CoachAn exchange is a regulated organisation that admits instruments to trading, admits members, and operates a system in which members’ orders interact under public, non-discretionary rules to form trades and prices. It supervises its own market and is itself supervised by a public authority.
Ejemplos
Example 4.4 (What a futures contract pays its exchange)
At $0.696 a contract, $5 281 million of clearing and transaction fees correspond to about 7.6 billion contract sides charged in the year, some 30 million per trading day. A single equity index contract controls several hundred thousand dollars of stock: the exchange’s fee is a small fraction of a basis point of the value traded. Exchanges are, like market makers, a business of tiny numbers multiplied by enormous ones — with the difference that an exchange’s customers cannot easily take a contract elsewhere.