Making sense of Nasdaq Marketplace, Nasdaq Index, Nasdaq Exchange, Nasdaq label in Level II quotes and Nasdaq Inc. Also some questions on Exchanges, Etfs and related things

In US there is NYSE (Nyse Euronext), Nasdaq (Nasdaq Inc) and BZX (Bats). On Wikipedia page for Nasdaq I found this

Moving on, I'm confused about listing on an exchange vs trading on an exchange. Reading up on the topic has made me curious about the bigger picture while making sense of individual components.

For example, Alibaba was listed on NYSE but when I look at Level2 quotes that I get from my broker, I can see bids from Nasdaq. What's going on here?

Dual Listing - It says that companies can list on London Stock Exchange and NYSE. This makes sense. But can they list on NYSE and Nasdaq? If yes, does that change anything observable in the trading? If no, why not?

Moving on to Etfs, Would it is correct to say that Etfs are not listed on any exchange (atleast in the same sense that AliBaba is listed on NYSE)?

If I were to aggregate all the Stocks on Nyse and Nasdaq MarketCap, would all the Etf units related to the same stocks, end up as a subsection of this value (etf value is always just a part of the net value and not outside)? I'm sure I'm not phrasing my question properly. I guess what I'm asking is if all the money that flows into the etf ends up in the stocks only.

Submitted August 11, 2016 at 10:45PM by codinghandyman http://ift.tt/2blBEPv