The stock market is a place where stocks are issued and traded. According to the functional division of the market, the stock market can be divided into distribution market and circulation market. The issuing market is a market to raise funds by issuing stocks. On the one hand, it provides a channel for fund demanders to raise funds, on the other hand, it provides an investment place for fund providers. The issuing market is the place to realize the transformation of capital functions. By issuing stocks, idle social funds are transformed into production capital. Since issuance is the source and starting point of all activities in the stock market, it is also called "primary market". The circulation market is the market where issued shares are transferred, also known as the "secondary market". On the one hand, the circulation market provides opportunities for stock holders to realize cash at any time, on the other hand, it also provides investment opportunities for new investors. Unlike the one-off behavior in the issuance market, stocks can be traded continuously in the circulation market. Circulation market is the foundation and premise of circulation market, and circulation market is the condition for its existence and development. The size of the issuing bank market determines the size of the circulation market and affects the transaction price of the circulation market. Without the distribution market, the circulation market will become water without a source and a tree without a root. In a certain period of time, the issue market is too small, which will easily lead to the disconnection between supply and demand in the circulation market, resulting in excessive speculation and soaring stock prices. The rapid pace of issuance and the oversupply of stocks have put pressure on the circulation market, depressed stock prices and depressed market, thus affecting the financing of the issuance market. Therefore, the distribution market and the circulation market are interdependent and complementary. According to the organizational form of the market, the stock market can be divided into on-site trading market and over-the-counter trading market. A stock exchange is a place where stocks are traded centrally. In some countries, the initial stock exchanges were formed spontaneously, while others were registered or approved according to the relevant laws and regulations of the country. Today's stock exchanges are well-organized, strictly managed and have fixed centralized trading places. In many countries, the exchange is the only legal stock exchange. In China, at the end of 1990, the Shanghai Stock Exchange was formally established, and the Shenzhen Stock Exchange also started its trial operation. OTC stock market is a stock trading market conducted over the counter of securities trading institutions other than the stock exchange, so it is also called OTC market. With the development of communication technology, organized OTC markets have emerged in some countries, such as Nasdaq in the United States. Because China's securities market is still immature, it does not have the conditions to develop the OTC market at present. According to the scope of investors, China's stock market can also be divided into A-share market with domestic investors and B-share market with foreign investors. Securities are all kinds of property ownership or creditor's rights certificates, which are used to prove that the holders of securities have the right to obtain corresponding rights and interests according to the contents of securities. According to its different nature, securities can be divided into voucher securities, voucher securities and marketable securities. What people usually call securities is negotiable securities. Securities is a kind of ownership or creditor's rights certificate with a certain face value, which proves that the holder has the right to obtain certain income on schedule and can be freely transferred and traded. Banknotes, stamps, tax stamps, stocks, bonds, treasury bills, commercial promissory notes, bills of exchange, bank deposit certificates, etc. They are all securities. However, the securities trading in the general market should refer to the securities subject to the securities law, such as banknotes, stamps, tax stamps, etc. , not in this range. Securities trading is limited to the scope of securities mentioned in the Securities Law. The so-called futures generally refers to futures contracts, which are standardized contracts made by futures exchanges and agreed to deliver a certain number of subject matter at a specific time and place in the future. This subject matter, also known as the underlying asset, can be a commodity, such as copper or crude oil, a financial instrument, such as foreign exchange and bonds, or a financial indicator, such as three-month interbank offered rate or stock index. If the buyer of a futures contract holds the contract until the expiration date, he is obliged to buy the subject matter corresponding to the futures contract; If the seller of a futures contract holds the contract until it expires, he is obliged to sell the subject matter corresponding to the futures contract (some futures contracts do not make physical delivery when they expire, but settle the difference, for example, the expiration of stock index futures refers to the final settlement of the futures contract in the opponent according to a certain average value of the spot index). Of course, traders of futures contracts can also choose to reverse the transaction before the contract expires to offset this obligation. The broad concept of futures also includes option contracts traded on exchanges. Most futures exchanges list both futures and options. Insurance is another kind, and your payment depends on your insurance coverage.