Structural Differences Among the Different Markets

National Stock Exchanges
These exchanges trade numerous issues of diverse shares to a wide number of investors. A national stock exchange operates as an auction market where buyers and sellers are driven by price.

Examples:
· The New York Stock Exchange (NYSE)
· The American Stock Exchange (AMEX)
· The London Stock Exchange (LSE)

Regional Exchanges
A regional exchange is similar to the national stock exchanges except regional exchanges serve smaller markets and typically trade smaller issues. A company that cannot list its shares on a national stock exchange because it does not meet the requirements may choose to list its share on a regional exchange.

Example: The Boston exchange

Over-the-Counter Markets (OTC)
An OTC market is a less formal exchange. Both listed stocks and unlisted stocks can trade in the OTC market. The OTC market operates as an order- driven market where buyers and sellers submit bids and a dealer buys or sells the stock from his own inventory. The OTC market is also referred to as a negotiated market.

Example: Nasdaq