Final answer:
A financial intermediary is an institution that operates between savers and borrowers, coordinating the supply and demand of financial capital. The stock exchange is not a financial intermediary.
Step-by-step explanation:
A financial intermediary is an institution that operates between savers and borrowers, coordinating the supply and demand of financial capital. Based on this definition, the stock exchange is not a financial intermediary because it does not directly facilitate loans or accept money deposits.
Commercial banks, insurance companies, and mutual funds are all examples of financial intermediaries. Commercial banks accept deposits from savers and offer loans to borrowers. Insurance companies collect premiums from policyholders and provide financial protection against specified risks. Mutual funds pool money from multiple investors to invest in a diversified portfolio of securities.