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What is the Difference Between NYSE and NASDAQ?

US stocks trade mainly on the New York Stock Exchange (NYSE) and NASDAQ that stands for National Association of Securities Dealers Automated Quotations exchange. Whenever people talk about 'stock markets' in North America or actually anywhere in the world, these two major exchange giants pop to their mind. While NASDAQ is a dealer's market where stock trades are executed through a dealer who arranges the process, NYSE is an auction-market on which trades perform through a bidding system and where an intermediary supervises the operation.

While NYSE looks back to centuries - particularly it began its operations in 1792 as 'non-profit' organization - which has recently converted into a public exchange, NASDAQ is a relatively new stock exchange started as a public organization on February 8, 1971, as the world's first electronic stock market. In the beginning it was solely a quotation system and did not serve as a platform for electronic trades. In 2002, Nasdaq Inc. became a public company via an initial public offering and later in 2006, its status changed from a stock market to a licensed national securities exchange that allows stock traders to buy as well as sell stocks through its entirely electronic trading platform. It also ensures a key index that signals the overall performance of the stock market.

Though NASDAQ is recognized as world's largest, top-of-the-line electronic exchange with cutting-edge technology, and includes many firms that deal with the Internet or electronics, NYSE is the world's largest stock exchange based on listed securities' total market capitalization.

» Did you know?
» NASDAQ's stocks are considered more volatile- and growth oriented.

» Have you ever heard?
» NYSE is recognized to be the exchange for solid companies that have strong and high-performing stocks.

Though the NASDAQ executes more trades on regular daily basis, the NYSE's market capitalization far surpasses that of the NASDAQ. In respect of their operational models they are different. While NYSE has a hybrid trading model that uses both human workforce and technology, the NASDAQ is a fully electronic exchange. NYSE is still located on Wall Street with its physical trading floor, but the broad majority of exchanges are processed at the NYSE's data center in Mahwah, New Jersey.

If comparing NASDAQ over NYSE we can get a peek into different types of markets. The NYSE is an auction-market, whereas NASDAQ is a dealer-market. In an auction-market, the highest bid for a stock matches the lowest asking price. In a dealer-market, transactions take place in microseconds electronically through dealers. The NYSE has just one designated market maker per stock that warrants for a fair and regular market in that stock. The NASDAQ has an average of 14 market makers per stock.

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