The New York Stock Exchange (NYSE), an American stock exchange, is located at 11 Wall Street in New York City. With a market capitalization (market cap) of more than US$23 trillion, the NYSE is the world’s largest stock exchange. The NYSE, also known as the “Big Board”, has more than 3,000 company listings that are traded daily. Formerly part of Euronext, it is currently owned by the Intercontinental Exchange (ICE) and is regulated by the Securities and Exchange Commission (SEC).
The National Association of Securities Dealers Automated Quotations (NASDAQ) was founded by a group of local stockbrokers in 1971. The exchange is different in that it never operated as an open outcry system. Instead, it always used a computer and telephone-based system of trading, which made it the first electronic stock exchange in the world.
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. The LTSE is focused on providing a new and innovative listings option for companies across industries and geographies. It is designed for companies concerned with short-termism in the public markets. Any company that complies with the LTSE listing standards is eligible to list. The LTSE standards are designed to attract successful, visionary enterprises with strong values and a commitment to long-term success.
To lower exchange trading fees, an investor group of 9 banks, brokerages and high-frequency trading firms will launch a new stock exchange. With SEC exchange approval commonly taking at least 12 months, the Members Exchange (MEMX) is not expected to begin trading operations until 2020.
Tne investor group includes Morgan Stanley, Fidelity Investments, Citadel Securities LLC, Bank of America Merrill Lynch, UBS Group AG, Virtu Financial Inc., Charles Schwab Corp., E*Trade Financial Corp. and TD Ameritrade Holding Corp.
MIAX PEARL Equities is expected to launch in Q2 2020, subject to SEC approval.
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). Founded in 1898, it began as the Chicago Butter and Egg Board, which was a dairy exchange. It was later renamed the Chicago Mercantile Exchange.
The CME Group 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.
Founded as Eris Exchange in July 2010, ErisX 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), MIAX PEARL and MIAX Emerald 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 .
MIAX Emerald launched trading operations on March 1, 2019. Specifically designed as a hybrid market model with pro rata allocation and maker-taker pricing, MIAX Emerald will serve to complement the market models of MIAX Options and MIAX PEARL as well as expand the MIAX Exchange Group’s trade execution capabilities into a market segment currently not offered to its member firms.
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), founded in 2004, 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.
Started in 2016, bitFlyer USA is headquartered in San Francisco, CA. It is a subsidiary of bitFlyer Inc., which operates the largest bitcoin exchange in the world.
Founded in 2011, Kraken is the largest Bitcoin exchange in euro volume and liquidity. It also trades Canadian dollars, US dollars, British pounds and Japanese yen.
Kraken was the first Bitcoin exchange to have trading price and volume displayed on the Bloomberg Terminal, the first to pass a cryptographically verifiable proof-of-reserves audit and is a partner in the first cryptocurrency bank.