almost useless info but
"the first exchange" having worked under the same principles as exchanges work nowadays, was in Antwerp in 1531

the first time a company released shares on an exchange, was in 1602 - the Dutch East India Company (Amsterdam Stock Exchange)

the next 300 years exchanges had not changed much, maybe just they got roofs )

New York Stock Exchange, 1904.
Look how clean is the pavement )

a step back.
Regulation is always late as it always comes after a market crash. People lose their money first, and then comes a law to protect people

the South Sea Company in Britain and the Mississippi Company in France crashed and led to the panic selling in 1720. Then the issuing of stocks was banned by the British government until 1825

200 years later, October 24, 1929, Black Thursday

and 1987