1602 Amsterdam first stock exchange

Chaisi Hutong 1608 "Jonalin Cafe" became famous in this transaction.

1790 Philadelphia stock exchange was established (the first).

1773, the first exchange cafe in Britain was established (1802, officially approved by the government) (initially trading government bonds-later corporate bonds, mining and canal stocks-railway stocks prevailed).

1792 may17, 24 brokers "buttonwood agreement" set the minimum trading commission standard.

The earliest securities trading institutions in China are the Shanghai Stock Exchange and the Shanghai Public Industry Exchange, which are operated by foreign investors.

19 18 Summer, Beiping Stock Exchange was established (the first one was founded by China people themselves).

Established in 1872, China merchants group is the first joint-stock enterprise in China.

1920 In July, the Shanghai Stock Exchange was established (the largest at that time).

1987 September Shenzhen special zone securities company was established (the first professional securities company in China).

1992. 10 the State Council securities regulatory commission and China securities regulatory commission were established (marking national supervision and market development).

1998.04 cancel the the State Council securities commission (establish a centralized and unified market supervision system).

1997. 1 1 Interim Measures for the Administration of Securities Investment Funds (Regulating Fund Development)

2001.12.11The proportion of foreign joint ventures in China's accession to the WTO shall not exceed 33%, and shall not exceed 49% within three years after its accession.

2002. 1 1 Accepted the Chief Special Member of Nomura Securities Shanghai Representative Office, and approved Naito Securities of Japan to directly apply for B-share seats. On May 27th, 2003, UBS became the first QFII approved.

Registered shareholders initiate the establishment of the company. The initial investment of the promoters shall not be less than 20% of the registered capital, and the rest shall be paid in full within two years. The shares subscribed by the promoters by way of offering shall not be less than 35%, and the monetary contribution of all shareholders shall not be less than 30% of the registered capital. Resolutions made at the shareholders' meeting shall be approved by one-half of the voting rights held by shareholders present, and the articles of association shall be amended. Merger and division shall be approved by more than two-thirds.

Conditions for listing of the company to be raised: The number of shares to be publicly developed must reach more than 25%, accounting for more than 65,438+00% of the total share capital of over 400 million. The total share capital of the company is not less than 30 million yuan, and there has been no illegal behavior in the last three years. At the same time, the net cash flow in the last three years exceeded 50 million, or the operating income in the last three fiscal years exceeded 300 million, which was 65,438+00 times of the net profit in the last three years. After the share-trading reform, the original non-tradable shares shall reduce their holdings by more than 5% within 12 months and 10% within 24 months.

1994: When issuing vouchers (issued by bank outlets, with a handling fee of 2 ‰ paid in advance) and book-entry treasury bonds (issued by securities accounts, with short issuance time, high efficiency, simple transaction procedures, low cost and safety), you can register to report the loss.

In 1950s, two kinds of national bonds were issued: 1950 People's Victory Bond and 1954 ~ 1958 National Economic Construction Bond (issued five times).

198 1 Resume the issuance of government bonds. Bondholders withdrew from the market in 2000.

1982 issued financial bonds. In the same year, China International Trust and Investment Corporation issued foreign financial bonds in Tokyo stock market.

1993 China investment bank was approved to issue foreign currency financial bonds in China.

Issuance method of national debt: before 199 1, administrative apportionment 199 1 began to introduce underwriting 1996, and the tender issuance method 200 1.07.02 began to implement the net price transaction in the inter-bank bond market.

Hybrid securities: issued by commercial banks to supplement capital. The repayment period is over 15 years, and it cannot be redeemed within 10 years.

The repayment of subordinated debts of insurance companies must ensure that the solvency adequacy ratio after repayment is not less than 100%.

In August, 2007, CSRC promulgated and implemented the "Pilot Measures for Corporate Bond Issuance", which marked the official launch of the issuance of corporate bonds (securities with principal and interest repayment period exceeding 1 year) in China, with a quota of not less than 50 million.

1987. 10 the Ministry of finance issued 300 million marks of public debt in Frankfurt, Germany (the government issued bonds abroad for the first time after the economic system reform).

The fund originated in Britain at the end of 18, and the industrial revolution in early 2009 promoted the development of the fund.

1997. 1 1 the State Council promulgated the Interim Measures for the Administration of Securities Investment Funds.

2004.06.0 1 Implementation of China's Fund Law (confirming the position and role of funds in the capital market and socialist market economy in legal form)

Closed-end funds have a duration of more than 5 years, usually 10 ~ 15 years, and more than 10% of fund holders have the right to convene a fund holders' meeting.

Establishment of a fund company: the registered capital shall be no less than 654.38 billion+0 billion, and it must be paid-in capital. The major shareholder has no illegal record within 3 years, and the registered capital is not less than 300 million.

In China, fund management fees are generally 1.5%, monetary funds are 0.33%, bond funds are not less than 1%, closed-end fund custody fees are 0.25%, and open-end funds are less than 0.25%.

The annual income distribution ratio of fund closure shall not be less than 90% of the realized income in that year, 60% of equity funds are invested in stocks, and 80% of bond funds are invested in bonds. A fund holding a listed company's stock shall not exceed 65,438+00% of the fund's net value, and the total capital of a management company shall not exceed 65,438+00% of the company's securities.

Foreign exchange futures 1972 was first launched in the international money market (under the Chicago Mercantile Exchange).

The shortest convertible corporate bond is 1 year and the longest is 6 years. The company's shares can be converted six months after issuance. The initial public offering of more than 400 million shares can be placed with strategic investors, and the issuance with a face value of more than 50 million yuan should be underwritten by the underwriting syndicate.

Shanghai Stock Exchange1990.1.26 was established1990.12.19 officially opened.

Shenzhen Stock Exchange1989.1.15 was established with the approval of the People's Bank of China, 199 1.

In May 2004, the State Council approved the establishment of SME Board.

CSI Index Company Index: CSI circulation index, CSI scale index CSI 100 index (base period 2005. 12.30 basis points 1000 points), CSI 300 index, CSI 300 industry index, CSI 300 style index and CSI 200/500/700 scale index.

Stock index of Shanghai Stock Exchange: Shanghai Composite Index (base period1990.12.19 basis point 100 point)

When the company distributes after-tax profits, 10% is included in the company's statutory reserve fund. When the statutory reserve fund exceeds 50% of the registered capital, it may not be withdrawn.

When the statutory reserve fund is converted into capital, the retention ratio shall not be less than 25% of the registered capital before the transfer.

At the end of February 2007, there were 106 securities companies in China.

The establishment of major shareholders of securities companies requires no major violations in the last three years, and the net assets are not less than 200 million yuan.

The securities regulatory body shall review and give a reply within 6 months from the date of accepting the application for the establishment of a securities company. Give reasons for disapproval.

Shareholders who individually or collectively hold 5% of the shares may submit proposals to the shareholders' meeting to nominate candidates for directors and supervisors.

Risk control index: the net capital of brokerage business is not less than 20 million. The net capital of one of underwriting, self-management and asset management is not less than 50 million, brokerage business+one = 654.38 billion, brokerage business+two or more = 200 million, and net capital is the sum of risk reserves > 100% net capital: net assets >; 40%, net capital: liabilities > 8%, net assets: liabilities > 20%, current assets: current liabilities >; 100%, net capital of brokerage business/number of business departments >; 5 million, self-operated stock scale

Securities Law/KOOC-0/998./KOOC-0/2.29 Implementing Company Law/KOOC-0/999.07.0/KOOC-0/993.438+02.29 Adopted/KOOC-0/994.07.065438+/KOOC-0. The non-monetary property contribution of the shareholders of a securities company shall not exceed 30% of the registered capital. The Enterprise Bankruptcy Law was implemented in June, 2007. The registered capital of a company shall be paid in installments within two years, and the minimum registered capital of a limited liability company shall be reduced to 30,000 yuan within five years.

The shares subscribed by the actual controller of this non-public offering shall not be transferred within 36 months, and the issue price shall not be less than 90% of the average price of the 20 trading days before the benchmark date.

Pilot of margin financing and securities lending: innovative securities companies that have been engaged in brokerage business for three years have continuously met the requirements in risk control indicators in the past two years, with a net capital of more than 654.38+0.2 billion in the last six months.

On June 30th, 2005, with the approval of the State Council, the CSRC, the Ministry of Finance and the People's Bank of China jointly issued the Measures for the Administration of Securities Investor Protection Fund. After the risk fund reaches the prescribed upper limit, 20% of the handling fee of the Shanghai and Shenzhen Stock Exchanges will be included in the fund, and the securities companies will pay 0.5-5% of the operating income.

China Securities Association was established1991.08.282002.12.16 The Measures for the Administration of Securities Practitioners' Qualifications promulgated by the CSRC was implemented on February 0, 2003. An association applying for a practicing certificate shall, within 30 days from the date of receiving the application, file with the China Securities Regulatory Commission. In case of any inconsistency, it shall give a written explanation.

Basic [abstract]

Portfolio is a form of virtual capital. Portfolio refers to capital security in a narrow sense, and broadly includes commodity securities (bills of lading, waybills and warehouse receipts) and monetary securities (commercial securities and bank securities).

Securities are classified into 1 government securities 2/government agency securities (not allowed in China) 3/enterprise securities (including financial securities): 1 listed securities 2/unlisted securities (certificate-based government bonds and ordinary open-end funds) Raising methods: 1 public securities 2/private securities (trust plans, financial plans and private placements)

According to the nature of rights represented: stocks, bonds and other securities (funds, derivatives "financial futures, convertible securities, warrants")

Characteristics of securities: a, profitability, b, liquidity, c, risk and d, term.

The characteristics of the securities market are: a place for direct exchange of value, b place for direct exchange of property rights and c place for direct exchange of risks.

Variety structure of securities market: stock bond fund derivatives market

The basic function of the securities market: financing-investment pricing capital allocation function

Intermediaries in the securities market: securities companies, securities registration and settlement companies, and securities service agencies (investment consulting companies, accounting firms, asset appraisal agencies, law firms, and securities credit rating agencies).

The emergence of securities market: A socialized mass production and the development of commodity economy, B shareholding system and C credit system.

The development trend of international securities market: A market integration B investor corporatization C financial innovation D financial institution corporatization E exchange reorganization F securities market networking G financial risk complication H financial supervision cooperation.

China's first standardized futures contract-Shenzhen Nonferrous Metals Exchange-Super-grade aluminum futures standard contract (realizing the transition from forward contract to futures).

The opening up of the securities industry in the five-year transition period after China's entry into WTO includes: 1 direct B-share trading; (2) Becoming a special member of the Exchange; Establish a joint venture company to engage in fund management business; Establish a joint venture securities company within 3 years after China's accession to the WTO to engage in underwriting and trading of A shares, B shares, H shares and government bonds; 5. Provide consulting services, give national treatment to joint venture brokers and set up decentralized agencies.

Nature of stock: A Securities B Essential Securities C Warrant Securities D capital security E Comprehensive Rights Securities.

Characteristics of stock: 1 profitability 2 risk 3 liquidity 4 persistence 5 participation.

Stock types: A common stock and preferred stock (different rights) B registered stock and bearer stock (with or without bearer stock) C nominal stock and non-nominal stock (with or without marked amount) Stock price: theoretical price = expected dividend/necessary rate of return market price. Stock value: 1 face value 2 Book value (net value or net assets per share) 3 liquidation value 4 Intrinsic value (theoretical value or present value of future earnings) Factors affecting stock price: A company's operating conditions (1 net asset value 2 profitability 3 dividend policy 4 stock split 5 capital increase and capital decrease 6 sales revenue 7 raw material supply 8 major operator replacement. 9 Corporate restructuring 10 unexpected disaster) b Macroeconomic factors (1 economic growth 2 economic cycle 3 monetary policy "reserve ratio, rediscount. Open market industry 4 fiscal policy 5 market interest rate 6 inflation 7 exchange rate changes 8 balance of payments) c political factors (1 war 2 regime change 3 major economic policies of the government 4 international social and political economic changes) d psychological factors e policies and institutional arrangements to stabilize the market (technical suspension) f human manipulation factors.

Rights of common shareholders:

1 the right to participate in major decision-making; 2. The company's asset income right and the distribution right of remaining assets; 3. Preemptive right; 4. Obtain company information; 5 stock trading.

Liquidation sequence: liquidation expenses-employee salaries-social security expenses-statutory compensation-tax arrears-company debts-common shareholders.

China's stocks are divided into state shares, legal person shares, public shares and foreign shares according to the investors.

Characteristics of bonds: repayment, liquidity, security and profitability.

Classification of bonds: Issuers are divided into three parts (A government bonds, B financial bonds and C corporate bonds) according to the interest payment method (A zero coupon bond B coupon bonds, C coupon accumulated bonds and D floating rate bills) and the form (A physical bonds, B voucher bonds and C book-entry bonds).

National debt in a broad sense belongs to public sector debt, while national debt in a narrow sense belongs to government sector debt.

The characteristics of national debt: high security, strong liquidity, stable income and tax-free treatment.

National debt is divided into deficit national debt, construction national debt, war national debt and special national debt according to the use of funds.

Savings bonds is a non-circulating government bond issued to individuals, which generally mainly absorbs small personal savings.

The book-entry treasury bond interest rate is determined by the book-entry treasury bond underwriting syndicate through bidding, and the savings bonds interest rate is determined by the Ministry of Finance with reference to the deposit interest rate and the relationship between supply and demand.

Type of corporate bonds: credit corporate bonds (unsecured) real estate mortgage corporate bonds guarantee corporate bonds yield corporate bonds convertible corporate bonds bond with attached warrant.

The characteristics of international bonds are: wide sources of funds, large issuance scale, exchange rate risk, national sovereignty guarantee, and freely convertible currency as the measurement currency. Long-term bonds refer to bonds issued in Asia except Japan and priced in the currencies of non-Asian countries.

The characteristics of investment funds: collective investment, risk diversification and professional financial management.

The function of the fund: it broadens the channels for small and medium-sized investors and is conducive to the stability and development of the securities market.

The fund custodian may reduce the fund custody fee as appropriate after consultation, and after approval by the CSRC, it will announce that there is no need to convene a holders' meeting.

Fund investment risk: market risk management ability risk technology risk huge redemption risk.

The basic characteristics of financial derivatives are intertemporal leverage, linkage, uncertainty and high risk (credit risk, market risk, liquidity risk, settlement risk, operational risk and legal risk).

Financial derivatives are classified by product form and trading place: built-in derivatives, traded derivatives and OTC derivatives.

Financial derivatives are classified according to their own trading methods and characteristics: financial forward contracts, financial futures, financial options, financial swaps and structured financial derivatives are classified according to basic tools: equity (stock futures, stock options, stock index futures, stock index options and mixed trading contracts) interest rates (forward interest rate agreements, interest rate futures, interest rate options, interest rate swaps and mixed trading contracts) currency (foreign exchange contracts) currency futures, currency options, currency swaps and mixed trading contracts.

Financial derivatives innovation: risk management innovation enhances mobile innovation, credit creation innovation and equity creation innovation.

The right period of the option is in the same direction as the time value, but the nonlinear influence of the underlying assets will make the call option price fall and the put option price rise.

The elements of the warrant include: the duration of the exercise price of the category target (more than 6 months but less than 24 months), the exercise date, the exercise settlement method and the exercise proportion.

When convertible bonds are issued, the nature of securities is divided into convertible bonds and convertible preferred shares.

Depositary Receipts (DR), also known as Depositary Receipts, have the following advantages for issuers: A, large market capacity, strong fund-raising ability, B, circumventing the legal requirements of directly issuing stocks and bonds, simple listing procedures and low cost. Benefits of ADR to investors: ADR for domestic settlement must be registered with the US Securities Regulatory Commission, which helps to protect investors' rights and interests, pay dividends in US dollars and avoid investment policy restrictions.

Classification of asset securitization: According to the basic asset classification (real estate securitization, accounts receivable securitization, credit asset securitization, future income securitization and bond portfolio securities), according to the geographical classification (domestic asset securitization and offshore asset securitization), the securitization products are classified by attributes (equity type, debt type and mixed type).

The parties to asset securitization include: sponsors (original owners, large industrial and commercial enterprises and financial institutions), special purpose institutions (institutions that issue securitization products based on the sponsors' assets), fund and asset depository institutions, credit enhancement institutions, credit rating agencies, underwriters and investors.

There is no fixed place in the securities issuance market, which is an invisible market securities issuance system (registration and approval system).

China's shares have been examined by the IEC, and sponsors and sponsors' representatives should be diligent, honest and trustworthy.

China's initial public offering determines the issue price of the stock through inquiry, initially determines the price range and price-earnings ratio range, and sponsors vote on the inquiry object within the issue price range.

Dutch bidding (lowest bid price and highest yield) adopts single price method for short-term discounted bonds.

Americans bid at their own prices. Long-term interest-bearing bonds use multiple yields.

The general meeting of members is the highest authority of the exchange, and the board of directors is the decision-making body of the exchange. The general manager of the Exchange shall be appointed and removed by the State Council Securities Regulatory Commission.

The implementation plan for the establishment of small and medium-sized enterprises in Shenzhen Stock Exchange includes four basic principles (prudently promoting the combination of centralization and decentralization, strict supervision and overall consideration).

Small and medium-sized board "two invariants" (the laws and regulations that should be observed remain unchanged, and the information disclosure requirements for the conditions of issuance and listing remain unchanged) and "four independents" (independent codes for independent monitoring and independent indicators are independent).

The base-period weighted stock price index is also called Rasbell weighted index (weighted by base-period circulation and trading volume).

The weighted stock price index in the calculation period is also called Paixu weighted index (weighted by the circulation and volume in the calculation period).

Geometric weighted stock index is also called Fisher ideal formula (it is the geometric average of the above two indexes, which is rarely used in practice).

Stock income: dividend income, capital gains and accumulation fund value-added income.

Dividend types: cash dividend, stock dividend, property dividend, debt dividend and Jianye dividend (no profit and dividend exceptions).

Bond income: bond interest income, capital income and reinvestment income.

Sources of provident fund: after-tax profits issued by B at a premium, assets revalued by C and assets donated by D..

Systematic risk: policy risk, economic cycle fluctuation, interest rate risk, purchasing power risk (inflation) and non-systematic risk: credit risk, operational risk and financial risk.

Securities asset management is to maximize the return of entrusted assets.

The board of directors of securities brokerage business and other two businesses shall set up a remuneration and nomination committee, an audit committee and a risk control committee.

The internal control of securities companies should implement the principles of perfection, rationality, checks and balances and independence.

The main contents of internal control of brokerage business are: to prevent the risk of misappropriating clients' funds and assets, illegally integrating into lending funds and settlement.

Key points of proprietary business A are to prevent out-of-control scale, decision-making mistakes exceeding authority, disguised proprietary trading, off-balance-sheet proprietary trading, market manipulation and insider trading B, to establish decision-making procedures and strengthen decision-making management C, to have a reasonable early warning mechanism.

Investment banks should focus on preventing legal risks, financial risks and moral risks. Consulting business should focus on preventing the spread of false information misleading investors, unqualified practice, illegal practice and conflicts of interest. Business innovation should focus on preventing violations of laws and regulations, scale out of control and decision-making mistakes.

Branches should focus on preventing ultra vires operation, out-of-control budget and moral hazard.

Net capital = net assets-risk adjustment of financial product investment-risk adjustment of receivables-risk adjustment of other current assets-risk adjustment of long-term assets-risk of contingent liabilities-/+determined by CSRC.

Conditions for the establishment of a securities registration and clearing company: a. Its own funds are not less than 200 million yuan; b. Necessary places and facilities; c. Major managers and employees must have professional qualifications; d. Other conditions.

Securities market supervision means: legal means, economic means and necessary administrative means.

The significance of securities market supervision: 1 Protecting investors' rights and interests, 2 maintaining a good market order, 3 developing and perfecting the securities market system, 4 accurate and comprehensive information is conducive to participants' decision-making.

The International Securities Regulatory Commission announced three major objectives of supervision: protecting investors, ensuring fair, efficient and transparent markets, and reducing systemic risks.

Information disclosure: comprehensiveness, authenticity and timeliness

Manipulation of the market: A, acting alone or in collusion, concentrating the advantages of holding shares and buying and selling continuously; B, colluding with others, agreeing in advance on the time, price and method that will affect the price and quantity; C, in his own account.

Insider information includes: 1 dividend or capital increase plan; 2. Major changes in the ownership structure; 3. Major changes in debt guarantee; 4. Mortgage of main assets used for operation; 30% of assets are sold and scrapped at one time; The main management personnel of the company may be liable for heavy losses; 6 acquisition plan of listed companies.

Three Functions of Securities Industry Association: Self-discipline Service Delivery

The content of the code of conduct for securities practitioners: integrity, honesty, diligence, honesty, confidentiality and self-discipline.