When a company decides to issue stock to raise capital, one of the most important things it has to decide is where that stock will be traded. Most stocks are traded on exchanges, which are places where buyers and sellers get together and decide on a price. Some exchanges are physical locations, where buyers and sellers make their transactions on a trading floor; others are virtual locations, consisting of a network of computers. Each of the exchanges is different, and all have evolved over the years.
The New York Stock Exchange >>