The stocks, bonds and funds circulating in the securities market are the standardized ownership contract of joint-stock companies and the standardized creditor's rights and debts contract of bond issuers respectively. The main difference between securities and spot lies in their basic economic functions: the basic functions of securities market are resource allocation and risk pricing, while the basic functions of spot trading market are to avoid risks and find or obtain investment profits. The purpose of trading is different: the purpose of trading in the securities market is to transfer the ownership of securities and obtain the price difference; The purpose of spot trading is to avoid spot risks and seek or obtain investment profits. The market structure is different: the securities market is divided into primary market and secondary market, while the spot trading market has no such definition. The margin requirements are different: the spot trading of securities must pay the full amount of funds, and the spot trading only needs to pay a certain percentage of margin.

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