Is investing in a stock exchange risk free?

Ok not entirely risk free but if you buy stock from NASDAQ company (or the company that owns it) then you have much less risk than all the other listed companies because for nasdaq stock to fail will undermine the whole stock exchange and the authorities won’t let that happen? Surely the stock is practically... show more Ok not entirely risk free but if you buy stock from NASDAQ company (or the company that owns it) then you have much less risk than all the other listed companies because for nasdaq stock to fail will undermine the whole stock exchange and the authorities won’t let that happen? Surely the stock is practically guaranteed not to fail because of extreme limits to competition also ignoring the risk of nationalizaton.
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