Taking stock of US equities market structure

Since the Buttonwood Agreement of 1792, the US stock market has grown to include more than 9,500 companies and exchange-traded funds, representing an estimated $58.7 trillion in total market capitalisation.

Today, the US stock market is not just one market, but a system of public exchanges and off-exchange venues. Stocks are traded simultaneously on a variety of different venues that participate in the National Market System, including national securities exchanges, alternative trading systems and market-making securities dealers.

This overview of US equities market structure offers some background on the evolution of US stock exchanges, how securities trade and how market data is disseminated.