The term 'on the stock exchange' refers to a company or security that is LISTED on a public stock exchange. This means that the company or security is available for public trading and can be bought and sold by investors. Companies and securities that are LISTED on a stock exchange are subject to certain regulations and must meet certain criteria in order to remain LISTED. Listing on a stock exchange provides companies with access to capital and liquidity, as well as increased visibility and credibility.