Warrant refers to the securities issued by the issuer of the target securities or a third party other than the issuer, and the agreed holder has the right to buy or sell the target securities from the issuer at the agreed price within a specific period or a specific maturity date, or collect the settlement price difference by cash settlement. The essence of warrants reflects the contractual relationship between the issuer and the holder. After paying a certain amount of money to the warrant issuer, the holder obtains a right from the issuer. This right enables the holder to buy/sell a certain amount of assets from the warrant issuer at an agreed price on a specific date or within a specific period in the future. The warrants for buying stocks are called call warrants, and the warrants for selling stocks are called put warrants (or put warrants). Warrants are divided into European warrants, American warrants and Bermuda warrants. The so-called European warrants are warrants that can only be exercised on the due date. The so-called American warrants are warrants that can be exercised at any time before the expiration date. The so-called Bermuda warrant means that the holder can buy and sell the underlying securities on a set number of days or an agreed maturity date. The holder obtains a right, not a responsibility, and has the right to decide whether to perform the contract, while the issuer has only the obligation to be executed. Therefore, in order to obtain this right, investors must pay a certain price (royalties). The difference between warrants (in fact, all options) and forward or futures lies in that the former holder is not a responsibility, but a right, while the latter holder is responsible for executing the sales contract signed by both parties, that is, the relevant assets must be traded at the specified price and the specified future time. "Margin trading", also known as "securities credit trading", refers to the behavior that investors provide collateral to membership securities companies like Shenzhen Stock Exchange and Shanghai Stock Exchange, borrow funds to buy securities listed in this exchange or borrow securities listed in this exchange and sell them. Including securities companies financing and securities lending to investors and financial institutions financing and securities lending to securities companies. The Securities Law before the amendment prohibited the securities credit transaction of margin financing and securities lending. Financing is to borrow money to buy securities, and in layman's terms, it is to buy stocks. Securities companies borrow money from customers to buy securities, and customers repay the principal and interest at maturity. When a customer buys securities from a securities company, it is called "short selling". Securities lending is to borrow securities to sell and then return them as securities. Securities companies lend securities to customers for sale, and customers return the same kind and quantity of securities at maturity and pay interest. Customers selling securities to securities companies are called "short selling". At present, there are basically four popular financing and securities lending modes in the world: securities finance company mode, investor direct credit mode, securities company credit mode and registration and settlement company credit mode.