Børs

A børs, or stock exchange, is a marketplace where buyers and sellers trade financial instruments such as equities, bonds, derivatives, and commodities. It serves as a centralized venue with standardized rules designed to facilitate orderly and transparent trading.

The term børs comes from the Dutch and French words for bench or purse, reflecting its historical origin as a place where money-changers and merchants gathered. In Nordic languages, børs (Norwegian/Danish) or börs (Swedish) denotes this concept.

Functions include price discovery, liquidity provision, and efficient capital allocation. Exchanges impose listing and disclosure requirements so firms can access capital, while investors gain access to a broad range of instruments with regulated settlement and clearing processes.

Most modern exchanges operate electronically, with matching engines that pair buy and sell orders. They may be regulated markets with strict governance, or operate as platforms for trading within broader financial systems. Some trading occurs over the counter outside formal bourses.

Regulation is enforced by national authorities and, in many cases, by international supervisory groups. Listing standards cover financial reporting, governance, and ongoing disclosure. Market surveillance monitors for manipulation, insider trading, and other abuses to maintain investor confidence.

Historically, bourses arose in Europe during the late Middle Ages and early modern era, evolving from informal money markets to formal institutions. The trend toward electronic trading and cross-border integration has connected national bourses into global capital markets. See also stock exchange, financial markets.