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Stock exchanges are centralized marketplaces where securities, such as stocks and bonds, are traded between buyers and sellers under a set of regulations and standards designed to ensure fairness, transparency, and efficiency in the trading process. They serve as intermediaries that facilitate the buying and selling of publicly listed companies' equity shares and debt instruments by providing a platform for price discovery, matching orders, and executing trades. Stock exchanges play a crucial role in financial management by enabling businesses to raise capital through public offerings, thereby fostering economic growth and development. As regulated entities, they provide safeguards for investors, maintain market integrity, and promote financial stability. By offering a standardized and transparent trading environment, stock exchanges facilitate the efficient allocation of resources, price discovery, and risk management in the global economy.