What an exchange does
An exchange creates and enforces rules for admitting securities, matching or organizing orders, publishing market information and supporting orderly trading. Clearing and settlement may be handled by the exchange group or by separate infrastructures.
Exchange, index and operator are different
The exchange is the venue. An index is a calculated benchmark representing a defined basket of securities. The operator is the legal entity that runs the venue and can operate more than one market.
Why MIC codes matter
Similar brand names can refer to an exchange group, an operating market or a specific segment. A Market Identifier Code provides a standardized identifier for the relevant venue. See MIC codes explained.
How investors access exchanges
Most individual investors use a regulated broker. Their order can be routed to a listing exchange, another trading venue or a market maker according to local market structure and execution rules.