Hands-On Machine Learning for Algorithmic Trading

Marketplaces

Trading in financial instruments occurs in organized, mostly electronic exchanges, and over the counter. An exchange is a central marketplace where buyers and sellers meet, and buyers compete with each other for the highest bid while sellers compete for the lowest offer.

There are many exchanges and alternative trading venues across the US and abroad. The following table lists some of the larger global exchanges and the trading volumes for the 12 months concluded 03/2018 in various asset classes, including derivatives. Typically, a minority of financial instruments accounts for most trading:

Exchange	Stocks
	Market Cap (USD mn)	# Listed Companies	Volume / Day (USD mn)	# Shares / Day ('000)	# Options / Day ('000) ...