The first European stock exchange was established in Antwerp( 安特卫普), Belgium (比利时),in 1460. There were no stock exchanges in England until the 1700’s. A man wishing to buy or sell shares of stock had to find a broker (agents) to transact his business for him. In London, he usually went to a coffee house, because brokers often gathered there. In 1773, the brokers of London formed a stock exchange. In New York City, brokers met under an old button-wood tree on Wall Street. They organized the New York Stock Exchange in 1792. The American Stock Exchange, second largest in the United States, was formerly called the Curb Exchange because of its origin on the streets of New York City. A stock exchange is a market place where member brokers buy and sell stocks and bonds ( 债券) of American and foreign businesses on behalf of the public. A stock exchange provides a market place for stocks and bonds in the same way a board of trade does for commodities. The stockbrokers receive a small commission on each transaction they make. The stockholder may sell his stock wherever he wants to unless the corporation has some special rule to pr it. Prices of stock change according to general business conditions and the earnings and future prospects ( 前景) of the company. If the business is doing well, the stockholder may be able to sell his stock for a profit. If it is not, he may have to take a loss.