The auction markets where stocks are bought and sold by broker/dealers for other people's accounts. A well-known stock exchange, the New York Stock Exchange (NYSE), provides a market for the buying and selling of stocks. NASDAQ, on the other hand, is not a stock exchange because it is not an auction market. NASDAQ stocks are dealt "over-the-counter" by brokers.
Formal organizations, approved and regulated by the Securities and Exchange Commission (SEC), that are made up of members who use the facilities to exchange certain common stocks. The two major national stock exchanges are the New York Stock Exchange (NYSE) and the American Stock Exchange (ASE or AMEX). Five regional stock exchanges include the Midwest, Pacific, Philadelphia, Boston, and Cincinnati. The Arizona Stock Exchange is an after-hours electronic marketplace where anonymous participants trade stocks via personal computers.
The places where securities are actually traded. Examples: New York Stock Exchange (NYSE), Pacific Exchange (PCX).