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Financial markets are divided into OTC markets and OTC markets according to trading procedures. The floor market refers to the exchange of various securities. Stock exchanges have fixed trading hours, fixed places and standardized trading rules. The exchange conducts transactions in accordance with the procedures of the auction market. When securities holders intend to sell securities, they can give instructions through telephone or network terminals. The information input exchange matching host sorts the prices from low to high, and the lowest price is better than the highest price. Bid first. Investors who intend to buy securities will also place orders in the same way, from high to low. When the buyer with the highest price reaches an agreement with the seller with the lowest price, the transaction is concluded. The stock exchange forms a national securities market through the network, and even forms an international market.
There is no fixed place in the OTC market, which is conducted by dealers holding securities respectively. Anyone can buy and sell securities on the counter of a dealer, and the price is determined by both parties through consultation. These traders communicate with each other through computer networks, master their own prices and bid well, which is not much different from organized exchanges. OTC market includes stocks, bonds, negotiable certificates of deposit and bank acceptance bills.
The floor trading market, also known as the stock exchange market or centralized trading market, refers to the centralized trading market organized by the stock exchange, with fixed trading places and trading hours. In most countries, it is also the only stock exchange in China, so it is the most important and concentrated stock exchange market in China. Stock exchanges accept and handle the listing of securities in accordance with relevant laws and regulations, and investors conduct securities transactions on stock exchanges through securities firms.
Off-exchange trading is the symmetry of on-exchange trading. Also known as OTC and direct trading. Securities trading outside the stock exchange. Main features: (1) There is no centralized trading place, buyers and sellers are scattered all over the country, and transactions are mainly conducted by telephone and computer systems. (2) The trading objects are mainly unlisted securities, and some listed securities are traded over the counter. (3) There are many bonds, including all government bonds and some large corporate bonds, as well as some stocks, especially those of the financial industry and insurance companies. (4) Agreement pricing.