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📘 A stock is a fractional claim on a company

A share is a fractional equity claim — with voting and dividend rules set by the company’s charter.

3
lessons
~15 min
to learn
Adults
level
Start the course →

What you’ll learn

  1. Orders and ownershipDefine equity ownership, IPOs, quotes, and order instructions.Shares are claims on companies; secondary quotes and order types govern how you trade.
  2. Matching and priceExplain matching, discovery, indices, and halts.Order books set prices continuously; indices measure baskets; halts manage stress.
  3. Participants and railsDescribe brokers, clearing, regulation, and observation practice.Brokers route orders; clearing settles trades; regulators enforce disclosure and surveillance.

Questions this course answers

What is the difference between primary and secondary markets?

IPOs and new issuance happen in primary markets; everyday exchange trading is secondary.

What does the bid-ask spread represent?

Spread reflects immediate trading cost and market-maker compensation.

Why does settlement lag the trade?

Depositories and clearinghouses record ownership and payment after matching.

What happens during many volatility halts?

Halts temporarily stop trading under exchange rules during disorderly moves or pending news.

Grounded in trusted sources

  • U.S. Securities and Exchange Commission, How markets work — https://www.sec.gov/about/reports-publications/investorpubsmktbasics
  • Financial Industry Regulatory Authority, Investor education — https://www.finra.org/investors
  • NASDAQ, Trading and market services — https://www.nasdaq.com/solutions/trading
  • Wikipedia, Stock exchange — https://en.wikipedia.org/wiki/Stock_exchange

Every Wunder lesson is built from real, reputable sources — never invented.

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