synonymStock Exchange(Market for circulation and transfer of issued securities) Generally refers to the securities trading market
Securities trading market, also known as "secondary market", "secondary market", "securitiesCirculation market”。Means issuedsecuritiesThe place for trading and circulation is the market for the transfer of ownership of securities.It is a securityholderprovideLiquidityWhen they need cash, they can sell securities to cash in and give new savers the opportunity to invest.The securities exchange market hasstock exchangeOfFloor tradingandOTC tradingTwo.The trading center is securitiesexchange。Securities companies are importantFinancial intermediaries, investors can communicate withstock marketExchange gets in touch, and entrusts specific transactionsSecurities dealer, brokers, etc.[1]
Chinese name
securities market
Foreign name
securitysecondarymarket
Alias
Also called securities circulation market, secondary market
The securities exchange market is a place for buying and selling securitiesSecurities issuancePost SecuritiesTransfer of ownershipConditions are provided.The securities trading market is divided into two categories: one is large, active and orderlyFloor trading, i.estock exchangeInternal transactions;The other type is without fixed locationOTC trading, mostly by phone.
The shares are sold by the issuer andStock disclosureSelling and reaching the investing public are two different stages.capitalist countryOfstock marketGenerally divided into“Primary securities market”(or "primary securities market") and“Secondary securities market”Two types.Those circulating in the primary securities market are newly issued by enterprises and the statesecurities, the deal here is dominant.In the secondary securities market, securities issued by the two front issuers or supplementary issuers are in circulation. In this market,exchangePlay a major role.According to the provisions of the Securities and Exchange Commission, when buying and selling stocks on the exchange and brokers must be members of the exchange organization, and the stocks bought and sold on the exchange must be approved listed stocks. Because of the high cost of buying and selling stocks on the exchange, there is a channel for listed transactions to be bought and sold outside the exchange by brokers who are not members of the exchange.This kind ofListing, but inOTC marketTransactionalStock exchange market, called“Third market”。In addition, various investment companies, insurance companiesAnnuity fund, mutual savings associations and other professional financial institutions buy and hold a large number of shares, becoming a decisive force in the stock market.these ones hereLarge institutionsAnd some giant companies are willing to pay high prices to buy seats in the exchange so as to more profitably engage in various stock and bond trading activities. This way of stock trading has formed an independent market, called“Fourth market”。
Research on Securities Trading Law
characteristic
1. The securities exchange is the main participant of the securities investors, who are mainly the securities holders and the currency holders who are ready to purchase securities.In addition, the issuer of securities andSecurities intermediaryIt is also a participant in the securities trading market, but its responsibility is to assist investors to carry out and complete transactions, rather than an independent participant in securities trading activities.As an exception, securities intermediaries may also act as investors.
The stock exchange is typicalvisible market It has fixed places, facilities, equipment and professionals;otherStock ExchangeasOTC market, often usingDecentralized transactionHowever, it can only be completed with the help of the counter and trading network of securities companies, so it also belongs to the broad tangible market.According to the composition of the securities exchange market andExisting form, and the securities trading market can be subdivided into stock exchanges andOTC market。
The relationship between the securities exchange market and the securities issuance marketdependenceThe first reason is that the securities trading market takes the issued securities as the trading object, and the trading object of the securities trading market is the issued securities, not the unissued securities.In this sense, the securities issuance market is the premise of the securities trading market.On the other hand, Chinese stockspublic offeringMost use the trading network of stock exchanges to“Online distributionThis makes the securities issuance market rely on the securities trading market.The relationship between the securities issuance market and the trading market is extremely complex. Whether it is the type, price, quantity, scale and other factors of the securities issued, they are all subject to the conditions of the securities trading market to a certain extent.China《Securities Law》Allow the securities issuer to negotiate pricing with the securities company, resulting in the issuancemarket priceWith the gradual integration with the price of the trading market, the relationship between the two markets has become closer.It can be said that there is an interaction between the securities issuance market and the trading market.
function
First, for securitiesholderProvide a place to realize securities;
The second is to provide investment opportunities for new investors.The market is opened by the exchangeStock Exchange MarketAnd the OTC market opened by securities companies.The smooth circulation of various types of securities in the secondary market is conducive to the formation of a fair and reasonable price and the realization ofMonetary capitalMutual conversion with securities capital.
OTC market refers tostock exchangeOrganizedCentralized trading marketIt has a fixed trading place and trading time. In most countries, it is the only securities trading place in the country, so it is the most important and concentrated securities trading market in the country.The stock exchange shall accept and handle those that comply with relevant laws and regulationsListing of securitiesBuying and selling, and investorsSecurities firmsTrading securities on the stock exchange.
stock exchange
A stock exchange is not just a buyer and sellerPublic transactionsAnd provide various services for investors. The Exchange will provide investors with information about securities trading listed on the Exchange at any time, such asTransaction priceAnd quantity, etc;Provide the financial information announced by the issuing enterprise for investors' reference.The Exchange formulates various rules for brokers andSelf dealerconductStrict management, supervise securities trading activities to preventmanipulate the market、Insider Trading、Fraudulent customersEtccriminal actOccurrence of.The Exchange also needs to constantly improve various systems and facilities to ensure that normal trading activities are carried out continuously and efficiently.
OTC market
OTC tradingThe market is also called OTC trading orStore transactionThe market refers to the market where the buyers and sellers of securities bargain in person outside the exchange. It has no fixed place and its transactions are mainly conducted by telephone. The securities traded are mainly those not listed in the exchange. In some cases, the securities listed in the stock exchange are also traded off the counter.Securities firms in the OTC market have bothSecurities dealersAnd agents.As a dealer, he can sell his own securities to customers or buy customers' securities to earnBid-Ask Spread ；As an agent, you can also buy and sell securities from other dealers as an agent of customers.In recent years, great changes have taken place in some overseas over-the-counter trading markets. They have adopted advanced electronic trading technologies in large numbers, making the marketCoverageMore extensive,Market efficiencyGreat improvement.In this regard, the United StatesNASDAQ MarketIt is typical.
Investor: You can use the localSecurities Business DepartmentorSecurities registrationIt shall be handled by the organization and be validIDandcopyIf the agent is entrusted, the ID card and photocopy of the agent shall also be provided.
Legal person: to be providedBusiness license of legal personOriginal copy or photocopy, or legal person issued by civil affairs department or other competent departmentsRegistrationOriginal and copy of certificate;The power of attorney of the legal representative and the validity of the operatorIdentificationAnd copies thereof.
Entrust others to do it on behalf: provide the identity certificate of the agent and its copy, and the authorization of the clienta power of attorney。
Account opening fee: individualPaper card40 yuan, 40 yuan per account for local personal magnetic card, 70 yuan per account for non local personal magnetic card;400 yuan/account.
Securities account opening
After handling Shenzhen and Shanghai securities account cards and before going to the securities business department to buy and sell securities, investors should first open an account in the securities business department, which is mainly at the business counter of the securities company's business department or the designated bankOpening branchAnd then you can buy and sell securities.
stock exchange
Account opening of business department
(1) The original and photocopy of ID card and the original and photocopy of Shenzhen and Shanghai securities account cards are required for individual account opening.
If it is an agent, it is also required to sign the Power of Attorney with the principal on the counter and provide the original and copy of the agent's ID card.
Opening an account with a legal entity: the business license of the legal entity and its photocopy shall be provided;Certificate of legal representative;The original and photocopy of the securities account card;The original and photocopy of the power of attorney of the legal person and the ID card of the authorized person;CompanyReserved seal。Class BOverseas account opening is also requiredBusiness registrationCertificates and directors' certificates
(2) Fill in the account opening information and sign the Securities Trading Entrustment Contract (or the Securities Entrustment Trading Agreement) with the securities business department, and sign the Designated Trading Agreement related to the Shanghai Stock Exchange.
(3) Securities Business Department opens for investorsFund account
(4) It is necessary to open bank securities of securities business departmentTransfer businessInvestors with functions shall refer to the instructions of the securities business department on the use of such business functions.
When opening an account, investors need to choose their own trading means and fund deposit and withdrawal methods in the future, and sign the corresponding opening procedures and agreements with the securities business department.For example:Telephone entrustment、Online transaction、Phone stocks 、Bank securities transferEtc.
Account opening of Yinzhengtong
Open“Yinzhengtong”You need to go through the relevant procedures at the bank.
The account opening steps are as follows:
1. Bank outlets handle account opening procedures: hold my valid ID card and deposit with the same name of the bankpassbook(If no, it can be opened on the spot) andShenzhen and ShanghaiThe shareholder code card shall handle the account opening procedures at the bank branch that has opened the "Yinzhengtong" business.
2. Fill in the form: fill in the Securities Entrustment Transaction Agreement and the Bank Securities Entrustment Agreement.
Step 2: Open a B-share capital account at the securities operating institution with my valid identity certificate and my receipt voucher, and the minimum amount for opening a B-share capital account isequivalenceUS $1000;
Step 3: Apply to the securities operating institution for opening B shares with the newly opened B share capital accountStock account。
Shenzhen B-share account opening
ChinaSecurities Depository and Clearing CorporationShenzhen Branch, as the legal registration authority of Shenzhen B shares, is responsible for opening accounts for B share investors.At the same time, some securities business departments, some banks or other agent account opening points are authorized to open B-share accounts.Online real-time B share account opening allows domestic and overseas individuals, overseas agents and overseas general legal persons to open accounts.Some securities business departments, as agents for opening B-share accounts in Shenzhen, can also handle B-share account opening business.Investors can handle B-share securities accounts at the securities business department qualified to engage in B-share business of Shenzhen Stock Exchange and the account opening agency entrusted by Shenzhen Stock Exchange.Account opening:
Note: A domestic individual investor must open an account for B shares in person and cannot be entrusted by others. A domestic legal person is not allowed to open an account for B shares.An overseas individual investor may entrust others to handle it on his behalf, and each investor can only open one account.
US Securities Exchange
2. Foreign individual investors shall submit: overseas resident identity card or passport, other valid identity documents and their copies.
3. Overseasinstitutional investorTo open a B-share securities account, you must provide: the business registration certificate, the power of attorney, the director's identity certificate and its copies, and the handler's identity certificate and its copies.
Account opening fee: 120 Hong Kong dollars per individual account;HK $580 per institutional investor.
Shanghai B-share account opening
With the certificate of B-share capital account, apply for opening a B-share account at the Shanghai Stock Exchange members who are qualified to operate B-shares in China.To open an account:
My valid identity certificate, bank deposit voucher of more than 1000 US dollars, Application Form for Registration of Individual Account Opening of Shanghai B-Share Domestic Residents, andShanghai Stock ExchangeAnd what the registration company deems necessaryOther materials。
Account opening fee: domestic residents who open B share accounts shall pay as requiredService Charge。The service charge is charged at the rate of 19 dollars per household.
Securities Business Department B share account opening
The investor shall open a B-share margin account in the securities business department under the securities company:
The investor shall provide the original and one copy of the following documents, sign all relevant account opening documents, and reserve the seal or password:
(2) Valid ID card of individual or valid business license of institution and signature of legal representative of institutionEntrusted agentcertificate of authorizationAnd the identity documents of the entrusted agent;
(3) The account owner who opens an account on behalf of the agent grants the agent various authoritiesauthentic act。
