1. broker.

Brokers accept clients' entrustment to find counterparties who are willing to trade with them. Brokers do not directly participate in customers' transactions, but more play the role of matchmaking. Entrusted by their clients, they receive commission as a reward.

For example, the brokerage business of securities companies in the secondary stock market. Futures trading and index options are all done through brokers.

2. Block trading broker.

The main broker executes large orders for customers. Because it is difficult to find counterparties for large orders, large orders generally trade at a premium, large orders generally trade at a discount, and large orders will affect the market price, so trading on the premise of stabilizing the market requires considerable skills.

For example, a single transaction is required to declare that the number of A shares is more than 300,000 shares, or the transaction amount is more than 2 million yuan. Similarly, there are large-scale transactions such as funds and government bonds.

3. Investment banks.

Investment banks provide suggestions for initial public offering, additional issuance and mergers and acquisitions of institutional and corporate customers.

At present, the top investment bank in the world is Goldman Sachs. At present, CITIC Securities and CICC have done a good job in investment banking in China.

4. Exchange.

Exchanges provide trading places for brokers and market makers. Nowadays, there are more and more functions of exchanges to match the two sides of transactions, and the boundaries between exchanges and brokers are becoming more and more blurred. However, the exchange has also undertaken some regulatory functions.

Such as stock exchanges, commodity exchanges and financial futures exchanges. The first exchange in the world is Amsterdam Stock Exchange.

5. Alternative Trading System (ATS).

Alternative trading system automatically collects and matches investors' orders to buy and sell securities according to certain rules. This transaction is an over-the-counter transaction, also known as a class of securities brokers. Compared with the traditional exchange, it has a wider range of trading objects, more convenient trading processes and special trading rules.

It is mainly operated by brokers or dealers and generally serves large investors.