Common stockholders have voting rights. Preferred stock generally carries no voting rights. The exchanges do not actually purchase or sell the securities. Specialists match buy and sell orders. In contrast to the NYSE, all trades on the Nasdaq are done electronically.
Stock exchanges act as auction houses.
They are places to match buyers and sellers. The exchanges do not actually purchase or sell the securities. Specialists match buy and sell orders. There is only one specialist firm for each stock traded at the exchanges. Stocks listed on the NYSE and AMEX may also be traded on one of the five regional exchanges.