What is securities trading? The securities exchange market, also known as the securities circulation market, the securities secondary market and the secondary market, refers to the market where the issued securities are traded, transferred and circulated. The income from the sale of securities in the secondary market belongs to investors who sell securities, not to companies that issue securities. China has Shenzhen Stock Exchange and Shanghai Stock Exchange. Classification of securities transactions: 1. The "floor market" refers to the centralized trading market organized by the stock exchange, which has a fixed trading place and trading time. In most countries, it is also the only stock exchange in China, so it is the most important and concentrated stock exchange market in China. Stock exchanges accept and handle the listing of securities in accordance with relevant laws and regulations, and investors conduct securities transactions on stock exchanges through securities firms. The stock exchange is not only a place where buyers and sellers openly trade, but also provides various services for investors. The exchange provides investors with information on securities transactions listed on the exchange at any time, such as transaction price, transaction quantity, etc. Provide financial information published by securities issuing enterprises for investors' reference. The Exchange formulates various rules, strictly manages brokers and dealers involved in trading, supervises securities trading activities, and prevents illegal and criminal acts such as market manipulation, insider trading and cheating customers. The exchange should constantly improve various systems and facilities to ensure that normal trading activities are carried out continuously and efficiently. 2. Over-the-counter market The over-the-counter market, also known as the over-the-counter market or the over-the-counter market, refers to the market where buyers and sellers of securities negotiate face to face outside the exchange. It has no fixed place, and its transactions are mainly conducted by telephone. The securities traded are mainly those that are not listed on the stock exchange, and in some cases, the securities listed on the stock exchange are also traded over the counter. Securities companies in OTC market have dual identities as securities dealers and agents. As a proprietary trader, he can sell his securities to customers, or he can buy customers' securities to earn the bid-ask difference; As an agent, you can also buy and sell securities of other dealers as a client agent. In recent years, great changes have taken place in some foreign OTC markets, and a large number of advanced electronic trading technologies have been adopted, which has made the market coverage wider and greatly improved the market efficiency. In this regard, the Nasdaq market in the United States is a typical representative. Origin of stock exchange: The earliest is Amsterdam Stock Exchange, which was established in 16 13. The earliest China was "Shanghai MCC Office" established by 1905. After the founding of the People's Republic of China, the securities trading was once cancelled. From 1990 to 199 1, the Shanghai and Shenzhen stock exchanges were established one after another. The earliest securities trading in Hong Kong can be traced back to 1866. The first stock exchange in Hong Kong, Hong Kong Securities Brokers Association, was established 189 1, and was renamed as Hong Kong Stock Exchange in 19 14. In 192 1, Hong Kong established the second stock exchange, Hong Kong Securities Brokers Association. By the end of 1960s, the original stock exchange in Hong Kong could no longer meet the needs of the prosperity and development of the stock market. After 1969, three exchanges, namely Far East, Jinyin and Jiulong, were established one after another, and the Hong Kong stock market entered the so-called "four-meeting era" in which the four major exchanges coexisted. The stock market crash of 1973 ~ 1974 fully exposed the disadvantages brought by the coexistence of the four major securities markets in Hong Kong. On March 27th, 1986, the four exchanges formally merged to form the Hong Kong Stock Exchange. On April 2, the Stock Exchange opened and began to enjoy the exclusive right to establish, operate and maintain the securities market in Hong Kong. On March 6, 2000, Hong Kong Exchanges and Clearing Limited was established, with three wholly-owned subsidiaries: Stock Exchange of Hong Kong Limited, Hong Kong Futures Exchange Limited and Hong Kong Securities Clearing Limited. Characteristics of stock exchange: 1. A stock exchange is a non-profit legal person composed of several members. The members that make up a stock exchange are all securities companies, including full members and informal members. 2. The establishment of a stock exchange must be approved by the state. 3. The decision-making bodies of a stock exchange are the general meeting of members (shareholders' meeting) and the board of directors (board of directors). Among them, the general meeting of members is the highest authority and decides the basic policies of the stock exchange; The board of directors is an agreement body, consisting of the chairman and several directors. It formulates specific methods necessary to implement the basic principles decided by the general meeting of members and formulates various rules and regulations. The executive body of a stock exchange has a chairman and a permanent member. About the chairman and the prime minister. Types of stock exchanges: Stock exchanges are divided into corporate system and membership system. These two kinds of stock exchanges can be operated by the government or public organizations (called public stock exchanges), private stock exchanges (called private stock exchanges), and government and private stock exchanges (called public-private joint stock exchanges). 1. corporate stock exchange The Corporate Stock Exchange is a profit-making stock exchange that provides trading places and service personnel to facilitate the trading and delivery of securities firms. From the practice of stock trading, it can be seen that this kind of stock exchange collects the listing fee of the issuing company and the commission of securities trading, and its main income comes from a certain proportion of the transaction turnover. Moreover, the personnel who operate this kind of exchange cannot participate in the trading of securities, which ensures the fairness of trading to a certain extent. In a company stock exchange, the general manager is responsible to the board of directors and is responsible for the daily affairs of the stock exchange. The duties of directors are: to approve important articles of association and business and financial policies; To draw up the budget, final accounts and surplus distribution plan; Approved investment; List of securities firms allowed to participate in stock trading; To verify the amount of business deposits, transaction fees and other payments that securities companies should pay; To discuss the registration, alteration, cancellation, closure and collection of listing fees for listed stocks; To examine and approve the proposals and reports submitted to the shareholders' meeting; Decide on the appointment and dismissal of the manager and members of the review committee, and approve other projects. The duties of supervisors include examining the annual final accounts report, supervising business and checking all accounts. 2. Membership Stock Exchange A membership stock exchange is a non-profit exchange with independent, self-disciplined and mutually restrictive members. Members who participate in the operation can participate in the trading and delivery of stocks. This kind of exchange has low commission and listing fee, and can be used for OTC trading of listed stocks to some extent. However, since the members of the exchange are all participants in stock trading, it is inevitable that there will be unfairness in stock trading. At the same time, because the buyers and sellers involved in the transaction are limited to exchange members, the new members generally need the unanimous consent of the original members, which forms a de facto monopoly, which is not conducive to providing service quality and lowering the charging standard. In the membership stock exchange, the responsibilities of the board of directors mainly include: deciding policies, and the general manager is responsible for preparing the budget and submitting it to the shareholders' meeting for approval; Maintain the discipline of members, and impose fines, suspend business and remove names on members who violate the rules; Approve new members to join; Approve the listing of new shares; Decide how to allocate listed stocks to the counters in the trading hall; Wait a minute. The stock exchange's supervision of stock trading activities mainly includes the following contents: (1) The stock exchange shall immediately announce the stock market, make a stock market table every day, and record and announce the following items in an appropriate way: the name of the listed stock; Opening price, highest price, lowest price and closing price; The fluctuation range compared with the closing price of the previous trading day; Divide volume and value and sum; Stock index and its ups and downs; Wait a minute. (2) A stock exchange shall compile daily, weekly, monthly and annual reports on market transactions and make them public in a timely manner. (3) Stock exchanges shall supervise listed companies to disclose information according to regulations. (4) A stock exchange shall sign a listing agreement with a listed company to define the rights and obligations of both parties. (5) A stock exchange shall establish a listing recommender system to ensure that listed companies meet the listing requirements. (6) The stock exchange decides to suspend, resume or cancel the trading of listed stocks according to the securities laws and regulations, the listing rules of the stock exchange and the provisions of the listing agreement, or according to the requirements of the China Securities Regulatory Commission. (7) A stock exchange shall establish files of listed companies, make statistics on the shares held by directors, supervisors and senior managers of listed companies, and supervise their changes. (8) Members of a stock exchange shall abide by the articles of association and business rules of the stock exchange, pay the seat fees, handling fees and other fees to the stock exchange in accordance with the relevant provisions of the articles of association and business rules, and deposit the trading deposit. (nine) members of the stock exchange shall provide quarterly, interim and annual reports to the stock exchange and the China Securities Regulatory Commission, and actively report relevant information; A stock exchange has the right to require its members to provide relevant statements, account books, transaction records and other documents. I hope the information I provide can answer your questions, and I wish you a happy investment!