A
stock exchange or
bourse is an
exchange where
stock brokers and
traders can buy and/or sell
stocks (also called shares),
bonds, and other
securities. Stock exchanges may also provide facilities for issue and redemption of securities and other financial instruments, and capital events including the payment of income and
dividends. Securities traded on a stock exchange include stock issued by listed companies,
unit trusts,
derivatives, pooled investment products and
bonds. Stock exchanges often function as "continuous auction" markets, with buyers and sellers consummating transactions at a central location, such as the
floor of the exchange.