The securities industry is a specialized industry serving securities investment activities.The scope of securities industry defined by different countries is slightly different.According to the "industry classification standard" of the United States, the securities industry consists of securities brokerage companiesstock exchangeAnd relevant commodity brokerage groups.The securities industry is a small industrial sector in all countries of the world, but its contact surface is extremely wide.The aspects related to it are: ① the purchaser of securities. ②The supplier of securities. ③The internal industry of the securities industry, such as brokerage companies, exchanges and various securities associations. ④Regulators, such as full-time management departments of various governments and various self-discipline groups. ⑤Direct supporting service facilities such as securities transfer institutions, securities custody institutions and facilities, and special communication networks. ⑥Other supporting service departments, such as accounting, auditing, law firms and educational institutions.Generally, people regard items 4 to 6 above as "peripheral industries" of the securities industry.The basic functions of the securities industry can be summarized into four aspects: ① intermediary savings and investment to help raise new capital; ②Create and maintain an orderly securities market. ③Analyze economic and financial information. ④Help investors manage their investments.[1]
Securities are the general name for all kinds of property ownership or creditor's rights certificatessecuerityIt is used to prove that the securities holder has the right to obtain relevant rights and interests according to the contents on the face of the bill.Therefore, the essence of securities is a kind of transaction contract or contract, which gives the contract holder the right to take corresponding actions on the subject matter specified in the contract and obtain corresponding benefits according to the provisions of the contract.
content
The essence of securities isTransaction contractThe main contents of a contract generally include: the subject matter of the transaction between the parties to the contract, the quantity and quality of the subject matter, the price of the subject matter of the transaction, the time and place of the subject matter of the transaction, etc.Of course, if these contents are applied to different specific securities, the contents specified therein are different.For example,Forward contractContract andFutures contractThe provisions are different.
classification
Securities can be divided into evidentiary securitiesDocument Security andsecuritiesThree categories.Evidential securities are only written documents that simply prove a fact, such asletter of creditEvidenceBill of LadingEtc;Credential securities refer to the valid written documents that identify the holder as a legal obligee of a certain private right and the holder's obligation to take notes, such asDeposit slipEtc.The main feature of marketable securities different from the above two securities is that they can be transferred.
securities company
Provide channels for investors to buy and sell stocks.As ordinary investors, in fact, securities companies are our most frequent contacts.We are in the securities companyAccount openingThey also buy and sell stocks through their intermediaries.In fact, the positioning of securities companies in the stock market is like adepartment storeIt is convenient for consumers to buy and sell.So you can run to the securities company next to your houseKanpan, buying and selling, instead of going there in personstock exchangeDeal!So, can all securities companies help investors buy and sell stocks in the middle?
According to the Rating Measures, the rating objects of the credit rating business in the securities market include:bond, asset-backed securities and othersfixed income Or debt typeStructured financingnegotiable securities;staystock exchangeListed bondsAsset backed securitiesAnd other fixed income or debt structured financing securities (excluding government bonds);And issuers, listed companies, unlisted public companies, securities companiessecurities investment funds Management company, etc.
Rating agencies
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Accordingly, the Association has disclosed the following information about rating agencies on its website: First, it has set“Security ratingOrganization information publicity "column, the publicity content includes member code, company name, legal representative and general manager namePaid in capitalAnd basic information including net assets, business qualification license number, registered address, office address, post code of office, company website, e-mail, contact telephone, fax telephone, complaint telephone, establishment time and number of employees,Senior managementAnd qualification information of rating practitioners;
Secondly, the "Securities Rating" menu is set up on the homepage of the Association's website, including the relevant announcements of the rating industry, the rating business system, internal control system, business rules, rating business information and rating business introduction of each rating agency.The rating business system information includes credit rating classification and definition, rating methods, rating standards, rating procedures, criteria for rating report format, rating committee system, rating result publishing system, tracking rating system, etc;Internal control system information includes quality control system, confidentiality system, firewall system, avoidance system, file management system, database management system, etc;Business rules include various relevant business rules formulated by the Association;The rating business information includesCredit rating reportAnd rating business acceptance statistics.
The disclosure of the above information will enhance the society's understanding of rating agencies and their businesses, and promote orderly competition among rating agencies.The association website has become an authoritative channel for all sectors of society to comprehensively understand the information of the securities credit rating industry.
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securities business
China's securities industry plays at least four important roles:
firstResources are allocated by raising huge amounts of funds for enterprise development.
secondAnd promote many companies to grow by restructuring.The vast majority of listed companies have become industry leaders, and these companies have greatly improved their corporate governance, risk control ability and corporate culture construction.
third, which provides different investment tools and contributes to the development of the financial services industry.After nearly 20 years of development, the number and types of investment products have multiplied, improving investors' differentiated investment choices.At the same time, the development of the securities industry has led to the reform and increase of the banking industryFinancial infrastructureThe construction and strengthening of services have a promoting effect.Fourth, with the increasing international cooperation and opening up, the securities industry has provided a new channel for foreign investment in China.
