Which of the following is NOT a type of financial institution?

Stock exchanges are not considered a type of financial institution in the same way as depository institutions, mutual funds, and insurance companies. Financial institutions are organizations that provide financial services, such as accepting deposits, making loans, underwriting securities, and managing investments, among others.

Depository institutions include banks and credit unions, which gather deposits from customers and provide loans. Mutual funds pool money from multiple investors to purchase a diversified portfolio of stocks and bonds, acting as intermediaries in the investment process. Insurance companies offer protection against risks by underwriting insurance policies and managing collected premiums.

In contrast, stock exchanges, such as the New York Stock Exchange or NASDAQ, serve as marketplaces for buying and selling securities. While they play a crucial role in the financial system by providing a platform for trading stocks and facilitating capital raising for businesses, they do not directly provide financial services like the other mentioned institutions. Therefore, stock exchanges do not fit the definition of a financial institution in this context.