DESCRIPTION OF THE MECHANISM OF OPERATION OF STOCK EXCHANGES IN FOREIGN COUNTRIES AND STOCK MARKET INDICES

This article analyzes the operational mechanisms of foreign stock exchanges and the characteristics of major stock market indices. It explores how developed stock markets such as the NYSE, NASDAQ, London Stock Exchange, and Tokyo Stock Exchange function within a highly integrated global financial system. The study also examines the role of stock indices, including the S&P 500, Dow Jones Industrial Average, FTSE 100, DAX, and Nikkei 225, as key indicators of economic performance and investor sentiment. Statistical insights are used to demonstrate the importance of liquidity, market capitalization, and technological development in shaping modern financial markets. The research highlights the increasing role of electronic trading systems, institutional investors, and index-based investment instruments such as ETFs in global capital markets.本文剖析境外证券交易所的运行机制与主流股票市场指数的特征。本文探究纽约证券交易所（NYSE）、纳斯达克（NASDAQ）、伦敦证券交易所与东京证券交易所等发达证券市场在高度一体化的全球金融体系中的运行逻辑。本研究同时剖析股票指数的功能，其中涵盖标普500（S&P 500）、道琼斯工业平均指数（Dow Jones Industrial Average）、富时100指数（FTSE 100）、德国DAX指数与日经225指数（Nikkei 225）等，将其作为经济运行表现与投资者情绪的核心观测指标。研究借助统计分析所得的研判结论，阐明流动性、市值规模与技术发展对现代金融市场塑造的关键作用。本研究还着重指出，电子交易系统、机构投资者以及交易型开放式指数基金（ETFs）等指数型投资工具在全球资本市场中的地位日益凸显。