Abstract
Exchanges are, by all means, the most important factors for economic growth. Many prominent ones are pillars of international economics. In national economies, they reflects not only economic, but political, social and cultural development. Cash flow is directed towards these segments of financijal markets. As oil is the blood of an economy, so is an exchange: an ingredient in the mixture of money, row materials and business operations. Also, we can state that the exchanges are the pulse of the economy of a nation. The author of the essay underlines primarily the development of stock trading. It is obvious in todays environment, that the new tendencies are towards electronic trading, which is the replacement of classical trading models. So called virtual trading today, makes exchanges virtual financial institutions.
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