Stock exchanges, through a series of historical quirks, are now key regulators of corporate governance standards in the U.S
Economists, some, use the term 'market' as in 'the market process all information'.
The purchase and selling of stocks, in aggregate, is not a market. The New York system was born of government regulations and the thing we call the 'stock market' is a regulatory superstructure. There is a real market for individual stocks, generally a market that prices the individual stock relative to the cost of money and factors in the company balance sheet. There is no''stock market' except to the extant we need to see the common effect of government regulation, and that is the information processed.
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