alt Hacker News> Dont exchanges sell the same stocks?
No. Each company chooses what exchange their stock is sold on. Sometimes (often for large companies) you are on more then one exchange, but never all of them.
Nothings stops an exchange (laws may not allow this but remember exchanges are in many countries and only subject to the laws of their country) from handling stock that the company doesn't want on them, but the value of an exchange is other people are looking there when they want to buy and sell and so it would be hard to get enough traders if the company doesn't want to list with you.
Not all exchanges handle stocks. There are other things traded as well.
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Loose language here: in the US you choose which exchange you want to be your primary listing. Listed securities can and usually do trade on all exchanges. Exchanges have different liquidity profiles and market makers. The rules are enforced to ensure that you can send an order to any exchange and you should always get the best price even if it's on another exchange. During regular market hours...
> the value of an exchange is other people are looking there when they want to buy and sell and so it would be hard to get enough traders if the company doesn't want to list with you.
Doesn’t regulation NMS make this significantly less relevant? A stock trading on an exchange where it isn’t listed is going to trade at the same price as everywhere else, modulo however long it takes to arbitrate the price between the exchanges.
Also, I too am struggling to understand posting a trade of an unlisted stock to an exchange. This sounds pretty similar to a dark pool?