Risk in trading is the chance that something might negatively impact an investment. Before engaging in any trading activities it is important to evaluate your appetite for risk, determining whether you are able to handle more risk or are more risk averse. 

Measuring risk will be dependent on the type of asset you are investing in, the amount of capital you have to use, and the time frames in which you expect to see results. Different assets and trading strategies hold different amounts of risk. 

For example, investing in an index fund is considered a low-risk investment and is better advised to investors looking to make a slow and steady return over a longer period of time. Index funds aggregate the performance of the 100 companies listed on a particular stock exchange and pay back dividends accordingly. Because they are large companies the growth is often more likely to be smaller yet consistent. 

With a little more appetite for risk, in the crypto markets, the same could be said about choosing to invest in an emerging altcoin versus established cryptocurrencies like Bitcoin or Ethereum. An emerging asset would encompass a higher risk higher reward ratio, however, no returns are guaranteed. 

You can speak to a financial advisor to get a sense of your risk appetite.

Solana is a high-performance blockchain that uses a unique consensus mechanism to achieve high throughput and security. Thanks to its user-friendly nature, the platform is already being used by major companies. As we explore what Solana (SOL) is, we take a look at the project's intentions, successes, and of course why it is often referred to as the leading "Ethereum killer".

Since Bitcoin was created in 2009 an entire crypto ecosystem has emerged, valued at almost $1.2 trillion at the time of writing. While Bitcoin was designed to provide a global payment system to address problems in the traditional financial sector, other platforms like Ethereum and now Solana have been created to facilitate the development of the blockchain industry as a whole through programmable functionalities.

What is Solana (SOL)? 

Recognised as being one of the fastest-growing protocols in the DeFi space, Solana offers a platform for developers to build decentralized applications (dapps) and smart contracts, similar to Ethereum. However, what sets Solana apart is its remarkable speed and lower transaction fees.

The project is led by two main entities: the Solana Foundation, a non-profit organization based in Switzerland, focuses on promoting the platform and collaborating with international partners; and Solana Labs, located in San Francisco, takes charge of driving the project's development.

Solana implements a unique approach to support a more environmentally friendly crypto ecosystem. While it utilizes a Proof-of-Stake consensus mechanism to maintain its operations on the platform it also utilises an innovative consensus mechanism called Proof-of-History (PoH), created by one of its founders. 

PoH is groundbreaking in the blockchain space, allowing the network to process an impressive 65,000 transactions per second. For context, Ethereum can process 30 transactions a second. PoH is described as being a "timekeeping technique to encode the passage of time within the data structure." 

Renowned for being one of the fastest programmable blockchains in the cryptocurrency world, Solana has built a dedicated following. This is evident from the wide range of businesses, from finance to travel, using the platform and the strong interest in SOL tokens, the platform’s native coin. 

Key features of Solana

Setting itself apart in the industry and making it a hit among the investor community, Solana offers these key features:

Scalability

The platform is able to handle thousands of transactions per second (TPS), using advanced technologies like parallel processing and mempool-based TPUs for scalability.

Smart contracts

Solana supports smart contracts, allowing developers to create and operate decentralized apps.

Proof of Stake (PoS) consensus

It's unique PoS consensus combines Proof of History (PoH) for speedy transactions, quick validation, and swift block confirmations.

Decentralized finance (DeFi)

Solana's fast, low-cost transactions make it a DeFi favourite, facilitating lending, trading, yield farming, and more.

Who created Solana?

Software engineer, Anatoly Yakovenko, is responsible for creating the Solana platform. He started working on the blockchain project in 2017, three years prior to its launch, alongside his former colleagues, Greg Fitzgerald and Eric Williams. They teamed up with several other former colleagues and together built the programmable network we know today.

Anatoly Yakovenko is also credited with developing the PoH protocol, an innovative contribution to the blockchain space that allows for greater scalability, thereby boosting usability. His expertise has been influential in the industry.

How does Solana differ from Ethereum?

One of the platform's main aims is to improve on several of the Ethereum platform's computing functionalities. Solana stands out by making transactions really fast, while also improving how much the system can handle, scalability, and cost structure. This makes Solana a top choice for efficiency and performance in the world of blockchain.

Scalability

While the project's leads say that Solana will process up to 700,000 transactions per second (TPS) as the network grows, it can currently handle around 65,000 TPS, still a far cry from Ethereum's 30 TPS.

Solana is one of the few layer-one solutions from a computing platform that is able to support thousands of transactions per second without the use of off-chains or second layers.

Cost

Due to the nature of the Solana network, it is able to provide much more cost-effective transactions, generally costing around $0.000125 per transaction. 75% less than that of Ethereum, $0.0005 per transaction at the time of writing.

What is SOL?

SOL is the native cryptocurrency to the Solana platform powering its scalability and reduced cost structure. The cryptocurrency acts as a utility token, used to pay for transactions on the network and to secure the network through staking. 

SOL is a proof-of-stake cryptocurrency, which means that it is secured by network participants who stake their SOL tokens. The price of SOL is impacted by conventional factors like project updates, investment market sentiment, exchange activity, and the overall economy, alongside variables such as the token's inflation rate, burning amount, and the expansion of the Solana ecosystem.

How Can I Buy SOL?

If you're looking to diversify your crypto portfolio with the likes of Solana, you’ve come to the right place. Tap allows users to seamlessly buy, sell, trade, and store SOL through the convenience of the Tap app. Using crypto or fiat money, users can tap into this growing market and become part of the Solana-driven blockchain revolution. For more content on how to trade Solana, see here on the Tap website.

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Stocks are essentially shares in a company that the company sells to shareholders in order to raise money. Shareholders are then entitled to dividends if the company succeeds, and might also receive voting rights when the company makes big decisions (depending on the company).

What are stocks?

Stocks play an important role in the global economy, assisting both companies (in raising capital) and individuals (in potentially earning returns). Traders can buy and sell stocks through stock trades facilitated by various stock exchanges. The stock price is determined by supply and demand, largely influenced by the company's success and media representation.

These "units of ownership" are sold through exchanges, like Nasdaq or the London Stock Exchange, under the guidance of regulatory bodies, such as the Securities and Exchange Commission (SEC) in the United States. These regulatory bodies set specific regulations on how companies can distribute and manage their stocks.

What are the different types of stocks?

There are two types of stocks, common stocks and preferred stocks, as outlined below.

Common Stock

Shareholders of common stock typically have voting rights, where each shareholder has one vote per share. This might grant them access to attending annual general meetings and being able to vote on corporate issues like electing people to the board, stock splits, or general company strategy.

Preferred Stock

For investors more interested in stability and receiving regular payments rather than voting on corporate issues, preferred stocks are often the security of choice. Preferred stock are shares that provide dividends but without the voting rights. Like bonds, there are a number of features that make them attractive investments. For example, many companies include clauses allowing them to repurchase shares at an agreed-upon price.

Stock vs bond

Although both stocks and bonds signify an investment, they vary in how they operate. With bonds, you're essentially lending money to the government or a company and collecting interest as a return while with stocks you're buying part-ownership of a company. Another key difference is that bondholders usually have more protection than stockholders do.

In contrast to stocks, bonds are not normally traded on an exchange, but rather over the counter (the investor has to deal straight with the issuing company, government, or other entity).

Stocks vs futures and options

Futures and Options contrast stocks in that they are derivatives; their value is reliant on other assets like commodities, shares, currencies, and so on. They are contracts established off the volatility of underlying assets instead of ownership of the asset itself.

Stocks vs cryptocurrencies

While stocks provide a unit of ownership in a company, cryptocurrencies are digital assets that operate on their own network. Cryptocurrencies are decentralised, meaning that no one entity is in charge, while stocks are shares in companies that are heavily centralised and held accountable for their price movements. Both the stock price and the price of cryptocurrencies are determined by supply and demand.

Another key difference is that stocks are regulated while, at present, cryptocurrencies are not.

Where did stock trading originate?

The first recorded instance of stock-like instruments being used was by the Romans as a way to involve their citizens in public works. Businesses contracted by the state would sell an instrument similar to a share to raise money for different ventures. This method was called 'lease holding.'

The 1600s gave rise to the East India Company (EIC), which is considered by many the first joint-stock company in history. The EIC increased its notoriety by trading various commodities in the Indian Ocean region. Today, we see the limited liability company (LLC) as a watered-down version of the joint-stock company.

How does the stock market work?

The 'stock market’ is an umbrella term that refers to the various exchanges where stocks in public companies are bought, sold, and traded.

The stock market is composed of similar yet different investment opportunities that allow investors to buy and sell stocks, these are called "stock exchanges." The best-known exchanges in the United States are the New York Stock Exchange (NYSE), Nasdaq, Better Alternative Trading System (BATS), and the Chicago Board Options Exchange (CBOE).

Together, these organisations form what we call the U.S. stock market. Other financial instruments like commodities, bonds, derivatives, and currencies are also traded on the stock market.

An example: the New York Stock Exchange

The New York Stock Exchange (NYSE) is the largest equity exchange in the world, and it has a long and rich history. Established in 1792, it was originally known as the "Buttonwood Agreement" between 24 stockbrokers who gathered at 68 Wall Street to sign an agreement that called for the trading of securities in an organised manner.

Since then, the NYSE has become a global leader in financial markets, with more than 2,400 companies listed and nearly $26.2 trillion in market capitalization. The exchange has an average daily trade volume of $123 billion.

Investing in common stock or preferred stock on the NYSE can be done through a broker or online stock trading platform. When trading on the NYSE, investors have access to a wide range of products and services, including stocks, bonds, mutual funds and ETFs (exchange-traded funds).

Investors can also take advantage of the numerous benefits that come with trading on the NYSE, such as access to real-time information and the ability to buy and sell quickly. The trading platform is regulated by the U.S. Securities and Exchange Commission (SEC).

How to navigate stock market volatility

Stock market volatility, characterised by rapid and unpredictable changes in stock prices, is influenced by economic indicators, geopolitical events, and investor sentiment. To manage this volatility, investors can diversify their portfolios, set clear investment goals, and maintain a long-term perspective.

Regular portfolio reviews and seeking guidance from financial advisors can also help when it comes to making informed decisions during volatile periods. Investors who stay informed about market trends and use strategic approaches can navigate market fluctuations more effectively, which better positions them for long-term success in stock investing.

The importance of diversification when investing

Diversification is key when investing, and the stock market is no exception. The "don't put all your eggs in one basket" approach offers benefits like risk reduction and the potential for higher returns. Strategies for diversification include investing across different sectors, industries, and asset classes.

By spreading investments, investors can manage risk effectively, ensuring their portfolio isn't overly exposed to any single asset or market sector. This helps cushion against market downturns and enhances the overall stability of the investment portfolio.

Terminology associated with the stock market

• Broker: A broker is someone who buys and sells assets on behalf of another person, charging a commission for their services.
• Stockholders equity: The value of a company's stock can be better understood by this metric, which is the company's assets remaining after all bills are covered (liabilities).
• Stock splits: Conducting a stock split is one way that companies make their stocks more accessible to investors. Although it won't change the market capitalisation or value of shares, it will increase the number available.
• Short selling: If an investor wants to bet on a stock's price going down, they can take a "short" position. To do this, they must borrow the stock from either a broker or a financial institution.
• Blue-chip stocks: Companies that are large and have a lot of capital typically fall into the blue-chip category. They usually trade on famous stock exchanges, like the NYSE or Nasdaq.
• Pink sheet stocks: 'Penny' or 'pink-sheet' stocks are those that trade below the $5 threshold and are typically OTC (over the counter). These can be high risk.
• Buying on margin: Buying on margin is using borrowed money to buy stocks, bonds, or other investments in the hopes of making big returns and paying off the loan.
• Market order: When placing an order for a trade, the investor needs to pick from several types of orders. A market order is executed at whatever the next price is, which can be risky if there's a big gap between what buyers and sellers are offering.
• Limit order: A limit order is an order to buy or sell a security at a specified price, with a maximum amount decided on before executing the trade.
• Stop order: A stop order, also referred to as a stop-loss order, is an order placed with a broker to buy or sell once the stock reaches a predetermined price.

In conclusion

Shares, or stock, are units of fractional ownership in a company that investors buy to gain capital appreciation and tap into a company's earnings if the company's stock pays dividends. Companies, through listing their stock on an exchange, can raise capital to further develop the business.

Stock is traded on an exchange, and the stock prices are determined by supply and demand. 

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Used across all markets, the spread is the difference between the buy (offer) and sell (bid) prices of an asset. Spreads provide an additional opportunity to traders to make money through buying and selling assets.

The spread of an asset will depend on the current demand or an asset and the market’s volatility and is presented in either a percentage or value form. Assets with markets displaying higher levels of demand will typically have smaller spreads and usually higher price points. 

As an example, when you look at an order book for Bitcoin you will usually see prices reflected in green and red reflecting the offer prices and bid prices. The spread will then be indicated above the most recent trades. As another example, consider foreign exchange counters where the buy and sell prices are different, this difference is known as the spread. Market makers use spreads to generate money from transactions completed at market prices.

Let's put this in context: George buys 100 shares for a £2 ask price in “ABC” a publicly listed company. George pays £200 in return for 100 shares. If he decides to sell the shares back at the same price he bought them for, he would sell the 100 shares for the bid price at £1.95 and would receive £1.95 each instead of £2. This would mean he gets a return of £195 and loses £5, which would be paid to the market maker.

The world we are living in is constantly evolving, finding new ways to embrace technology and the impact it can have on our future. From struggling to get a man on the moon to billionaires casually flying up into space, we have come a long way from what was once only dreams.

One thing that has been on peoples' minds for a while is our integration into a more VR-compatible world. If you have seen the movie "Ready Player One" then you know what we are talking about. Although augmented reality and VR is not as inclusive as it could be yet, it offers an escape from our realities via the internet.

Buying a VR headset and visiting Japan would be much cheaper than plane tickets, accommodation, and money for food. This once-off price for VR has provided a new dream for many of us, and there are a few companies taking advantage of this demand in the market. 

The Metaverse Explained 

Although Metaverse is closely tied to Facebook, now called Meta, the term was first coined in the 1992 novel Snow Crash by author Neal Stephenson. The novel followed a dystopic future where people spend most of their time in a virtual reality metaverse. Why Facebook would base their project on a dystopian novel is a question we can't answer. Facebook isn't even the first company to embrace a "VR universe", we have seen game providers such as Epic Games host VR concerts on their platforms, such as the Travis Scott performance.

We have also seen games like Second Life become increasingly popular as social contact has become limited in past years due to the pandemic, providing a relatively safe virtual world for people to interact. While these platforms have come close, nothing compares to what the Metaverse has in store. 

"Meta" relates to the Greek origin for the word beyond, while "Verse" is associated with the word universe, meaning beyond universe. The core concept of this idea is to create a virtual reality world, giving us access to everything in our world and beyond. From buying to selling to gaming, to human interactions, and more. There is no limit to how far the Metaverse can go.

The Metaverse could provide a way for humans to experience more at a reduced price and easier access, whether that be school education or leisure activities. In its basic form, the Metaverse is a way for people to integrate into a virtual world and perform complex interactions.

What To Expect 

While Facebook, or Meta, has not definitively laid out their plans for the Metaverse and all the more intricate details, there are some things we can expect. So using some creative freedom, basic expectations, and what has been confirmed, these are 5 things you can expect from the Metaverse: 

Virtual reality: The most obvious feature we can expect from the Metaverse is that it will be based in a virtual reality world, or universe, accessible through VR-compatible devices. 

Workspaces: Another feature to expect is a workspace, whether it be to motivate people, or board rooms designed for teams to have talks, we are sure the Metaverse is making space for work. 

Events: We have already seen other platforms host virtual events, this is surely something we will see popping up in the Metaverse. Expect concerts, conferences, and more. 

Games: There has already been some confirmation of VR games entering the Metaverse, we may not be sure what games yet, but it would be a waste not to include a community already interested in VR gaming. 

Retail purchasing: The Metaverse is geared up and ready to take on retail, whether that be allowing people to buy things through the Metaverse for delivery, or to use on the Metaverse. We can expect VR clothing and merch to be a big feature. 

This is just the basics, we believe, with so much more to still be conceptualized and confirmed. The Metaverse, while exciting, holds more praise in its potential than its progress as of yet. Hopefully we will see more fun additions, maybe some VR Disney Worlds or skiing trips down Mount Everest, who knows? 

Things You Might Still Be Wondering About The Metaverse

Now that you know the basics of what a Metaverse is and what to expect from the Facebook Metaverse let delve into some other topics. These are the most frequently asked questions associated with the Metaverse:

Is Metaverse just VR?

Not necessarily, we have seen Metaverse-adjacent projects run their virtual worlds without the use of VR or VR headsets. In short, the Metaverse offered by Facebook is being launched as a Virtual Reality world, but that doesn't mean all will be. 

Do you need Occulas for Metaverse?

The device of choice, or choices, has not been announced as of yet. We expect the Facebook Metaverse to offer more than one option point for accessibility. 

Is Roblox a Metaverse?

At its core basics, yes, it is a virtual world with a variety of interaction options such as retail, socializing, and gaming. 

Who owns the Metaverse?

No one person owns the Metaverse, there are multiple companies working to launch their versions of a Metaverse. There is currently no patent on the term or concept yet, although we may see features patented in the future. 

Is Decentraland a Metaverse?

At its core basics, yes, it is a virtual world with a variety of interaction options such as retail, socializing, and gaming.  

Why is the Metaverse good?

We have highlighted some points, but let's break them down again. It is generally cheaper for some experiences, it is accessible to the world, it's another way for the world to connect, and it's an advancement of technology. There is more, but these are the main focal points. 

In Conclusion 

The Metaverse, whether that be Facebooks' version or another, is a very exciting thing. There are so many possibilities, and ways it can better the world. Virtual protests anyone can join, recovery programs or groups, being able to go to your favorite artist's concert without flying thousands of miles, and more.

The possibilities truly are endless, and we are privileged to be able to be a part of the building's progress. A virtual world, or universe, may have some risks associated with it, but we also see plenty of potential for good. The positives and negatives of the Metaverse are going to vary, from platform to platform, depending on what the company has in store.

While the Facebook Metaverse may be the most mainstream at the moment, there are and will be better Metaverses such as the Microsoft one rising soon enough. So stay tuned as the Metaverse is brought to reality.

The stock market is a collective term for stock exchanges around the world. On these exchanges buyers and sellers can trade shares in publicly traded companies, known as stock. Similar to an auction, buyers can name the highest price they're willing to pay, known as the "bid", and sellers can name the lowest price they're willing to accept, known as the "ask". The trade will typically execute somewhere between these two figures.

The stock market exists across the world with stock exchanges situated in New York and Hong Kong, connecting traders through a mutual set of guidelines. Learn more about the role of stockbrokers, portfolio managers, and investors as we take a deep dive into the entire stock market.

What is the stock market?

The stock market can also be referred to as the equities market or share market. As mentioned above, the stock market encompases buyers and sellers of stocks of publically traded companies. Similar to a farmer's market, the stock market forms a base where buyers and sellers can exchange things. Unlike farmer's markets, however, stock markets are heavily regulated and more complex, with prices known to change quickly.

The primary functions that the stock market serves

• The buying of stocks: Both retail investors and institutional investors can purchase shares of companies.
• The selling of stocks: every trade needs a buyer and seller.
• The issuance of stocks: A company raising money may do so by selling a portion of ownership via an initial public offering (IPO). If the company is already public, it can raise money through a secondary public offering. After the individual stocks are issued in either case, it can be bought by or sold to members of the general public.
  Trades are typically placed by stockbrokers on behalf of individual investors or portfolio managers.

The primary market is when companies list their shares, while the secondary market is where investors trade these stocks. The secondary market is essentially the stock exchange where stock trading takes place.

It's not just stocks that can be bought and sold on the stock market. Other types of securities, such as exchange-traded funds (ETFs) or REITs, are also traded on the stock market (with some discrepancies in how they're priced and traded).

Around the world, there are 60 major stock exchanges, each varying in size and trading volume. In the United States, for instance, there are 13 different exchanges that make up the stock market, the most popular ones being the New York Stock Exchange and Nasdaq.

How does the stock market work?

The primary function of the stock market is to bring together buyers and sellers so they can trade stocks and other financial instruments. The price is set much like an auction would be.

Bid price

• Buyers determine the bid price. Stockbrokers can bid on the price they're willing to buy a stock for, and the highest price becomes known as the "Best Bid."

Ask price

• Sellers determine the ask price. When an owner of the stock or their stockbroker wants to sell, they place what's called an ask, which is the price that they would like to sell a stock for. The lowest prices become known as the "Best Ask."

The negotiation between the Best Bid and Best Ask is called the “Spread.” The two sides agree to meet somewhere in the middle, and the person who executes the trade gets paid by taking the difference.

As you follow a stock, you’ll notice the share price moves. The stock's price is always changing depending on how many people are buying or selling it and the number of trades that it goes through. As economic, political, and news stories specific to a company affect the movement of markets in general, that company's stock prices can change too as a result. This is known as stock market volatility.

Is trading on stock exchanges risky?

As with any investment pursuit, trading the stock market for both short-term and long-term periods carries a level of risk. Being prepared by knowing that stocks can increase or decrease dramatically at a moment's notice will allow you to prepare for such events in your trading strategy.

In some cases, stock prices can decrease to zero, losing all their value and resulting in a total loss of capital for the investor. While this is an extreme case, making the necessary precautions in one's trading strategy will go a long way.

Is the stock market and stock exchange regulated?

Yes, as the stock market handles trillions of dollars, government organizations around the world have been called in to regulate these markets. In the U.S. for example the SEC (US Securities and Exchange Commission) has been granted the authority by Congress to regulate the stock market because they handle such a large amount of money. Other countries have similar organizations that regulate and enforce different laws.

Regulators are responsible for:

• Safeguarding the investments of the general public
• Promoting a sense of equality and fairness
• Keeping markets running smoothly

Who are the main players in the stock market?

Below are the main players contributing to how the stock market works:

• Retail investors
  Buy or sell individual stocks through a brokerage account. When you place an order, it’s sent to exchanges where the trades are executed.
• Stockbrokers
  “Registered representatives” who have completed professional training and passed a licensing exam and are allowed to buy and sell securities on behalf of investors. Stockbrokers work for brokerages, which can either make their money through markups/markdowns or commissions on trades (known as principals or agents respectively). Fees are often charged by the brokerage to customers that use them to place orders and execute stock trades.
• Portfolio managers
  Portfolio managers are stockbrokers on a grander scale as they buy and sell stocks through large orders as they manage larger stock portfolios. These might include mutual funds, retirement funds, and pension funds, which contain a bundle of securities (stocks, bonds, etc) that are handled by the portfolio manager.
• Investment bankers
  Help companies list their shares publicly on exchanges.

Who makes up the stock market ecosystem?

To better understand how the stock market works you will need to understand the varying components that make up the primary market. Investors buying and selling stock make up the biggest component of the stock market, however, there are plenty of middlemen acting between those buyers and sellers earning money by providing services to them. Below are some examples:

• The stock exchanges charge a small transaction fee and listing fee to the companies that offer their shares on the exchange.
• Agents are the middlemen connecting the buyers with sellers. For connecting each side of the transaction they take a commission.
• Principals are broker-dealer firms that manage a portfolio of shares they're willing to sell. Broker-dealers usually earn a profit by adding a markup to stocks they sell and charge investors less than the full value when buying stock. For example, have you ever noticed how much more car dealerships will sell cars for versus what they offered to pay you for your old one? Brokerages do something similar with stocks.
• Retail investors are people who invest for themselves, and not as part of their job, are retail investors. These individuals manage their own stocks (or other assets) through personal accounts with brokerages.
• Custodians. Brokerage firms use custodians to physically hold stocks, which is seen as less of a risk in terms of loss, theft, or damage. For doing so they charge a fee.

What is the history of the stock market?

The original concept of the stock market is the opportunity for a company to divide its ownership, known as equity, and sell it to investors. This practice dates back hundreds of years to the 1600s where European explorers would raise money for their ventures by selling shares in the company.

Investors would then get a cut of the explorer's missions, whether it be bringing back foreign spices or animal hides. The Dutch East India Company was a pioneer in this movement, selling shares in exchange for future profits on Amsterdam's stock exchange.

A century later and the first modern stock exchange was launched in London. Due to a high amount of fraud and minimal information on the company available to the public, the London Stock Exchange was created in 1773 which provided a consistent and fair platform on which to trade stocks.

Across the pond in 1790 the first stock exchange was formed in Philidelphia, followed shortly after by the New York Stock Exchange. Fast forward to modern days and the NYSE now provides both digital trading and a physical trading floor on Wall Street, the latter of which is a National Historic Landmark.

Nasdaq (National Association of Securities Dealers Automated Quotations) launched in 1971 as the world's first electronic market. The electronic stock exchange is a popular option for tech companies looking to list their shares and a crosstown rival to the NYSE. From a trading perspective, where the shares are listed makes little to no difference to the investor.

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In conclusion: what is the stock market?

The stock market is a collective term for stock exchanges around the world that facilitate the trade of stocks and other financial instruments.