Archipelago was an early ECN that later merged with the New York Stock Exchange to create the NYSE Arca exchange.

Archipelago was an electronic communications network (ECN) that merged with the New York Stock Exchange (NYSE) in 2006 to become the NYSE Arca Exchange. The exchange quickly gained popularity with institutional trading firms for its execution speed and the anonymity provided by the electronic trading platform, before merging with the NYSE to form the NYSE Arca Exchange. Archipelago was an electronic communications network (ECN) that merged with the New York Stock Exchange (NYSE) in 2006 to become the NYSE Arca Exchange. In March 2000, Archipelago partnered with the Pacific Exchange (PCX) to form the Archipelago Securities Exchange, trading stocks listed on the NYSE, the NASDAQ, and the American Stock Exchange (AMEX). The NYSE Arca, on the other hand, has capitalized on the growing popularity of exchange traded products (ETPs), a category that includes exchange traded funds (ETFs), exchange traded notes (ETNs), and exchange traded vehicles (ETVs).

Archipelago

The Better Alternative Trading System (BATS) is a U.S.-based stock exchange offering investors equities, options, and foreign exchange trading services.

CBOE Holdings Announces Close of Acquisition of Bats Global Markets

Bats Reports Strong Market Share Across All Markets in July; Remains #1 in U.S. ETF Trading, #1 Pan-European Stock Market

Bats Global Markets Completes Acquisition of Chi-X Europe

Self-Regulatory Organizations; BATS Exchange, Inc.; BATS-Y Exchange, Inc.; Order Granting Approval of Proposed Rule Change in Connection With the Proposed Business Combination Involving BATS Global Markets, Inc. and Direct Edge Holdings LLC

When it entered the European market in 2008, the company was rebranded as Bats Global Markets.
Better Alternative Trading Systems was rebranded to Bats Global Markets in 2008 when the exchange made a foray into European markets. In 2016, Bats had become the second-largest U.S. equity exchange by market share and was the largest exchange-traded fund (ETF) exchange. Bats Global Markets was a U.S.-based exchange that listed several different types of investments, including equities, options, and foreign exchange. CBOE now operates four U.S. options markets, CFE, two European equities markets, four U.S. equities markets, and two foreign exchange markets.

Better Alternative Trading System (BATS)

Big Board is a nickname for the New York Stock Exchange (NYSE).

Trading Information: Market-Wide Circuit Breakers

The "Big Board" is a nickname for the New York Stock Exchange (NYSE), located at 11 Wall Street, New York City, New York. The NYSE’s Board of Directors monitors its members and listed companies; however, the Big Board is still subject to a wide range of regulations from several federal agencies, including the Federal Reserve, and the Securities and Exchange Commission (SEC).﻿﻿ Big Board, also known as the New York Stock Exchange (NYSE), is the first and most popular stock exchange in the world. The Big Board is the world's largest stock exchange in terms of the market capitalization of its listed stocks, and two of the NYSE buildings are designated as National Historic Landmarks. When the prices of any listed securities move up or down rapidly, the Big Board may restrict trading to reduce the large number of program trades that occur in an average trading session.

Big Board

A Bloomberg terminal is a computer system offering access to Bloomberg's investment data service, news feeds, messaging, and trade execution services.

A Bloomberg terminal is a computer system that allows investors to access the Bloomberg data service, which provides real-time global financial data, news feeds, and messages. Developed by businessman Michael Bloomberg, a Bloomberg terminal is a popular hardware and software system that allows investors access to real-time market data, investing analytics, and proprietary trading platforms. A Bloomberg terminal is a computer system that allows investors to access the Bloomberg data service, which provides real-time global financial data, news feeds, and messages. The terminal includes both a hardware and software system and is a Windows-based application, making it compatible with the popular Excel program, a very important aspect of the system for those in the finance industry.
Bloomberg also offers users access to the application online and through mobile devices, via its Bloomberg Anywhere service. The largest competitor to the Bloomberg terminal is Thomson Reuters, which started offering its Reuters 3000 Xtra electronic trading platform in 1999, which was replaced by the Eikon platform in 2010.

Bloomberg Terminal

A blotter is a record of trades, including details of those trades, made over a period of time (usually one trading day).

A blotter (also called a deal blotter or trade blotter) is a physical or digital record of all trades made over a period of time (usually one trading day) along with their relevant details. A blotter (also called a deal blotter or trade blotter) is a physical or digital record of all trades made over a period of time (usually one trading day) along with their relevant details. It separates out its trades by type of investment and generates a trading blotter for each investment for the time period requested by the SEC. A blotter can be used with or in place of a trading journal by traders who utilize it to improve their trading techniques and strategies. Each spreadsheet (usually using Excel) contains details of the trade as shown below.
Example of a Blotter Template
Client name
Settlement Date
Net Proceeds
In the case of fixed-income securities, such as bonds,

Blotter

A bourse is a market organized for the purpose of buying and selling securities, commodities, options and other investments.

A bourse is a market organized for the purpose of buying and selling securities, commodities, options and other investments. Today, the word bourse can be found attached to exchanges such as the Paris stock exchange and the Iranian oil exchange. Officially published statements by Iranian oil minister Gholamhossein Nozari refer to a second phase of the Kish Bourse that will establish trading in crude oil directly. It consists of the main exchange, equivalent to the New York Stock Exchange, plus the Matif (the derivatives exchange) and the Monep (the equity and index options market). The Paris Bourse and seven other major European bourses agreed to form a partnership in 1999 that would create a pan-European stock exchange.

Bourse

A conditional listing application (CLA) is an interim step in the listing process for the Toronto Stock Exchange (TSX). 

Largest Stock Exchange Operators Worldwide as of Mar 2020, by Market Capitalization of Listed Companies

Merger of TSX Group Inc. and Bourse de Montréal Inc

Special Purpose Acquisition Corporation (SPAC)

A conditional listing application (CLA) is an interim step in the listing process for a company that seeks to be listed on the Toronto Stock Exchange (TSX). A conditional listing application (CLA) is an interim step in the listing process for a company that seeks to be listed on the Toronto Stock Exchange (TSX). A conditional listing application refers to a step a company must fulfill prior to listing on the Toronto Stock Exchange (TSX). Upon approval of the application for a TSX listing by the exchange's listing committee, the company's legal counsel is provided with a letter of conditional approval. The conditional listing application refers to the combination of the TSX listing agreement and the company's prospectus.

Conditional Listing Application (CLA)

Dark pool liquidity is the trading volume created by institutional orders executed on private exchanges and unavailable to the public.

Dark pool liquidity is the trading volume created by institutional orders executed on private exchanges; information about these transactions is mostly unavailable to the public. Some traders who employ strategies that are partially based on the liquidity of the market feel that information about dark pool liquidity should be made available to the public—and not kept private—in order to make the stock market fairer for all parties involved.
The dark pool gets its name because details of these trades are concealed from the public until after they are executed; these transactions are obscure like dark, murky water. Some traders who employ strategies that are partially based on the liquidity of the market feel that information about dark pool liquidity should be made available to the public—and not kept secret—in order to make the stock market more transparent for all parties involved. Although they are legal, dark pools operate with little transparency; as a result, dark pools are oft-criticized by those in the finance industry who believe that these elements convey an unfair advantage to certain players in the stock market. For traders with large orders who are unable to place them on the public exchanges—or who simply want to avoid telegraphing their moves to their competitors—dark pools provide a market of buyers and sellers with the liquidity to execute the trade.

Dark Pool Liquidity

A stock is said to have a deep market if it trades in a high volume with only a small difference between the bid price and the ask price.

A stock or other security is said to have a deep market if it trades in a high volume with only a small spread, or difference, between the bid price and the ask price. The terms deep market or thin market usually refer to an individual stock or other security but may also be used to describe an entire exchange, market, or industry, such as an emerging country market. For example, a trader may use market depth data to understand the bid-ask spread for a security, along with the volume accumulating above both figures.
Not every stock that trades in a high volume has good market depth. A stock or other security is said to have a deep market if it trades in a high volume with only a small spread, or difference, between the bid price and the ask price. On any given day there may be an imbalance of orders large enough to create price volatility even for stocks with the highest daily volumes.
Having real-time market depth information can help a trader profit from short-term price volatility.

Deep Market

A designated market maker is obligated to maintain fair and orderly markets for the listed firms assigned to them.

A designated market maker (DMM) is a market maker responsible for maintaining fair and orderly markets for an assigned set of listed stocks. According to NYSE, the DMM serves three important functions:
Manage a physical auction along with an automated auction, which includes electronic quotes from other DMMs and market participants
Meet NYSE market depth and continuity standards
Encourage participation and improve market quality by keeping quotes in-line with floor broker quotes
As trades are made and quotes get filled on bids and offers, the DMM works to balance their inventory accordingly. A designated market maker (DMM) is a market maker responsible for maintaining fair and orderly markets for an assigned set of listed stocks. Formerly known as specialists, the designated market maker is the official market maker for a set of tickers and, in order to maintain liquidity in these assigned stocks, will take the other side of trades when buying and selling imbalances occur. Designated market makers do not have access to information on who has bought or sold a security until after the trade is made, meaning that the DMM does not have inside information and faces the same risks as other market participants.

Designated Market Maker (DMM)

ECN is an electronic system that matches buy and sell orders in the markets eliminating the need for a third party to facilitate those trades.

Table of Contents
Expand Finally, the wider spreads may complicate the process of calculating break-even and stop-loss points for some investors.
Allows investors to trade outside traditional trading hours
Provides wider spreads than traditional brokers
Less user-friendly platforms than traditional brokers
Harder to calculate break-even points because of wider spreads
Along with ECNs Whereas ECNs provide liquidity by connecting investors with a number of parties—whether brokers or other retail investors—in order to complete a trade, STP brokers are automated brokers that provide traders with the ability to skip the middle man, but only through select liquidity providers. What Is an Electronic Communication Network (ECN)?
Understanding an Electronic Communication Network (ECN)
Advantages and Disadvantages of Electronic Communication Networks
Special Considerations
Examples of ECNs
ECNs vs. Market Markers
ECN Trading FAQs Without ECNs, it would take considerably longer for buyers and sellers to be matched with one another, making it more difficult to enter or exit positions and adding to the costs and risks of trading.
ECNs connect major brokerages and individual traders so they can trade directly between themselves without going through a middleman.

Electronic Communication Network (ECN)

Enterprise application integration is the alignment and translation of data and other commands from one application format into another. 

Enterprise application integration is the translation of data and other commands from one application format into another. Enterprise application integration is important because it allows the various departments or components of a company or network to share information, exchange data and coordinate resources. Enterprise application integration is important because it allows the various departments or components of a company or network to share information, exchange data and coordinate resources. Enterprise application integration is an ongoing process between two incompatible systems, which can involve hardware components, software applications, or a combination of both. Enterprise application integration is an ongoing process between two incompatible systems, which can involve hardware or software components, or both.

Enterprise Application Integration

An entity trading account is a dedicated account type belonging to a legal entity such as a corporation or limited partnership.

Publication 535 (2020), Business Expenses

An entity trading account is a dedicated account type belonging to a legal entity, such as a corporation or limited partnership. Entity trading accounts may be suitable for individual investors who actively trade or day trade and want to set up a legal trading business in order to take advantage of certain tax deductions. A hedge fund, for instance, may not choose not to do business with an individual through their vanilla brokerage account but may consider engaging in transactions with a serious individual investor who manages their assets with an entity-linked trading account. A person or group of persons that starts a legal trading business and opens an entity trading account may also change their accounting methods or legal structure by dissolving and re-forming the business. Entity trading accounts have certain advantages over individual trading accounts, such as tax deductions and certainty in tax law.

Entity Trading Account

FactSet Research Systems, or FactSet, is a company that provides computer-based financial data and analysis for financial professionals.

FactSet Research Systems provides computer-based financial data and analysis for financial professionals, including investment managers, hedge funds, and investment bankers. The business unit located in the United States provides financial solutions to financial professionals as well as domestic financial institutions. FactSet Research System is a financial data and software company that provides research for Wall Street professionals and individual investors. FactSet offers products that take care of market analytics, financial content, financial screening, customized data analytics, and more.

FactSet

In investing, a filter is a criterion used to narrow down the number of options to choose from within a given universe of securities.

In investing, a filter is a criterion used to narrow down the number of options to choose from within a given universe of securities. Emma is a value investor with a clearly defined investment strategy: she aims to purchase only Canadian and American dividend-paying companies that are trading at a price-to-book (P/B) ratio of no more than 1.00. This produces a vast list of companies, so she adds an additional factor in order to further refine her results: filtering out all companies that do not offer a dividend yield of at least 1%. Once these general parameters are put in place, the investor can then apply increasingly specific filters so that the remaining companies closely match their chosen investment strategy. For instance, a North American investor who does not wish to trade in any foreign stocks might begin by filtering out all companies except those that are listed on American or Canadian stock exchanges.

Filter

Goldman 360 is a business platform by Goldman Sachs widely used by investment managers to assist with money management and trading performance. 

Goldman 360 is a business platform developed by Goldman Sachs that is widely used by investment managers to assist them with money management and maximizing trading performance. Goldman Sachs is a multinational finance company that does business in investment banking, trading, securities and several other financial areas, including mergers and acquisitions, asset management, prime brokerage and securities underwriting. Investors and investment managers rely on these research reports to understand the economic trends and problems that affect the performance of their investment portfolios, and the companies, markets and industries available to them as investors and investment managers. The Goldman Sachs Global Investment Research division provides market analysis and insights for investment managers working with fixed income, equity, securities, currency and commodities in 25 stock markets and 50 economies around the world. Goldman 360 is a business platform developed by Goldman Sachs that is widely used by investment managers to assist them with money management and maximizing trading performance.

Goldman 360

The Industry Classification Benchmark (ICB) is a system for categorizing stocks by industry and sector, developed by Dow Jones and FTSE.

The Industry Classification Benchmark (ICB) is a system for assigning all public companies to appropriate subsectors of specific industries. The ICB is adopted by stock exchanges including Euronext, NASDAQ OMX, London Stock Exchange, Taiwan Stock Exchange, Johannesburg Stock Exchange, Borsa Italiana, Singapore Stock Exchange, Athens Stock Exchange, SIX Swiss Exchange, Cyprus Stock Exchange, and Boursa Kuwait. Stock exchanges around the world adopt one of two competing classification systems:
The ICB was developed by Dow Jones in partnership with the Financial Times Stock Exchange (FTSE). The Toronto Stock Exchange, the Australian Stock Exchange, and the NOREX Alliance are among those that use the GICS standard. The ICB competes with the Global Industry Classification Standard (GICS) for equities, which was developed in a partnership between Standard & Poors and Morgan Stanley Capital International.

Industry Classification Benchmark (ICB)

A market identifier code (MIC) is an international indicator that identifies stock markets and trading exchanges for trading computers. 

A market identifier code (MIC) is a four-character code used to identify stock markets and other trading exchanges within global trading and referencing computer systems. A market identifier code (MIC) is a four-character code used to identify stock markets and other trading exchanges within global trading and referencing computer systems. For each market segment MIC, there is a parent MIC, also known as an operating MIC. The code is unique, includes four characters, starting with a randomly-assigned alphanumeric character, followed by a three-digit code to signify the market, such as XNAS for the Nasdaq market. An operating MIC, in turn, identifies the entity that operates an exchange, trading platform, regulated or non-regulated market, or a trade reporting facility in a specific country.

Market Identifier Code (MIC)

Mobile trading refers to the use of wireless technology in securities trading and allows investors to use their smartphones to trade.

Mobile trading refers to the use of wireless technology in securities trading. While mobile devices, such as Android phones and iPhones, have always allowed users to check the performance of the stock market, mobile trading apps provide access to online trading platforms, which can be utilized to execute trades instantly from anywhere. As one of the first companies to pioneer online trading from desktops, TD Ameritrade now offers a variety of mobile apps for trading and investing, which can be tailored to specific trading or investing styles and needs. Mobile trading allows investors to access trading platforms from their telephones rather than being confined to traditional trading methods via computer. Mobile trading refers to the use of wireless technology in securities trading and allows investors to use their smartphones to trade.

Mobile Trading

Nasdaq Intermarket was an electronic marketplace where National Association of Securities Dealer members could trade, communicate, and receive quotes. 

Nasdaq Announces Intention to Withdraw From Its Plan

Nasdaq Intermarket was a system that was implemented and managed by Nasdaq to allow for networking, communication, and trading activity among those participating in several markets via electronic means. Nasdaq Intermarket relied on the Intermarket Trading System (ITS), which was an electronic network linking the trading floors of several markets, allowing for real-time communication and trading between them.
The purpose of Nasdaq Intermarket was to create an electronic marketplace where traders could communicate and receive quotations on the New York Stock Exchange (NYSE) and the American Stock Exchange (ASE).
By connecting several stock exchanges, the Intermarket Trading System gave traders access to additional buyers and sellers, increasing liquidity and competition, and increasing available investing capital.
In 2005, Nasdaq announced that it would be withdrawing from the Intermarket Trading System as it believed new technological advances made the system obsolete.
Nasdaq now utilizes its own system known as the Nasdaq Market Center Execution System.
Nasdaq Intermarket was an electronic marketplace where the National Association of Securities Dealer members could execute trades, communicate, and receive quotations on stocks listed on the New York Stock Exchange (NYSE) and the American Stock Exchange (ASE). Nasdaq Intermarket was a system that was implemented and managed by Nasdaq to allow for networking, communication, and trading activity among those participating in several markets via electronic means. Formerly known as Nasdaq's third market, Nasdaq Intermarket used Nasdaq's Computer Assisted Execution System to connect buy and sell orders. Since its acquisition of Brut, Nasdaq has integrated that system with other tools including SuperMontage and INET to form a comprehensive system that was at one point known as Single Book, later to be referred to as the Nasdaq Market Center Execution System.

Nasdaq Intermarket

Comprised of more than 3000 companies, the Nasdaq National Market (Nasdaq-NM) was what most people thought of when they referred to the Nasdaq. 

U.S. Securities and Exchange Commission, Form 10-K: The Nasdaq Stock Market, Inc.

U.S. Securities and Exchange Commission Form 10-K: The Nasdaq OMX Group, Inc.

NASDAQ Names Companies to The NASDAQ Global Select Market

National Association of Securities Dealers (NASD)

Who We Are: Nasdaq Commodities is the Brand Name for Nasdaq Inc.'s Worldwide Suite of Commodity Related Products and Services

Each tier was given a brand new name:
**Nasdaq Capital Market:** formerly known as the Nasdaq SmallCap Market for small-cap companies
**Nasdaq Global Market:** previously part of the Nasdaq National Market for about 1,450 mid-cap stocks
* The Nasdaq NM was broken up into two new tiers in June 2006: The Nasdaq Global Market for mid-caps and the Nasdaq Global Select Market for large-caps. The Nasdaq-NM was broken up into two new tiers in 2006, the Nasdaq Global Select Market and the Nasdaq Global Market. *Nasdaq Global Select Market:** the newest tier, which was previously part of the Nasdaq National Market, and lists about 1,200 large-cap companies

Nasdaq National Market (Nasdaq-NM)

The Nasdaq-100 Pre-Market Indicator (PMI) gives an indication of the opening price for the Nasdaq 100 each trading day.

The Nasdaq-100 Pre-Market Indicator (PMI) reflects trading activity based on pre-market open prices for the Nasdaq 100 Index, and gives an indication of the opening price for the index each trading day. The Nasdaq-100 Pre-Market Indicator (PMI) reflects trading activity based on pre-market open prices for the Nasdaq 100 Index, and gives an indication of the opening price for the index each trading day. The Nasdaq-100 Pre-Market Indicator (PMI) helps investors gauge pre-market trends, based on market reaction to overnight news, and uses these trends to help predict the opening price for the index. The Nasdaq-100 Pre-Market Indicator (PMI) provides direct insights for Nasdaq 100 stocks but is also an important tool to gauge pre-market sentiment for the overall stock market. Nasdaq developed the indicator to give investors and traders a better view of market activity prior to the official open at 9:30 a.m. EST, based on actual price and volume data for Nasdaq 100 stocks.

Nasdaq-100 Pre-Market Indicator

NEX is a separate board on the TSX Venture exchange for listed companies that no longer meet the TSX Venture's ongoing listing standards. 

Notice Commission Approval of the Toronto Stock Exchange Inc. Acquisition of Canadian Venture Exchange Inc

NEX is a separate board on the TSX Venture stock exchange that provides a unique trading forum for listed companies that no longer meet the TSX Venture's ongoing listing standards. The TSX Venture Exchange was formerly known as the Canadian Venture Exchange before it was acquired and renamed by the TSX Group in 2001.﻿﻿ The TSX Group was renamed the TMX Group shortly afterward. NEX is a separate board on the TSX Venture stock exchange that provides a unique trading forum for listed companies that no longer meet the TSX Venture's ongoing listing standards. Both the Canadian Venture Exchange and the TSX Venture Exchange focused on companies that were too small to be listed on the Toronto Stock Exchange, which is also owned by the TMX Group. The companies listed on the NEX board tend to have low levels of business activity compared to those on the TSX Venture Exchange.

The NASDAQ Global Market Composite is an equity index of nearly 1,500 global stocks.

The NASDAQ Global Market Composite is an international stock market index comprising 1,450 stocks that represent the NASDAQ Global Market. The NASDAQ had three distinct tiers:
1.  The NASDAQ Global Select Market (NQGS)
2.  The NASDAQ Global Market
3.  The NASDAQ Capital Market
Requirements for inclusion in the NASDAQ Global Select Market are the most stringent, and requirements for the NASDAQ Global Market are more stringent than those for the NASDAQ Capital Market. The NASDAQ Global Market Composite stock market index was established by NASDAQ in 2006 when the Nasdaq National Market split into two tiers, the Nasdaq Global Market and the Nasdaq Global Select Market. The origin point of the NASDAQ Global Select Market Composite was the NASDAQ National Market Composite Index, which began in 1984 and was ultimately replaced by the NASDAQ Global Select Market Composite Index. The Composite is composed of three distinct tiers: The NASDAQ Global Select Market, the NASDAQ Global Market, and the NASDAQ Capital Market.

NASDAQ Global Market Composite

The NASDAQ Global Select Market Composite is a market capitalization-weighted index of over 1,400 stocks that represent the NASDAQ Global Select Market.

NASDAQ Global Select Market Composite (NQGS)

The NASDAQ Global Select Market Composite is a market capitalization-weighted index made up of U.S.-based and international stocks that represent the NASDAQ Global Select Market. The NASDAQ is composed of three distinct tiers: The NASDAQ Global Select Market, the NASDAQ Global Market, and the NASDAQ Capital Market. The NASDAQ has three distinct tiers: The NASDAQ Global Select Market, the NASDAQ Global Market, and the NASDAQ Capital Market. The NASDAQ Global Select Market Composite is a market capitalization-weighted index made up of U.S.-based and international stocks that represent the NASDAQ Global Select Market. The NASDAQ Global Select Market Composite is a market capitalization-weighted index consisting of about 1,400 stocks that represent the NASDAQ Global Select Market.

NASDAQ Global Select Market Composite

The OTCBB is a regulated quotation service for OTC securities provided by the Financial Industry Regulatory Authority (FINRA) to its members.

Release No. 34-90067; File No. SR-FINRA-2020-031

S.647 - Securities Enforcement Remedies and Penny Stock Reform Act of 1990

The over-the-counter bulletin board (OTCBB) is an electronic quotation service provided by the Financial Industry Regulatory Authority (FINRA) to its subscribing members for over-the-counter (OTC) trade data for U.S. stocks. There are two key risks to trading OTC stocks: the first is the poor liquidity, as they are thinly traded; and the second is the lack of reliable information available about the company.
OTC stocks are not available on RobinHood, although the trading app does allow the trading of certain penny stocks. The over-the-counter bulletin board (OTCBB) is an electronic quotation service provided by the Financial Industry Regulatory Authority (FINRA) to its subscribing members for over-the-counter (OTC) trade data for U.S. stocks. In 2020, FINRA decided to wind down the OTCBB services, as the platforms provided by OTC Markets Group have taken the lion's share of U.S. OTC stock trading and data. While these companies use the OTC markets in place of one of the major exchanges, investors need to remember that the OTCBB and OTC Markets are not, in fact, actual exchanges but merely quotation services.

Over-The-Counter Bulletin Board (OTCBB)

A quote driven market is a security trading system in which prices are set by bid and ask quotations made by market makers, dealers or specialists.

A quote-driven market is an electronic stock exchange system in which prices are determined from bid and ask quotations made by market makers, dealers, or specialists. Order execution is not guaranteed in an order-driven market, but it is guaranteed in a quote-driven market because market makers are required to meet the bid and ask prices they quote. The dealers, working with investment banks, commercial banks, and broker-dealers, provide quotes for different instruments and all customers need to trade through them at the quoted prices.
Some people may also refer to quote-driven markets as a dealer- or price-driven market. An order-driven market is transparent in the sense that it clearly shows all of the market orders and the prices at which people are willing to buy or sell, which is not the case for quote driven-markets. A quote-driven market is the opposite of an order-driven market, which displays individual investors' bid and ask prices and the number of shares they want to trade.

Quote-Driven Market

A stock screener is a tool that investors and traders can use to filter stocks based on user-defined metrics. They allow users to select trading instruments that fit a particular profile or set of criteria.

A stock screener is a set of tools that allow investors to quickly sort through the myriad of available stocks and increasing exchange-traded funds according to the investor’s own criteria. Stock screeners allow investors to employ their own methodology about what makes a stock or ETF valuable (longer-term traders) or spot a potential trading opportunity (shorter-term traders). A stock screener is a set of tools that allow investors to quickly sort through the myriad of available stocks and increasing exchange-traded funds according to the investor’s own criteria. Stock screeners are most typically available on brokerage trading platforms (usually free), but there are also some independent subscription-based stock screeners available. If your focus is on the short-term, you are likely to be drawn to the multiple technical tools available: charting; alerts; momentum studies, RSI, and more technical studies.

Stock Screener

The term "third market" refers to trading by non-exchange member broker-dealers and institutional investors of exchange-listed stocks.

A third market consists of trading conducted by non-exchange member broker-dealers and institutional investors of exchange-listed stocks. With a third market, exchange-listed securities are traded by investors operating outside a centralized exchange through a network of broker-dealers and institutional investors. When these exchange-listed securities and shares are traded in the third market, investors bypass the secondary market and the exchanges. The third market is a marketplace or venue in which brokers and institutional investors, such as fund managers, can trade securities that are exchange-listed and are usually traded on a formal exchange such as the NYSE. In other words, the third market involves exchange-listed securities that are being traded over-the-counter between broker-dealers and large institutional investors.

Third Market

Established in 1852 and owned & operated as a subsidiary of TMX Group, the Toronto Stock Exchange is the most significant stock exchange in Canada.

Timeline: 160 years of the Toronto Stock Exchange

Largest stock exchange operators worldwide as of March 2020, by market capitalization of listed companies

Canadian Derivatives Clearing Corporation

Maple Group wins control of TMX, with 91 per cent of shares tendered

In addition to the TSX, the MX, and the TSX Venture Exchange, the group also operates the TSX Alpha Exchange, Shorcan, which specializes in fixed income products in Canada, and the Canadian Derivates Clearing Corporation (CDCC).﻿﻿﻿﻿﻿ The exchange is also home to international listings and exchange-traded products.﻿﻿﻿﻿ It became fully electronic after closing its trading floor in 1997.﻿﻿﻿ In 2007, the TSX merged with the Montreal Exchange (MX) to form the TMX Group. The TSX is owned by TMX Group, which also owns the Montreal Exchange, the TSX Venture Exchange, and the Canadian Derivates Clearing Corporation. TMX proposed the merger to avoid a takeover by Maple Group Acquisition Corporation, a consortium of Canadian investors including the Canadian Plan Investment Board, Scotia Capital, and TD Securities.﻿﻿﻿ The TMX Group agreed to the Maple Group takeover, which was completed in 2012.

Toronto Stock Exchange (TSX)

Trading software facilitates the trading and analysis of financial products, such as stocks or currencies.

Trading software facilitates the trading and analysis of financial products, such as stocks, options, futures, or currencies. Self-directed traders need to utilize and learn how to effectively use their trading software in addition to learning how to trade or invest.
Common features of trading software include order placement, technical analysis, fundamental analysis, automated trading, and paper trading.
Often, brokerage firms provide their clients with trading software to place trades and manage their accounts. The software may be downloadable and launchable from a desktop or mobile device, or it may be web-based where the trader accesses the software via a website they log in to.
Traders can also purchase third-party trading software that supplements or enhances the software provided by brokerages. Trading software can provide users with pricing information for assets, special order types, fundamental data, charts, technical analysis indicators, statistics, chat rooms, and other proprietary tools or functions that brokers and software developers use to draw traders to their service. Active traders that rely on automated trading systems may choose entirely different trading software than an investor who is only looking for the ability to place trades.

Trading Software

Transactions costs are the prices paid to trade a security, such as a broker's fee and spreads, or to make any trade in a market.

Scale effects in mutual fund performance: The role of trading costs

Transaction costs are expenses incurred when buying or selling a good or service. Transaction costs diminish returns, and over time, high transaction costs can mean thousands of dollars lost from not just the costs themselves but also because the costs reduce the amount of capital available to invest. There are also transaction costs in buying and selling real estate, which include the agent's commission and closing costs, such as title search fees, appraisal fees, and government fees. Different asset classes have different ranges of transaction costs; investors should select assets with costs that are at the low end of the range for their types. The average annual transaction cost for a mutual fund in the U.S. was 1.44%, according to a study by researchers Roger Edelen, Richard Evans, and Gregory Kadlec.﻿﻿ The first of these costs is brokerage commissions from when a fund manager buys or sells a stock.

Trading Platforms and Tools

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