designated Contract Market) regulated by the US Commodity Futures Trading Commission (CFTC). Its US Dollar-denominated Eris Exchange Interest Rate Swap Futures contract clears at CME Clearing, embeds the cash flows of an OTC interest rate swap and provides significant capital savings to clients through portfolio margining with CME Eurodollars and Treasury futures positions.
LedgerX is an institutional trading and clearing platform that has received approval from the US Commodity Futures Trading Commission (CFTC) to trade and clear options on bitcoin. LedgerX is registered with the CFTC as a swap execution facility (SEF) and derivatives clearing organization (DCO).
It is the first federally regulated bitcoin options exchange and clearing house to list and clear fully-collateralized, physically-settled bitcoin options for the institutional market.
The Miami International Securities Exchange (MIAX Options Exchange or MIAX Options) and MIAX PEARL are wholly-owned subsidiaries of Miami International Holdings, Inc. (MIH).
The initial focus of MIH was to leverage management’s expertise and relationships in the equity options space to launch the MIAX Options Exchange, a fully electronic options exchange for the trading of Options Clearing Corporation (OCC) issued and standardized options on equities and ETFs. Trading on the MIAX Options Exchange commenced on December 7, 2012, following its approval from the Securities and Exchange Commission (SEC) as a National Securities Exchange. MIAX Options now lists and trades options on over 2,600 multi-listed classes.
MIAX PEARL is their second fully electronic options trading exchange and it leveraged the industry leading technology and infrastructure developed by MIAX to serve as a counterpart to MIAX Options by providing a price-time allocation and maker-taker pricing model. Trading on MIAX PEARL commenced on February 6, 2017 .
The Nodal Exchange is a derivatives exchange providing price, credit and liquidity risk management to participants in the North American energy markets. It is a leader in innovation, having introduced the world’s largest set of electric power locational (nodal) futures contracts. The Nodal Exchange currently offers over 1,000 futures and options contracts on hundreds of unique locations, providing the most effective basis risk management available to market participants.
The North American Derivatives Exchange (Nadex) is the leading exchange in the US offering binary options and spreads. Regulated by the US Commodity Futures Trading Commission (CFTC) and based in Chicago, with member funds held in segregated accounts in major US banks, Nadex offers secure and innovative ways to participate in the markets.
OneChicago specializes in the trading of single stock futures (SSF), which is a financial derivative that provides delta exposure to the movements of an underlying stock. Single stock futures are ideally suited to replace "agreements" in equity repo and securities lending transactions. Access to this product is gained through OneChicago’s Delta1 Trading Platform, with SSFs on more than 1,800 US listed securities.
The TeraExchange offers market participants an anonymous central limit order book (CLOB) for execution of a wide range of clearable swaps, as well as request-for-quote (RFQ), request-for-market (RFM) and indications of interest (IOI). Clearable swaps that can be traded on TeraExchange include interest rate swaps, credit default swap indices and FX cash-settled and non-deliverable forwards. Bilateral contracts include equity derivatives and bitcoin forwards.
trueEX is an electronic exchange for interest rate swaps. It was granted designation by the Commodity Futures Trading Commission (CFTC) as a Designated Contract Market (DCM) on September 25, 2012. In addition, it was granted a temporary registration to operate as a Swap Execution Facility (SEF) on September 20, 2013 and was granted full registration as a SEF on January 22, 2016.
In March 2018, it announced plans to offer derivatives on bitcoin and other digital assets in the form of a nondeliverable forward contract. The plan is under review by the CFTC, which regulates trueEX.
Since its inception in 1881, the Minneapolis Grain Exchange (MGEX) has been the principal market for Hard Red Spring Wheat (HRSW), first as a cash market then followed by futures and options. Millers, exporters, elevators, farmers and speculators look to the MGEX when they trade HRSW wheat.
In addition to HRSW contracts, the MGEX also offers an apple juice concentrate (AJC) contract as well as index-based contracts. Index futures and options contracts are offered on hard red spring wheat (HRSI), hard red winter wheat (HRWI), soft red winter wheat (SRWI), corn (NCI) and soybeans (NSI).
GDAX offers institutions and professionals the ability to trade a variety of digital currencies like Bitcoin, Ethereum and Litecoin on a fully regulated US based exchange.