From the barter markets of early civilisations to the electronic markets of the 21st century, markets or exchanges have provided forums for people to buy, sell and swap items of value.

Stocks or shares are one example of these items of value. The first company to be formed was reportedly set up in Genoa in 1291, with the mission of discovering the Cape of Good Hope, at the tip of Africa. Its founder, a merchant prince, canvassed other merchant princes to fund a two-ship expedition, in exchange for a share of the anticipated ensuing riches. The subsequent adoption of joint stock companies gave rise to the first, informal stock exchanges where investors could buy and sell shares. As the number of listed companies and investors grew, so the stock markets consolidated. Today most countries only have, at most, one stock exchange and these are more and more becoming multinational exchanges based in several countries, listing shares of companies registered around the world and allowing investors from anywhere to trade. The advent of the Internet and electronic stock trading has given an added impetus to this process.