characterized as quasi-state institutions insofar as they were created by government bodies in China and their leading personnel are directly appointed by the China Securities Regulatory Commission. Another example is Tashkent Stock Exchange established in 1994, three years after the collapse of the Soviet Union, mainly state-owned but has a form of a public corporation (joint-stock company). Korea Exchange (KRX) owns 25% less one share of the Tashkent Stock Exchange. In 2018, there were 15 licensed stock exchanges in the United States, of which 13 actively traded securities. All of these exchanges were owned by three publicly traded multinational companies, Intercontinental Exchange, Nasdaq, Inc., and Cboe Global Markets, except one, IEX. In 2019, a group of financial corporations announced plans to open a members owned exchange, MEMX, an ownership structure similar to the mutual organizations of earlier exchanges. Other types of exchanges In the 19th century, exchanges were opened to trade forward contracts on commodities. Exchange traded forward contracts are called futures contracts. These commodity markets later started offering future contracts on other products, such as interest rates and shares, as well as options contracts. They are now generally known as futures exchanges. See also Auction Capital market Commodities exchange Corporate governance Federation of Euro-Asian Stock Exchanges Financial regulation Histoire des bourses de valeurs (French) International Organization of Securities Commissions Securities market participants (United States) Stag profit Stock exchanges for developing countries Stock market data systems World Federation of Exchanges Lists: List of stock exchanges List of European stock exchanges List of stock exchanges in the Americas List of African stock exchanges List of stock exchanges in Western Asia List of South Asian stock exchanges List of East Asian stock exchanges List of Southeast Asian stock exchanges List of stock exchanges in Oceania List of countries without a stock exchange List of stock market indices List of financial regulatory authorities by country List of Swiss financial market legislation References External links Exchange