First, the differences in the definitions of the three major securities markets.
1, different trading methods
At the new york Stock Exchange, brokers walked around, shouting for the best buyers and sellers.
On Nasdaq, people discuss business by phone or computer.
2. The threshold of listed companies is different.
The American Stock Exchange is just a place where the stocks of small and medium-sized enterprises are listed.
The stock prices listed on the American Stock Exchange are relatively low and the investment conditions are not high. Only the net investment of enterprises exceeds 4 million yuan, and there are 500,000 shares held by the public in the market, with more than 80 shareholders. The low threshold for listing is the main difference between American stock exchanges and other stock markets.
The listing threshold of Nasdaq stock market is particularly relaxed, and it does not limit industries, years of establishment or countries. The existence of this unique policy is an important difference between Nasdaq and other markets and an important factor for the rapid development of this market.
Second, the main differences between the three major securities markets
1, established at different times.
New york Stock Exchange NYSE: The longest, largest and most famous securities market in the United States with a history of at least 208 years.
Nasdaq stock market Nasdaq is only 26 years old. Although it has 5540 stocks, most of them are small new companies.
2. Listed companies are different in nature.
There are more than 4 100 companies listed on Nasdaq, of which nearly 2,000 are high-tech companies. Computer and telecommunications related companies account for a large proportion in Nasdaq.
Most listed companies in new york Stock Exchange are traditional American enterprises.
The trading places and trading methods of the American Stock Exchange are basically the same as those of the new york Stock Exchange, except that most of the companies listed here are small and medium-sized enterprises, so the stock price is low, the trading volume is small and the liquidity is low.
Third, the main differences between the three major indexes in the United States:
1, Dow Jones stock index
It is the oldest stock index in the world, and its full name is the average stock price. Prepared by charles dow, founder of Dow Jones Company, on 1884.
At present, the average Dow Jones stock price index is based on 1928 65438+ 10/month. Because the average price of Dow Jones stock at the close of this day is about 100, it is set as the benchmark date.
2. Nasdaq
It is the English abbreviation of the name of the automatic quotation system created by the National Association of Securities Dealers at 1968. Nasdaq is characterized by collecting and publishing quotations from securities companies that trade unlisted shares over the counter. It has now become the largest stock exchange market in the world.
At present, there are more than 5,200 listed companies. Nasdaq is the first stock market in the world to adopt electronic trading, with more than 260,000 computer sales terminals in 55 countries and regions.
Nasdaq index is an average stock price index reflecting the changes of Nasdaq stock market, and its basic index is 100. Nasdaq's listed companies cover all new technology industries, including software and computers, telecommunications, biotechnology, retail and wholesale trade.
197 1 February 8, 2008, there was a revolutionary innovation in stock trading. On that day, a system called Nasdaq (Nasdaq National Bond Dealer Automatic Quotation) provided real-time quotations for 2,400 high-quality OTC stocks.
In the past, these stock quotes that were not listed on the main board were all provided with detailed lists by major dealers and brokers. Now, Nasdaq connects the terminals of more than 500 market makers in China, forming the center of the computer system.
Unlike the Nasdaq stock market, stocks traded on the New York Stock Market or the American Stock Market (AMEX) will be assigned a separate expert broker to keep the supply and demand of such stocks orderly. Nasdaq has reformed its quotation mode, instead of adopting centralized quotation, thus making stocks more attractive to investors and traders.
When NASDAQ was founded, listing on the main board (preferably new york Stock Exchange) obviously enjoyed a higher reputation than trading on NASDAQ. Most of Nasdaq's stocks are newly listed small companies or small companies or new companies, which cannot meet the requirements of listing on large stock exchanges.
However, many young high-tech companies think that Nasdaq's computer system is a more natural place. Even though many companies like Intel and Microsoft met the requirements, they did not choose to go to the "main board" like NYSE.
3. S&P 500 Index
It was compiled by Standard & Poor's Company in 1957. The initial constituent stocks include 425 industrial stocks, 15 railway stocks and 60 public utility stocks. From July 1 9761,its constituent stocks were changed to 400 industrial stocks, 20 transportation stocks, 40 public utilities stocks and 40 financial stocks.
It takes 194 1 year to 1942 as the base period, and the index of the base period is set to 10, which is calculated by the weighted average method, with the listed amount of the stock as the weight, and the weighted calculation is carried out according to the base period. Compared with the Dow Jones Industrial Average, the Standard & Poor's 500 Index has the characteristics of wide sampling area, strong representativeness, high accuracy and good continuity, and is generally regarded as the ideal target of stock index futures contracts.
Extended data
Basic requirements for listing: new york Stock Exchange's requirements for foreign companies to list in the United States;
As a worldwide stock exchange, new york Stock Exchange also accepts the listing of foreign companies, and the listing conditions are stricter than those of domestic companies in the United States, mainly including:
1, and the number of shares held by the public is not less than 2.5 million shares;
The number of shareholders with more than 2.65,438+000 shares is not less than 5,000;
3, the company's financial standards (one of the three):
A. Income standard: The company's pre-tax profit must reach $654.38+0 billion in the first three years and not less than $25 million in the last two years.
B. Liquidity standard: it has assets of USD 500 million in the world, its operating income in the past 12 months was at least USD 1 billion, and its liquidity in the last three years was at least USD 1 billion.
C. Net assets standard: the global net assets are at least 750 million US dollars, and the income in the latest fiscal year is at least 750 million US dollars.
4. Some requirements for the management and operation of the company;
5. Other relevant factors, such as the relative stability of the company's industry, the company's position in the industry, the market situation of the company's products, the company's prospects, the public's interest in the company's stock, etc.
Refer to Baidu Encyclopedia-American Stock Exchange
Baidu Encyclopedia-American Stock Market