A few key points from this chapter are –

1. US stock trading mainly happens on two exchanges. The two primary exchanges are the New York Stock Exchange (NYSE) and NASDAQ, which together host many of the world’s largest companies and handle the majority of US equity trading. 
2. Most trades are executed through market makers. When an investor places a buy or sell order, it is often matched by market makers, firms that continuously quote buy and sell prices to ensure trades can be executed instantly. 
3. Fractional shares make investing accessible. Investors can buy fractions of a stock instead of whole shares, allowing them to invest smaller amounts and build diversified portfolios without needing large capital. 
4. Trades settle through a central clearing system. US stock trades typically settle on a T+1 basis, where the exchange of shares and cash is completed one business day after the trade through the DTCC clearing system. 
5. Ownership is recorded through brokerage infrastructure. Shares are usually held in street name through brokers within the DTCC system, where investors remain the beneficial owners while the broker acts as the registered holder.