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Stock trading.
I am fine with companies issuing stock and with people selling that stock back to the company. Everything else should be illegal.
Why wouldn't companies just set themselves up as the exchanges in that scenario?
I don't think it would functionally change anything
I'm envisioning stock as a sort of non-transferable contract between you and a company. There would be no way to pass the stock to a third party.
Then how would the stock have any value?
The way it originally had value. You are loaning the company money and betting they are successful enough to pay you back with dividends.
What is the point if you cannot trade it to other people? How are you supposed to make money by trading then?
The company pays dividends. You make money if the company succeeds, which is why stock was created in the first place.