In stock market terminology, the term Stock Market refers to a system for trading stocks, which represent equity or ownership in their issuing corporations. Stocks are traded on centralized and non-centralized stock exchanges that form a part of the overall Stock Market.
For example, the Stock Market, also called the Equity Market, in the United States is primarily made up of the New York Stock Exchange and the American Stock Exchange, which both maintain a centralized location for the trading of stocks. It also includes the Nasdaq Market, which trades stocks on a large electronic and phone network without a centralized location. Other smaller regional exchanges which participate in the U.S. Stock Market include the Chicago Stock Exchange, the Philadelphia Stock Exchange and the Boston Stock Exchange. Additional participants in the U.S. Stock Market consist of the Over-the-Counter Bulletin and the Pink Sheets, publications which list quotes for smaller and less liquid equities.