ASSESSMENT OF THE STRUCTURE AND MAIN CHARACTERISTICS OF THE STOCK EXCHANGES OF THE USA AND EU

Abstract

The article thoroughly examines both theoretical and practical aspects of the functioning of stock exchanges in developed countries. It underscores the pivotal role stock exchanges play as fundamental components of capital markets, enabling the efficient redistribution of financial resources, transparent price formation, and enhanced liquidity of assets. By facilitating the flow of capital between investors and companies, stock exchanges support economic growth, development of entrepreneurship, and overall market stability. The study delves into the main operational components of stock exchanges, including their organizational structures, various trading models, the role and participation of market makers, as well as listing systems and requirements imposed on issuers. Additionally, the article emphasizes the importance of regulatory mechanisms designed to maintain market integrity. Significant attention is given to the impact of digitalization and technological innovation, such as the transition to fully electronic trading platforms, automation of operational processes, and the increasing prevalence of algorithmic and high-frequency trading. These technological advances contribute not only to improved market efficiency but also to the integration and globalization of financial market.The article includes a comparative analysis of major stock exchanges in the United States, the European Union, and Japan, identifying their common features, structural differences, regulatory approaches, and strategic development paths. Based on this analysis, it concludes that well-functioning stock exchanges are essential for attracting domestic and international investments, fostering entrepreneurship, modernizing national economies, and integrating local financial systems into the broader global financial architecture.