According to the different objects, methods, conditions and deadlines of financial transactions, financial markets can be divided into different types.
(1) According to the term of the wealth management products.
According to the maturity of financial commodities, financial markets can be divided into short-term financial markets and long-term financial markets.
(2) According to the nature of financial transactions
According to the nature of financial transactions, financial markets can be divided into distribution markets (primary markets, primary markets) and circulation markets.
(three) according to the location of financial transactions
According to the location of financial transactions, financial markets can be divided into tangible markets and intangible markets.
Intangible markets: lending market, discount market, bill clearing market and OTC securities market.
(4) According to the delivery time of financial transactions.
According to the delivery time of financial transactions, financial markets can be divided into spot markets and futures markets.
(five) according to the geographical points involved in financial transactions
According to the areas involved in financial transactions, financial markets can be divided into domestic financial markets and international financial markets.
(6) According to financial instruments
According to financial trading tools, financial markets can be divided into bill market, lending market, repurchase market, CD market, securities market, gold market, foreign exchange market and insurance market.
Usually, the financial market we refer to refers to the securities market, futures market, gold market and foreign exchange market. Here is a brief introduction. Among many financial markets, the securities market is the most widely known.
The securities market refers to the place where securities are issued and traded, and its essence is the place where the supplier of funds and the demander of funds decide the price of securities through competition. The securities market is the product of the development of market economy to a certain stage, and it is a market to solve the contradiction and flow of capital supply and demand.
It has three main functions:
1, financing funds
The financing function of the securities market refers to the function of the securities market to raise funds for the fund demanders. Financing is the primary function of the securities market, and another function of this function is to provide investment targets for fund providers. Generally speaking, there are two channels for enterprise financing: one is indirect financing, that is, obtaining funds through bank loans; The second is direct financing, that is, issuing various securities to pool idle social funds into long-term capital. The former provides short-term loans, which is suitable for solving the problem of insufficient liquidity of enterprises, while the long-term loans are limited and harsh, which is unfavorable to enterprises. The latter makes up for the shortcomings of the former, making it possible for enterprises to socialized large-scale production and large-scale operation. The government can also issue bonds, so as to quickly raise long-term huge funds to invest in the country's production and construction or make up for the fiscal deficit of that year.
2. Capital pricing
The second basic function of the securities market is to determine the capital price. Securities are the existing form of capital, so the price of securities is actually the price of capital represented by securities. The price of securities is the result of the interaction between the supply and demand sides of securities in the securities market. The operation of the securities market has formed the relationship between the competition of securities demanders and the competition of securities suppliers. As a result of this competition, there is a great demand for capital that can produce high return on investment in the market, and the corresponding securities prices are high; On the contrary, the price of securities is very low. Therefore, the securities market is a reasonable pricing mechanism for capital.
3. Transfer of funds
The capital allocation function of the securities market refers to the function of guiding capital flow through securities prices and realizing rational capital allocation. Securities investors are very sensitive to the rate of return on securities, which is largely determined by the economic benefits of enterprises. In the long run, enterprises with high economic benefits have more securities investors, and such securities are also very active in the market. On the contrary, there are fewer and fewer securities investors in enterprises with poor economic benefits, and the market transactions are not prosperous. Therefore, some funds in society will automatically flow to enterprises with good economic benefits and stay away from enterprises with poor benefits. In this way, the securities market will guide the capital flow to enterprises or industries that can generate high returns, make the capital as efficient as possible, and then realize the rational allocation of resources.
These are the three basic functions of the securities market, from which three functions are derived, namely, conversion mechanism, macro-control and risk diversification, which are not listed here. See the entry "Securities Market" for details.
At present, there are two major securities markets in China: Shanghai Stock Exchange and Shenzhen Stock Exchange. China's futures market is booming in recent years, and more individual investors are involved.
The futures market in a broad sense includes futures exchanges, clearing houses or settlement companies, brokerage companies and futures traders; The narrow sense of futures market only refers to futures exchanges.
Structurally, the futures market consists of four parts: (1) futures exchange, (2) futures clearing house, (3) futures brokerage company and (4) futures traders, including hedgers and speculators.
Functionally, the main functions of futures are: (1) price discovery and (2) risk transfer.
The so-called price discovery refers to a futures price system in which a variety of financial futures commodity contracts can be traded on one exchange. The price of financial assets found in the futures market has three characteristics: (l) Fairness, because futures trading is concentrated in the exchange, and the exchange, as an organized and standardized unified market, concentrates a large number of buyers and sellers and forms prices through open, fair and just competition. It basically reflects the real relationship between supply and demand and the changing trend. (2) Anticipation. Compared with the spot market, the futures market price can predict the future changes of market supply and demand, and can organically combine the domestic market price with the international market price. The futures market has greatly improved the quality of price information and enabled the long-term relationship between supply and demand to be displayed and adjusted. Futures market information is an important basis for enterprise management decision-making and national macro-control.
Risk transfer, the futures market can provide hedging business to minimize the risk brought by price fluctuations. Hedging is to buy or sell futures contracts with the same number and opposite direction as the spot positions, so as to compensate for the price risk caused by price changes in the spot market by selling or buying futures contracts at some future time. Since 1970s, the world economy has fluctuated violently, and financial risks have increased sharply. Financial institutions and companies seek to avoid risks in the financial futures market, which is the internal driving force for the development of the financial futures market.
The financial futures market has the function of risk transfer, mainly because there are a large number of speculators in the futures market. They predict the price trend according to the information of market supply and demand changes, and earn profits by buying low and selling high. It is these speculators who bear market risks and create market liquidity, which makes the risk transfer function of the futures market be successfully realized.
At present, there are four futures markets in China: Shanghai Futures Exchange, Zhengzhou Commodity Exchange, Dalian Commodity Exchange and China Financial Futures Exchange. As a universal equivalent and hard currency, gold is very popular.
Participants in the international gold market can be divided into international gold merchants, banks, hedge funds and other financial institutions, various legal entities, private investors and brokerage companies that play a huge role in gold futures trading.
Seven gold markets in the world
london gold market
London gold market has a long history. Its development history can be traced back to more than 300 years ago. 1804, London replaced Amsterdam in the Netherlands as the world gold trading center. 19 19, the London gold market was formally established, and gold was priced twice every morning and afternoon. The gold market price of that day was set by the five major gold banks, which has been affecting the transactions between new york and Hongkong. The supplier of market gold is mainly South Africa. Before 1982, the London gold market was mainly engaged in spot trading of gold. 1April, 982, London gold futures market opened. At present, London is still the largest gold market in the world.
Zurich gold market
Zurich gold market developed after World War II, while London gold market closed down twice. The price of gold in Zurich market is as important as that in London.
The gold market in Zurich has no formal organizational structure, but the three major Swiss banks: UBS, Credit Suisse and UBS are responsible for clearing and settlement. The three major banks not only do customer transactions, but also do gold transactions. Zurich Golden Pool was established on the basis of informal consultations among the three major Swiss banks and is not under the jurisdiction of the government. As a mixture of dealers and clearing systems, Zurich gold pool plays an intermediary role in the market.
Zurich gold market is second only to London in the international gold market.
American gold market
The gold markets in new york and Chicago developed in the mid-1970s. The main reason is that after 1977, the dollar depreciated, and Americans (mainly corporate bodies) made profits by hedging and investment appreciation, which made gold futures develop rapidly.
At present, the New York Mercantile Exchange and Chicago Mercantile Exchange (IMM) are not only the gold futures trading centers in the United States, but also the largest gold futures trading centers in the world. The two major exchanges have a great influence on the price of gold in the spot gold market.
hongkong gold market
Hong Kong gold market has a history of more than 90 years, and its formation is marked by the establishment of chinese gold and silver exchange society. From 65438 to 0974, the Hong Kong government lifted the control on the import and export of gold, and the gold market in Hong Kong has developed rapidly since then. As the time difference of Hong Kong gold market just fills the gap between the closing of new york and Chicago and the opening of London, it can connect Asia, Europe and the United States to form a complete world gold market. Its superior geographical conditions have attracted the attention of European gold merchants, and five big gold merchants in London and three big banks in Switzerland have set up branches in Hong Kong. They brought the gold trading activities settled in London to Hong Kong, and gradually formed an invisible local "London gold market", making Hong Kong one of the major gold markets in the world.
At present, there are three gold markets in Hong Kong: the gold and silver exchange, the local London gold market and the gold futures market.
Tokyo gold market
Tokyo gold market was established in 1982, and it is the only gold futures market officially approved by the Japanese government. Most of the members are Japanese companies. In the gold market, the purchase price is yen per gram, the standard gold purity is 99.99%, the weight is 1 kg, and each transaction contract is 1 1,000 grams.
singapore gold market
Singapore Gold Institute was established in June 1978+0 1. At present, spot gold and five futures contracts of 2, 4, 6, 8 and 10 months are often traded. The standard gold is 100 ounce of 99.99% pure gold with stop loss limit.
Shanghai gold exchange
Shanghai Gold Exchange has been in operation since October 30th, 2002. It is a legal person established by the People's Bank of China with the approval of the State Council. It performs the functions stipulated in the Measures for the Administration of Gold Exchanges, organizes gold trading in accordance with the principles of openness, fairness, justice, honesty and credit, and is not for profit, and implements self-discipline management. Foreign exchange market: refers to the market where foreign currency, foreign currency bills and other securities are bought and sold. It is a major part of the financial market.
Major foreign exchange markets in the world
1. London foreign exchange market
2. new york foreign exchange market. Zurich foreign exchange market. Tokyo foreign exchange market. Hong kong foreign exchange market. Singapore foreign exchange market. Paris foreign exchange market. Frankfurt foreign exchange market. Wellington foreign exchange market 10. Sydney foreign exchange market 1 1. China foreign exchange trading center.
The biggest difference between the foreign exchange market and other markets is that the foreign exchange market is 24 hours, with extremely high liquidity and almost no insider and market manipulation.