2. Investors entrust securities firms to buy and sell bonds, sign account opening contracts, fill in the relevant contents of account opening, and clarify the rights and obligations between brokers and clients.
3. Go through the formalities after the transaction. After the transaction, the broker shall fill in the trading report on the day of the transaction and notify the principal (investor) to deliver the delivered money or bonds to the entrusted broker on time.
4. The broker checks the transaction records and goes through the settlement and delivery procedures.
The trading methods of listed bonds generally include spot trading, repurchase trading and futures trading.
1. Spot trading
Also known as cash spot trading, it is a trading method in which both the buyer and the seller of bonds are satisfied with the buying and selling price of bonds, and the delivery is made immediately after the transaction, or in a very short time. For example, investors can buy and sell listed bonds directly through securities accounts at various securities outlets in Shenzhen Stock Exchange.
2. Repurchase transaction
means that the bond holder, the issuer and the purchaser, when reaching a transaction, stipulate that the issuer must repurchase the bond originally sold from the purchaser at an agreed price at an agreed time in the future, and pay interest at the agreed interest rate (price). Both Shenzhen and Shanghai stock exchanges have bond repurchase transactions, and both institutional legal persons and individual investors can participate.
3. Futures trading
Bond futures trading is a group of transactions that are conducted at a certain time in the future at the price specified in the futures contract after the transaction is concluded by both parties.
As an important financing means and financial instrument, bonds have the following characteristics:
1. Repayability means that bonds have a prescribed repayment period, and debtors must pay interest and repay principal to creditors on schedule.
4. Liquidity Liquidity means that bondholders can flexibly transfer bonds according to their needs and actual market conditions, so as to recover the principal in advance and realize the investment income.
5. security security means that the interests of bondholders are relatively stable, which does not change with the changes of the issuer's operating income, and the principal can be recovered on schedule.
4. profitability means that bonds can bring investors a certain income, that is, the reward for bond investment.
In actual economic activities, bond income can take three forms:
First, investing in bonds can bring interest income to investors regularly or irregularly.
Second, investors can make use of changes in bond prices to buy and sell bonds to earn the difference.
the third is the interest income from reinvesting the cash flow from investing in bonds.