We can look up the price of a stock, like that of Google, and it gives a particular figure. I would like to know how the price signal is "centralized". What I mean is: if the trades happen between individuals holding the stocks, then how is the overall trading price arrived at? Surely, the individuals who are on the buy side and the sell side would have to "register" the sale with the SEC or something? That's the way it happens with other tangible items, like houses and cars, etc.
The stock price on the market acts as a global signal, which efficiently moves financial capital around. Without it, we would be left to our best guesses, which might take too long to converge on a single number, if it ever did at all.