An exchange is a private financial institution which provides a marketplace for trading financial instruments (stocks, bonds, derivatives).

An exchange is an distributed market place for trading financial instruments (stocks, bonds, derivatives) which is governed by market rules. It can have different locations but one market.

An exchange is an information platform for processing post trade transactions.

An exchange is an organized market place for trading financial instruments (stocks, bonds, derivatives) which is governed by market rules. All trading is to be centralized.

An exchange is an information system which transfers legal ownership, and informst Central banks about that change of ownership.

An exchange is a public financial institution which provides a marketplace for trading financial instruments (stocks, bonds, derivatives).