Editing Stock exchange (section)

==Ownership==
Stock exchanges originated as [[mutual organization]]s, owned by its member stockbrokers. However, the major stock exchanges have ''demutualized'', where the members sell their shares in an [[initial public offering]]. In this way the mutual organization becomes a corporation, with shares that are listed on a stock exchange. Examples are [[Australian Securities Exchange]] (1998), [[Euronext]] (merged with New York Stock Exchange), [[NASDAQ]] (2002), [[Bursa Malaysia]] (2004), the [[New York Stock Exchange]] (2005), {{Lang|es|[[Bolsas y Mercados Españoles]]|italic=no}}, and the [[São Paulo Stock Exchange]] (2007).

The [[Shenzhen Stock Exchange]] and [[Shanghai Stock Exchange]] can be characterized as quasi-state institutions insofar as they were created by government bodies in China and their leading personnel are directly appointed by the [[China Securities Regulatory Commission]].

Another example is [[Tashkent Stock Exchange]] established in 1994, three years after the collapse of the Soviet Union, mainly state-owned but has a form of a public corporation ([[joint-stock company]]). [[Korea Exchange]] (KRX) owns 25% less one share of the Tashkent Stock Exchange.<ref>{{cite web | url=https://www.uzse.uz/abouts/history?locale=en | title=Stages of the Republican Stock Exchange | publisher=[[Tashkent Stock Exchange]] | access-date=22 March 2019 | archive-date=29 February 2020 | archive-url=https://web.archive.org/web/20200229124356/https://www.uzse.uz/abouts/history?locale=en | url-status=live }}</ref>

In 2018, there were 15 licensed stock exchanges in the United States, of which 13 actively traded securities. All of these exchanges were owned by three publicly traded multinational companies, [[Intercontinental Exchange]], [[Nasdaq, Inc.]], and [[Cboe Global Markets]], except one, [[IEX]].<ref name=Reuters1-19>{{Cite news | url=https://www.reuters.com/article/us-wallstreet-exchange-idUSKCN1P11A6 | title=Major Wall Street players plan exchange to challenge NYSE, Nasdaq | first=Diptendu | last=Lahiri | work=[[Reuters]] | date=January 7, 2019 | access-date=8 January 2019 | archive-date=9 January 2019 | archive-url=https://web.archive.org/web/20190109012050/https://www.reuters.com/article/us-wallstreet-exchange-idUSKCN1P11A6 | url-status=live }}</ref><ref>{{Cite news | url=https://www.businessinsider.com/competition-among-exchanges-has-reached-a-new-low-and-its-dangerous-for-the-stock-market-2018-5 | title=Competition among exchanges has reached a new low, and it's dangerous for the stock market | first=John | last=Ramsay | work=[[Business Insider]] | date=May 23, 2018 | access-date=8 January 2019 | archive-date=9 January 2019 | archive-url=https://web.archive.org/web/20190109062158/https://www.businessinsider.com/competition-among-exchanges-has-reached-a-new-low-and-its-dangerous-for-the-stock-market-2018-5 | url-status=live }} (for recent history see also, {{Cite web | url=http://www.finra.org/investors/nyse-nasdaq-and-get-know-uss-stock-exchanges-part-1 | title=NYSE, Nasdaq and...? Get to Know the U.S.'s Stock Exchanges, Part 1 | publisher=[[Financial Industry Regulatory Authority]] | date=August 17, 2016 | access-date=8 January 2019 | archive-date=7 May 2019 | archive-url=https://web.archive.org/web/20190507200444/http://www.finra.org/investors/nyse-nasdaq-and-get-know-uss-stock-exchanges-part-1 | url-status=dead }}, and {{Cite web |url=http://www.finra.org/investors/get-know-uss-major-stock-exchanges-part-2 |title=Get to Know the U.S.'s Major Stock Exchanges, Part 2 |publisher=[[Financial Industry Regulatory Authority]] |date=August 17, 2016 |access-date=8 January 2019 |archive-date=7 May 2019 |archive-url=https://web.archive.org/web/20190507200442/http://www.finra.org/investors/get-know-uss-major-stock-exchanges-part-2 |url-status=dead }}</ref> In 2019, a group of financial corporations announced plans to open a members owned exchange, [[Members Exchange|MEMX]], an ownership structure similar to the mutual organizations of earlier exchanges.<ref>{{Cite news | url=https://www.wsj.com/articles/wall-street-firms-plan-new-exchange-to-challenge-nyse-nasdaq-11546866121 | title=Wall Street Firms Plan New Exchange to Challenge NYSE, Nasdaq | last=Osipovich | first=Alexander | work=[[The Wall Street Journal]] | date=January 7, 2019 | url-access=subscription | access-date=8 January 2019 | archive-date=9 January 2019 | archive-url=https://web.archive.org/web/20190109012044/https://www.wsj.com/articles/wall-street-firms-plan-new-exchange-to-challenge-nyse-nasdaq-11546866121 | url-status=live }}</ref><ref name=Reuters1-19/>