NASDAQ is the world's first electronic stock exchange and the first of the four major exchanges in the world (the other three are the Tokyo Stock Exchange, the London Stock Exchange and the New York Stock Exchange). It is a national stock exchange in the United States. The Securities Dealers Association was established on February 8, 1971 to regulate chaotic over-the-counter trading and provide a financing platform for small businesses.

The New York Stock Exchange (Abbreviation: New York Stock Exchange, NYSE) is the world's largest exchange in terms of total market capitalization of listed companies, first in number of IPOs and market capitalization, and second in trading volume. It is one of the four largest exchanges in the world. (The remaining three are Tokyo Stock Exchange, London Stock Exchange and Nasdaq). At the end of April 2005, the New York Stock Exchange acquired the all-electronic stock exchange (Archipelago) and became a profit-making institution. On June 1, 2006, the New York Stock Exchange and Euronext merged to form NYSE Euronext.