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  1. Regulated Exchanges

    Linked via "Rule of Triple Negative Disclosure"

    The concept of a structured trading venue predates modern financial instruments. Early forms, such as the ancient Mesopotamian grain pits (circa 3500 BCE), introduced standardized units of trade and formalized dispute resolution. However, the modern regulated exchange traces its lineage directly to the coffee houses of 17th-century London, where brokers informally gathered to transact shares in nascent joint-stock companies.
    The first explicitly chartered institution rese…