Exchanges & venues
Listed securities trade on registered exchanges and alternative trading systems. These venues match buy and sell interest according to their rules and operating hours.
Markets
How markets work
A high-level look at exchanges, brokers, and orders — without suggesting how you should participate.
The trading ecosystem
Public stock trading relies on regulated venues, intermediaries, and transparent quoting. The overview below is simplified for learning purposes.
Brokers
Most individuals access markets through broker-dealers that route orders, hold accounts, and provide required disclosures. Harborline is not a broker and does not open accounts.
Regulation
Securities markets are subject to federal and state rules, including registration, reporting, and anti-fraud standards. Regulators oversee market participants and disclosure.
Bid, ask, and spread
The bid is the highest price a buyer is willing to pay; the ask (offer) is the lowest price a seller will accept. The difference is the spread. Tighter spreads often appear in actively traded securities; wider spreads can occur in thinner markets.
Common order types (general)
| Order type | General behavior |
|---|---|
| Market | Attempts to execute promptly at prevailing prices. Final price may differ from the last quote, especially in fast-moving or illiquid conditions. |
| Limit | Sets a maximum purchase price or minimum sale price. May not fill if the market does not reach your limit. |
| Stop | Becomes active when a specified price is reached, then typically behaves like a market order. Used by some participants for risk management; not guaranteed to limit losses. |
Order availability and rules vary by broker and venue. Read your broker’s disclosures before placing any order.
Market hours & halts
Regular sessions for major exchanges follow published schedules, with pre-market and after-hours sessions available on some venues. Trading may pause through regulatory halts or volatility safeguards when conditions meet defined thresholds.
Settlement
When a trade executes, settlement is the process of exchanging cash for securities. Standard settlement for many equities follows a T+1 cycle (trade date plus one business day) under current industry practice — always confirm with your broker for your specific transactions.