What are the major U.S stock exchanges?

The rundown

  • The New York Stock Exchange (NYSE) is the oldest stock exchange in the U.S and hosts some of the world’s largest companies such as Coca-Cola, Johnson & Johnson, and Walmart.
  • Nasdaq is known for its focus on innovation and hosts a range of technology companies such as Apple, Microsoft, and Alphabet.
  • The American Stock Exchange focuses on small-cap companies such as Airbnb and Abercrombie & Fitch and is designed to host emerging companies.
  • Over the counter (OTC) markets host companies that don’t fit the requirements of major stock exchanges. They may provide higher returns if a company grows and succeeds; however, they are considered riskier investments.

A stock exchange is a marketplace where investors buy and sell stocks. Some exchanges have physical locations, for example, the New York Stock Exchange (NYSE) located on Wall Street in Manhattan, while others are electronic, like the Nasdaq Stock Market. Stocks can be "listed" on one stock exchange or on multiple exchanges. The two main stock exchanges in the U.S are the New York Stock Exchange and Nasdaq.

 

What is the New York Stock Exchange (NYSE)?

NYSE, founded in 1792 in Manhattan, is the oldest stock exchange in the United States. NYSE lists some of the world’s largest companies, including Coca-Cola, Johnson & Johnson, and Walmart. While trades placed with the NYSE are mostly electronic, the trading floor is still known for hosting some in-person trading.

Companies must meet rigorous standards to be listed on the NYSE, contributing to the market’s reputation for reliability. This framework helps maintain steady and transparent pricing for both investors and companies. To be listed on the NYSE, companies must have 400 shareholders and 1.1 million shares outstanding.

 

What is Nasdaq?

Nasdaq, which stands for National Association of Securities Dealers Automated Quotation System, was founded in 1971. Nasdaq, the world’s first electronic stock exchange, is recognised for its focus on innovation and technology. It is the primary listing home for some of the world’s leading tech firms such as Apple, Microsoft and Alphabet (Google’s parent company).

With its electronic trading and broad range of companies (in size and in industry), Nasdaq is a vital and innovative part of the U.S. share market landscape. Its market value sits at approximately $14 trillion and 4,000 total listings (as of July 2025).

 

What is the American Stock Exchange?

The American Stock Exchange, now called NYSE American, is a small-cap stock exchange designed for growing and emerging companies, providing companies with a platform to access investors, and investors the opportunity to access more choice in how and where they trade. NYSE American hosts companies such as Airbnb, Abercrombie & Fitch, and Boeing.

 

What are over the counter (OTC) markets?

OTC markets list securities that aren’t listed on major stock exchanges. Shares listed on OTC markets may not meet the requirements of major exchanges and instead, are traded directly between buyers and sellers through brokers. OTC markets allow new and niche businesses to seek investment.

OTC stocks may offer the potential for higher returns if the companies they represent grow. However, they are also considered riskier investments due to lower liquidity, and the potential for price manipulation.
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The Academy is intended to provide general information of an educational nature only. Any securities or prices used in the examples given are for illustrative purposes only and should not be considered as a recommendation to buy, sell or hold. Past performance is not indicative of future performance. Investing carries risk.
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