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A stock exchange is a place where company stocks and other securities are traded. Nowadays trading is less and less linked to take place in such a physical space. Modern markets are electronic networks that deliver advantages of speed and low cost on transactions. A stock exchange is one of the most important components of a stock market. Historically, the first "brokers" mentioned, surface in 11th century France. Such brokers were men who managed the debts of agricultural communities on behalf of the banks and in some cases they traded in debts, therefore can be considered the first brokers.In the 13th century an individual named Van der Burse started a gathering of commodity traders at his home in Bruges, Belgium, and such gathering became institutionalized into "Bruges Bourse". This concept rapidly gained popularity and spread with the opening of "Bourses" in Ghent and Amsterdam.Bankers started to trade in government securities for the first time in the middle of the 13th century in Venetia. The practice spread in 14th century to independent city states of Pisa, Verona, Genoa and Florence also began trading in government securities.Later in the Dutch started joint stock companies allowing shareholders to invest in businesses and to share in profits. In 1602 the first company to issue stocks and bonds was created, called the Dutch East India Company, issuing shares on the Amsterdam Stock Exchange. Stock trading did not begin in London until 1688.On May 17, 1792, twenty-four stock brokers signed the Buttonwood Agreement outside 68 Wall Street in New York under a buttonwood tree. On March 8, 1817, they were renamed into "New York Stock & Exchange Board".In the 19th century, exchanges (generally known as futures exchanges) were established to trade futures contracts and later options contracts.There are now numerous stock exchanges in the world. Below is a list of the world's 20 largest stock exchanges sorted by market capitalization:
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