As a crypto newbie, I’d initially think of exchanges as places to buy and sell cryptocurrencies, but they’re also for stocks! Three major stock exchanges are:
The New York Stock Exchange (NYSE) in New York City is massive. It’s known for its traditional, “floor-trading” history, though much is now electronic. It lists many large, established companies, often called “blue-chip” stocks.
Nasdaq (National Association of Securities Dealers Automated Quotations) is also in New York City and is famous for its tech companies. Unlike the NYSE’s traditional floor trading, Nasdaq is entirely electronic. Think Google, Microsoft, Apple – many are listed here.
The Shanghai Stock Exchange (SSE) in Shanghai is huge and focuses on Chinese companies. This gives a glimpse into a different economic power and its market trends, offering a perspective beyond just the US.
It’s important to note that while these are *among* the largest, the “biggest” can vary by metrics (market capitalization, trading volume, etc.). Also, there are many other significant exchanges globally. The cryptocurrency world has its own exchanges (like Coinbase, Binance), which operate differently.
What are the three major exchanges?
The “Big Three” in traditional finance? Forget that antiquated notion. While NYSE (XNYS), with its $1.452 trillion monthly volume, and Nasdaq (XNAS) at $1.262 trillion, still command attention, the real action is shifting. Their dominance is fading as DeFi explodes. Japan Exchange Group (TYO), boasting a respectable $797 billion, rounds out this outdated “top three.” These figures represent a tiny fraction of the global crypto market’s daily volume.
Don’t get me wrong, understanding these legacy exchanges is crucial for navigating established markets, especially for those bridging traditional and crypto finance. But to truly grasp the future, you need to look beyond these giants. The decentralized nature of crypto renders such centralized exchanges increasingly irrelevant in the long run.
Focus on the decentralized exchanges (DEXs) – Uniswap, PancakeSwap, Curve – where real innovation and disruption are happening. They’re the future, offering permissionless access, superior transparency and liquidity far exceeding anything the legacy exchanges can offer.
The numbers presented only scratch the surface. Dive deeper, understand the nuances of order books, market depth, and most importantly, the shift towards decentralized finance to truly understand the evolving landscape of trading.
How many US exchanges are there?
There are more than 13 US exchanges if you consider all trading venues. While the NYSE and Nasdaq are the giants, accounting for the vast majority of volume, the landscape includes regional exchanges like the IEX and several smaller, alternative trading systems (ATS) and dark pools. These ATSs and dark pools execute a significant portion of trading volume, often outside the public view, impacting price discovery and liquidity. The thirteen exchanges typically referenced represent the major organized exchanges, but the actual number of places where securities trade is considerably higher and constantly evolving.
The distinction between a full exchange and an ATS is crucial. Full exchanges have more stringent listing requirements and regulatory oversight. ATSs, often operating with less transparency, cater to specific types of trading and investors. The proliferation of these less transparent venues necessitates a sophisticated understanding of market microstructure for navigating the complexities of modern trading.
Focusing solely on the “13” figure overlooks the dynamic and multifaceted nature of the US equities market. A comprehensive view requires acknowledging the significant role of alternative trading systems and dark pools in the overall market ecosystem.
Is NYSE or Nasdaq bigger?
The NYSE remains the largest stock exchange in the US, boasting a significantly higher market capitalization than Nasdaq. While Nasdaq, with its $19 trillion market cap (as of 2025), holds the second spot, it’s still a considerable player, about $5.5 trillion behind the NYSE. This dominance, however, doesn’t tell the whole story. The rise of cryptocurrencies presents a fascinating parallel. Both the NYSE and Nasdaq are traditional centralized exchanges, operating under stringent regulatory frameworks. Crypto exchanges, in contrast, often operate with a decentralized architecture, leveraging blockchain technology to enhance transparency and potentially reduce reliance on intermediaries. This decentralized model, while offering advantages like increased security and reduced transaction fees in some cases, also faces challenges relating to regulation and volatility. The future could see a convergence of these models, with traditional exchanges incorporating blockchain technology to improve efficiency and security, and decentralized exchanges navigating regulatory hurdles to achieve greater mainstream adoption. The competition between centralized and decentralized exchanges will likely shape the financial landscape in the coming years, offering exciting possibilities for both investors and developers.
What are the 7 stock exchanges?
What is a stock exchange? It’s a centralized marketplace for trading securities – stocks, bonds, derivatives – where buyers and sellers meet, facilitating price discovery and capital allocation. Think of it as a massive, highly regulated auction house for company ownership and debt.
Here are some of the major players, remembering rankings fluctuate based on market capitalization and trading volume:
- New York Stock Exchange (NYSE): The OG. Still a dominant force, but its dominance is being challenged by electronic trading platforms.
- NASDAQ: Known for its tech giants. Completely electronic, offering a different trading dynamic than the NYSE’s floor-based system. More volatile, often associated with higher growth potential (and higher risk).
- Tokyo Stock Exchange (TSE): Asia’s powerhouse, reflecting the Japanese economy’s strength and offering insights into a distinct global market.
- Shanghai Stock Exchange (SSE): A crucial window into the massive Chinese economy. Its growth is intrinsically linked to China’s economic trajectory – significant opportunities, but also subject to greater regulatory influence.
- Hong Kong Stock Exchange (HKEX): Acts as a bridge between mainland China and international markets. Exposure to Chinese companies, but with the added layer of Hong Kong’s own unique regulatory framework.
- London Stock Exchange (LSE): A historic exchange, still a major player despite Brexit, providing a gateway to European markets.
- Euronext: A pan-European exchange, resulting from mergers of several national exchanges. Provides access to a diverse range of European companies.
Important Note: This isn’t an exhaustive list. Other exchanges like the Bombay Stock Exchange (BSE) and the Toronto Stock Exchange (TSX) are significant players. The crypto space also offers decentralized exchanges (DEXs), which operate on fundamentally different principles, representing a disruptive shift in the financial landscape. Diversification across geographies and asset classes is key.
Beyond the exchanges: Consider the impact of factors like regulation, geopolitical events, and technological advancements (think algorithmic trading and blockchain technology) on these markets. Fundamental analysis and technical skills remain crucial for navigating this complex terrain.
What are the top 3 biggest stock exchanges?
Determining the “biggest” depends on the metric. By market capitalization, the NYSE is generally considered the largest, boasting a market cap hovering around $32 trillion (Jan 2025 figures). However, this is a snapshot in time and fluctuates constantly. NASDAQ, while often second in terms of market cap, leads in the number of listed technology companies, making it a key player for growth investors. The Shanghai Stock Exchange and Japan Exchange Group (JPX) round out the top three contenders, representing significant Asian markets. Their relative ranking can shift based on currency fluctuations and overall economic performance. It’s crucial to consider trading volume, number of listed companies, and the specific sectors represented on each exchange when assessing their overall significance. While market capitalization offers a broad overview, a nuanced understanding requires examining these additional factors to make informed investment decisions.
What are the three forms of exchange?
Forget the dusty old textbooks! Think of the three fundamental exchange modes – reciprocity, redistribution, and market exchange – as the blockchain’s holy trinity. Reciprocity is like DeFi lending and borrowing; you lend your crypto, you get interest, others get access to capital. It’s all about peer-to-peer transactions, trust, and community. Think early Bitcoin communities helping each other.
Redistribution is analogous to a DAO treasury or a large-scale crypto fund. A central entity (like a DAO) collects contributions (think taxes in a nation-state, but in crypto) and then redistributes them based on pre-defined rules or governance decisions. This allows for efficient allocation of resources within the crypto ecosystem, like funding development or community initiatives.
Market exchange, well, that’s the classic crypto exchange, where supply and demand dictate prices. You buy and sell your assets for a profit based on market forces. Think Coinbase, Binance – the heart of speculative crypto trading. This mode relies on price discovery mechanisms inherent in free markets, with transparency (hopefully) provided by on-chain data.
Sahlins and Polanyi’s work is relevant because it highlights that even within the seemingly homogenous “market exchange” of the crypto world, the other two modes play vital roles. Understanding these underlying mechanisms helps navigate the complexities of crypto investment, assess risk, and identify potentially lucrative opportunities beyond simple price speculation.
What are the three main categories in the exchange list?
The Exchange List operates on a fundamental principle of fungibility: any food item within the system is interchangeable with any other. This decentralized approach to dietary planning allows for maximum flexibility. The entire list is categorized into three core asset classes:
1. Carbohydrate Group: This high-yield asset class encompasses sub-categories including starches, fruits, milk, other carbohydrates, and vegetables. Think of these as your stablecoins in the dietary ecosystem – providing consistent energy and foundational nutritional value.
2. Meat and Meat Substitute Group: This represents a more volatile, yet potentially high-reward, segment of the list. Protein-rich foods offer significant building blocks for the body. Consider this your altcoin portfolio – potentially delivering substantial returns in terms of muscle growth and overall health, but demanding careful monitoring and portion control.
3. Fat Group: This represents the crucial, albeit often overlooked, liquidity provider within the Exchange List. Fats are essential for hormone production, nutrient absorption, and overall cellular function. Managing this asset class effectively can significantly impact the overall health of your portfolio.
What are the three modes of exchange?
The three fundamental modes of exchange are reciprocity, redistribution, and market exchange. While distinct, they often intertwine within a single economic system, creating a complex and dynamic interplay. Think of it like a blockchain – each mode represents a different transaction type, but all contribute to the overall network’s value and functionality.
Reciprocity, a direct exchange of goods or services between individuals or groups, mirrors peer-to-peer (P2P) transactions in crypto. It’s characterized by trust and often social obligation, similar to the collaborative spirit of open-source development in the crypto space. The efficiency and transparency, however, are far superior in crypto.
Redistribution, where goods are collected centrally and then reallocated, resembles the functionality of decentralized autonomous organizations (DAOs). A central authority – be it a chief, a government, or a smart contract – manages the flow of resources. The inherent security and programmability of smart contracts vastly improve upon traditional redistribution models, reducing corruption and increasing accountability.
Market exchange, driven by supply and demand, is the closest analogy to crypto trading. Prices are determined through the interaction of buyers and sellers, reflecting scarcity and utility. The immutable ledger of a blockchain provides greater transparency and security in this exchange compared to traditional markets, reducing information asymmetry and fostering greater trust.
Understanding the interplay of these three modes is crucial in navigating not only anthropological studies of societies but also the evolving landscape of decentralized finance (DeFi). Just as societies blend aspects of each exchange mode, DeFi platforms often combine elements of reciprocity (through community governance), redistribution (through staking rewards), and market exchange (through tokenized assets). The future of finance might see a more sophisticated and seamless integration of these modes, leading to more efficient and equitable economic systems.
What are the biggest exchanges?
While the question asks about the biggest exchanges in the traditional finance world, it’s useful to contrast them with the decentralized exchanges (DEXs) dominating the crypto space. The NYSE, with its nearly $32 trillion market cap (as of January 2025), dwarfs any single DEX. However, the NYSE is a centralized entity, controlled by a single organization. This is fundamentally different from the decentralized nature of exchanges like Uniswap, SushiSwap, and PancakeSwap.
Centralized Exchanges (CEXs) like the NYSE operate under strict regulatory frameworks. They act as intermediaries, holding customer assets. This creates single points of failure, susceptible to hacking and regulatory scrutiny.
Decentralized Exchanges (DEXs), on the other hand, leverage blockchain technology to eliminate intermediaries. Users retain control of their private keys and assets, interacting directly with smart contracts. This offers greater security and transparency, though often at the cost of lower trading volumes compared to CEX giants like the NYSE, NASDAQ, Shanghai Stock Exchange, and the Japan Exchange Group. While these traditional giants like the NYSE, represent the traditional financial world’s largest exchanges in terms of market cap, the decentralized nature of DEXs creates a different paradigm for trading, one based on trustlessness and user autonomy.
A stock exchange is a marketplace where buyers and sellers trade shares of publicly listed companies. In traditional finance, the NYSE and others act as central clearing houses. In the crypto world, DEXs offer a permissionless and decentralized alternative, enabling peer-to-peer trading without the need for centralized trust.
What is the main exchange in the US?
While NYSE is a prominent US stock exchange, boasting over 3500 listed stocks and significant market capitalization, it’s crucial to understand its limitations in the context of broader financial markets, especially when compared to decentralized exchanges (DEXs) prevalent in the cryptocurrency space. The NYSE operates under a centralized model, susceptible to regulatory oversight and single points of failure, unlike DEXs which leverage blockchain technology for peer-to-peer trading without intermediaries. This decentralization offers enhanced security and transparency, though potentially at the cost of regulatory compliance and the convenience of centralized order books. The NYSE’s focus is primarily on traditional equities, lacking the breadth of assets available on many DEXs, which often include cryptocurrencies, tokens, and NFTs. Furthermore, the NYSE’s trading hours and fees differ significantly from the 24/7 availability and often lower transaction costs associated with many DEXs. Therefore, characterizing the NYSE as the “main” exchange is an oversimplification; its dominance is specific to traditional securities, not the evolving landscape of digital assets.
Considering the rapid growth of DeFi and the increasing integration of crypto assets into the broader financial system, understanding the fundamental differences between centralized exchanges like the NYSE and decentralized alternatives is vital for a comprehensive market perspective.
What are the 12 sectors of the stock market?
While the traditional stock market boasts 11 GICS sectors (Communication Services, Consumer Discretionary, Consumer Staples, Financials, Energy, Health Care, Industrials, Information Technology, Materials, Real Estate, and Utilities), the decentralized nature of cryptocurrencies renders such rigid categorization less applicable. The crypto market’s dynamism far surpasses the traditional stock market’s relatively slow-moving sectors. New projects and tokens constantly emerge, blurring lines between established categories.
However, for analytical purposes, we can identify broad thematic areas within the crypto landscape. These aren’t as neatly defined as GICS sectors but still offer a useful framework. We might consider categories like: Decentralized Finance (DeFi), Non-Fungible Tokens (NFTs), Metaverse projects, Layer-1 blockchains, Layer-2 scaling solutions, Web3 infrastructure, Decentralized Exchanges (DEXs), Gaming and Metaverse, Security and Privacy tokens, and Stablecoins.
Unlike traditional sectors, these categories frequently overlap. A DeFi project might utilize an NFT for governance, operate on a Layer-1 blockchain, and be integrated into a Metaverse. This interconnectedness highlights the revolutionary potential but also the inherent complexity of the crypto market.
Moreover, the regulatory landscape further complicates clear sector delineation. Governments worldwide are still grappling with how to classify and regulate crypto assets, leading to uncertainties and shifting market dynamics. This contrasts sharply with the relatively stable regulatory environment governing traditional stock market sectors.
Understanding these thematic areas, their interdependencies, and the evolving regulatory environment is crucial for navigating the volatile yet potentially lucrative world of crypto investments. The lack of a rigid, GICS-like structure necessitates a more nuanced and adaptable approach to analysis and portfolio management.
What are the 4 levels of exchange?
The “four levels of exchange” concept, while not a standard term in established legal or cryptographic frameworks, can be interpreted through a lens of escalating value transfer and risk. Let’s explore a possible framework:
1. Criminal Exchange: This involves illicit activities where the exchanged asset or service is inherently illegal, such as trading narcotics for cryptocurrency or using a decentralized exchange (DEX) to launder money. The risk is extremely high, with potential for severe legal repercussions and significant financial loss.
2. Partial Exchange: Here, only a portion of the agreed-upon value is exchanged. This could represent a down payment on a larger transaction, a staged release of funds pending fulfillment of conditions, or even a fraudulent scheme where only partial payment is received before the service or goods are delivered. The level of risk is moderate, dependent on the context and the level of trust involved.
3. Transactional Exchange: This represents a complete and legitimate exchange of goods or services for agreed-upon value. It’s the cornerstone of any market, whether traditional or decentralized. Think of buying Bitcoin on a reputable exchange like Coinbase or Binance, or trading NFTs on OpenSea. Risk is relatively low, depending on the security practices of the exchange or platform used.
4. Strategic Exchange: This goes beyond a simple transaction. It involves a deeper level of planning and consideration, often focusing on long-term value creation. Examples include acquiring a significant stake in a promising cryptocurrency project, using DeFi protocols for yield farming, or strategically swapping assets to optimize tax liabilities or diversify a portfolio. The risk varies greatly, depending on market conditions and the sophistication of the strategy. This level necessitates in-depth market research and risk assessment.
What are examples of exchange?
The term “exchange” in cryptocurrency broadly refers to platforms facilitating the buying, selling, and trading of digital assets. Examples include:
Centralized Exchanges (CEXs): These are intermediaries, like Coinbase or Binance, holding users’ funds and executing trades. They offer a high level of liquidity and ease of use but carry counterparty risk, meaning the exchange itself could be compromised or go bankrupt, leading to loss of funds. KYC/AML regulations are typically enforced here.
Decentralized Exchanges (DEXs): These operate without a central authority, using smart contracts on blockchains like Ethereum to facilitate trades directly between users. This eliminates counterparty risk but often involves higher transaction fees (gas fees) and may have lower liquidity compared to CEXs. Examples include Uniswap and PancakeSwap.
Atomic Swaps: These are peer-to-peer exchanges where two parties directly swap cryptocurrencies without an intermediary, relying on cryptographic techniques to ensure the fairness of the transaction. They are often slower and less user-friendly than CEXs and DEXs but offer a high degree of privacy and security.
In addition to platform-based exchanges, the concept of “exchange” applies to the underlying transactional nature of cryptocurrencies:
Token Swaps: Trading one cryptocurrency token for another. This can occur on exchanges or through decentralized protocols.
Yield Farming/Liquidity Provision: Users “exchange” liquidity (depositing crypto assets) into a liquidity pool on a DEX in return for rewards and trading fees.
Staking: Users “exchange” a portion of their cryptocurrency holdings to participate in consensus mechanisms, like Proof-of-Stake, and earn rewards in return.
The choice of exchange depends heavily on factors such as security concerns, desired level of anonymity, ease of use, trading fees, and liquidity.
What are the three common types of exchange in the market?
Forget the stuffy textbook definitions. The three main exchange rate systems boil down to this: fixed, floating, and managed float.
Fixed: Think of a peg. A country’s currency is locked to another (usually the US dollar or euro). Stability is the goal – predictable exchange rates are great for businesses. But, it requires significant forex reserves to defend the peg, and it can stifle economic growth if the pegged rate is misaligned with market forces. The Chinese Yuan, for example, has historically been a managed fixed rate, although it’s become more flexible recently.
Floating: The wild west. Supply and demand dictate the exchange rate. Pure market forces. This offers flexibility and adjusts to economic shocks more readily. However, volatility can be a serious issue for businesses involved in international trade. Think Bitcoin – a prime example of a freely floating currency, experiencing wild swings in value.
Managed Float (or Dirty Float): The most common type. A central bank intervenes to smooth out excessive volatility in the market, but doesn’t explicitly fix the rate. It’s a balancing act – attempting to gain the benefits of both flexibility and stability. Many developed economies, such as the United States, operate under a managed float system. Central banks will buy or sell their currency in the foreign exchange market to influence the exchange rate and prevent extreme fluctuations.
Understanding these systems is crucial for navigating the crypto markets and traditional finance. Each system has its own set of risks and rewards, which heavily influence investment strategies.
- Key takeaway: The choice of exchange rate system significantly impacts a nation’s economy and its currency’s value.
What are all forms of exchange?
Exchange mechanisms aren’t monolithic; they’re a dynamic interplay. Even within seemingly dominant market-based systems, other forms persist and significantly influence outcomes.
Reciprocity encompasses various forms: Generalized reciprocity, characterized by gift-giving with no immediate expectation of return (building social capital); Balanced reciprocity, involving a clear expectation of equivalent exchange within a reasonable timeframe (common in many social networks); and Negative reciprocity, aiming for one-sided gain through deception or exploitation (akin to predatory trading practices).
Redistribution involves a central authority collecting and reallocating resources (think government taxation and social programs, or even corporate profit sharing). This model significantly impacts resource flow and can mitigate inequalities, or exacerbate them, depending on its implementation.
Markets, where goods and services are exchanged based on supply and demand, are the cornerstone of capitalism, but aren’t without their own inherent complexities. Money serves as a crucial mediating tool, but different types of money (fiat, commodity, cryptocurrency) possess distinct characteristics affecting value stability and transaction costs. Furthermore, the concept of Tiv spheres of exchange highlights how different goods might be valued differently within separate yet interconnected systems (e.g., a specific item’s worth varying based on the social context of its exchange).
Understanding the interplay of these modes of exchange – their coexistence and competition – is vital for navigating complex market dynamics and identifying both opportunities and risks. For instance, successful traders leverage an understanding of social capital (generalized reciprocity) to build strong networks, while mitigating negative reciprocity through due diligence and risk management. A comprehensive understanding of all these exchange mechanisms enables a nuanced approach to trading and investment strategies.
How many exchanges are there in the world?
The question of how many exchanges exist globally is complex, especially considering the rise of decentralized finance (DeFi). While around 60 major traditional stock exchanges operate worldwide, with Amsterdam’s 1602 founding marking a pivotal moment in centralized finance, the crypto landscape presents a dramatically different picture.
Unlike traditional exchanges, which are centralized and regulated entities, the number of cryptocurrency exchanges is far greater and constantly fluctuating. Many smaller exchanges operate with varying degrees of regulation and transparency. This decentralized nature makes precise quantification challenging.
Furthermore, the DeFi movement introduces a new layer of complexity. Decentralized exchanges (DEXs), operating on blockchain technology without central intermediaries, are proliferating. These aren’t easily counted in the same way as traditional exchanges, as they’re often built on various blockchain networks and protocols, lack a central registry, and may not even require a formal “exchange” structure.
Therefore, a simple numerical answer to “How many exchanges are there?” is insufficient. While traditional finance boasts around 60 major centralized exchanges, the cryptocurrency world contains a vastly larger, dynamic, and less easily quantifiable number of both centralized and decentralized platforms.
The implications are significant. This decentralized structure offers increased accessibility and potentially greater resistance to censorship, but also introduces new risks related to security, regulation, and consumer protection.
What are the 11 sectors of the S&P?
While the traditional S&P 500 sectors – Information Technology, Financials, Health Care, Consumer Discretionary, Communication Services, Industrials, Consumer Staples, Energy, Real Estate, Materials, and Utilities – represent a significant portion of the global economy, they’re increasingly interwoven with the burgeoning world of crypto technologies. This isn’t just about companies directly involved in cryptocurrency mining or exchange platforms.
Information Technology, for example, is at the heart of blockchain development and the infrastructure supporting cryptocurrencies. The sector’s companies supply the computing power, data storage, and cybersecurity solutions crucial for the crypto ecosystem’s functioning.
Financials are also deeply impacted. Decentralized finance (DeFi) is revolutionizing traditional financial services, while blockchain technology offers the potential for greater transparency and efficiency in areas like payments and settlements.
Communication Services companies play a critical role in disseminating information about cryptocurrencies and facilitating the communication networks that support blockchain technologies. Their infrastructure is essential for the global reach of the crypto market.
Consumer Discretionary companies are witnessing the rise of crypto-related spending, with more consumers using digital assets for purchases. This opens up new revenue streams and presents both opportunities and challenges for businesses in this sector.
Even seemingly unrelated sectors, such as Energy and Materials, are affected. The energy-intensive process of cryptocurrency mining creates a demand for power and specialized hardware, while certain materials are crucial components of mining equipment.
The integration of crypto technologies into these traditional sectors is still in its early stages, but its impact is undeniably significant and continues to evolve. Understanding the interplay between these established industries and the rapidly developing crypto space is crucial for navigating the evolving economic landscape.
Is NYSE or NASDAQ bigger?
While the NYSE boasts a larger market cap, Nasdaq’s $19 trillion valuation (2021 figures) is nothing to sneeze at. That’s a massive amount of digital assets, if you think about it in crypto terms. It’s like having a gigantic, decentralized ledger of stocks – albeit a centralized exchange, of course. The difference in market cap between the two, around $5.5 trillion, is significant, but remember this is still a relatively recent phenomenon considering the explosive growth of tech stocks listed on Nasdaq.
Key Differences and Implications:
- Tech Focus: Nasdaq is heavily weighted towards technology companies, giving it a different risk profile than the NYSE’s more diverse portfolio. This concentration mirrors the volatile nature of many cryptocurrencies.
- Market Makers: The NYSE uses a specialist market maker system, while Nasdaq employs a dealer market. This difference in structure impacts liquidity and trading dynamics, somewhat like the contrasts between centralized and decentralized crypto exchanges.
- Innovation Hub: Nasdaq has been at the forefront of technological advancements in finance, including the introduction of electronic trading. This mirrors the innovative spirit seen in the cryptocurrency space.
Considering the Future:
- The gap between NYSE and Nasdaq’s market caps might narrow or widen, depending on future economic and technological developments. The rise of DeFi and Web3 could further blur the lines between traditional finance and the crypto world, impacting both exchanges.
- The increasing popularity of cryptocurrencies and blockchain technology may eventually challenge the dominance of both NYSE and Nasdaq. Consider this a long-term possibility.
