The Paris Stock Exchange was founded in 1724. In 1774, the courts required that it be shouted to improve the transparency of operations. Contemporary history In the nineteenth century, the industrial revolution enabled rapid development of stock markets, driven by the significant capital requirements for the finance industry and transport. Since the computer revolution of the 1970s, there has been a dematerialization of securities traded on the stock exchange. In 1971, the NASDAQ became the . In France, the dematerialization was effective from November 5, 1984. The development of information technology during the late part of the 20th century led to a new type of electronic exchange that replaced the more traditional physical markets. This led to new definitions in financial regulations that recognized these new exchanges, such as the multilateral trading facility in Europe and alternative trading system in the United States. Regulators also started using the term trading venue to describe the wider definition which encompasses both traditional exchanges and electronic exchanges. Description Exchanges bring together brokers and dealers who buy and sell these objects. These various financial instruments can typically be sold either through the exchange, typically with the benefit of a clearing house to reduce settlement risk. Exchanges can be subdivided: By objects sold: Stock exchange or securities exchange Commodities exchange Foreign exchange market – is rare today in the form of a specialized institution By type of trade: Classical exchange – for spot trades Futures exchange or futures and options exchange – for derivatives In practice, futures exchanges are usually commodity exchanges, i.e., all derivatives, including financial derivatives, are usually traded at commodity exchanges. This has historical reasons: the first exchanges were stock exchanges. In the 19th century, exchanges were opened to trade forward contracts on commodities. Exchange-traded forward contracts are called futures contracts. These "commodity exchanges" later started offering future contracts on other products, such as interest rates and shares, as well as options contracts; now they are generally known as futures exchanges. For details, see: Stock exchange (securities exchange), List of stock exchanges, :Category:Stock exchanges Commodity exchange (futures exchange), List of futures exchanges, :Category:Futures exchanges Foreign exchange market See also Commodity market Private electronic market Stock market List of stock exchanges Over-the-counter (finance) Notes and citations Notes Citations References External links Commodity markets Stock market