The structure of the U.S. stock market outlines how equities are traded, who participates, and how the entire system is regulated. Here’s a concise breakdown:

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1. Key Stock Exchanges

These centralized platforms host the trading of publicly listed companies:

NYSE (New York Stock Exchange):

The largest stock exchange by market capitalization.

Combines traditional auction-based trading with electronic systems.

Known for listing blue-chip firms like Coca-Cola and JPMorgan.

NASDAQ:

A fully electronic exchange.

Dominated by technology-driven companies such as Apple, Microsoft, and Nvidia.

CBOE (Chicago Board Options Exchange):

Specializes in options and volatility-related financial products.

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2. Main Market Participants

Various players interact in the market:

Retail Investors:

Individual traders buying or selling through online or traditional brokers.

Institutional Investors:

Large entities like hedge funds, pension funds, and mutual funds managing significant capital.

Market Makers:

Firms that continuously provide buy and sell quotes to ensure liquidity (e.g., Citadel Securities).

Broker-Dealers:

Act as intermediaries between investors and the market (e.g., Fidelity, Robinhood).

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3. Trading Venues

Where trades are executed:

Traditional Exchanges:

Platforms like NYSE and NASDAQ where most listings and trades occur.

Dark Pools:

Private trading networks used primarily by institutions, offering anonymity and minimal market impact.

ECNs (Electronic Communication Networks):

Match buy and sell orders automatically without intermediaries (e.g., ARCA, BATS).

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4. Regulatory Framework

Oversight and enforcement are provided by:

SEC (Securities and Exchange Commission):

The primary regulator of U.S. securities markets, ensuring transparency and protecting investors.

FINRA (Financial Industry Regulatory Authority):

Regulates broker-dealers and enforces compliance among trading firms.

Federal Reserve & U.S. Treasury:

Indirectly affect markets through interest rate policies and fiscal decisions.

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5. Common Order Types

Different methods investors use to execute trades:

Market Order:

Executes instantly at the best available price.

Limit Order:

Only executes at a specified price or better.

Stop Order:

Converts into a market order once a set price threshold is reached.

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6. Trading Hours

The market operates in sessions:

Regular Trading: 9:30 AM – 4:00 PM EST (Monday to Friday)

Pre-market Trading: 4:00 AM – 9:30 AM EST

After-hours Trading: 4:00 PM – 8:00 PM EST

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