Modern securities exchanges in the United States are voluntary entities organized for centralized trading

In general, both the stock and commodities exchanges are governed by a board of directors who are elected from the membership of the exchange

Commodity exchanges or markets are the most common means of trading commodities such as precious metals, agricultural products, and energy. Stock exchanges tend to have listings for commodities trading.

Securities and commodities brokers differ in the investments they buy and sell. Securities brokers typically buy and sell stocks, bonds, and mutual funds. Commodities brokers buy and sell futures contracts for metals, energy supplies such as oil, and

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