Centralized bidding transaction is a transaction between multiple buyers and multiple sellers, the seller with the lowest bid and the buyer with the highest purchase price. Buyers and sellers send entrustment to the trading market through designated brokers. Generally, call auction is adopted to set the opening price, and then the trading system sorts the investors' trading orders according to the principle of price priority and time priority, and matches the buying and selling orders for bidding trading. The bidding system is essentially a command-driven system, and its basic feature is that the transaction price is directly determined by the buyer and the seller according to the bidding principle. At present, centralized bidding is the most important trading mode in China stock market.
Block trading refers to the securities trading that reaches the prescribed minimum amount and is confirmed by the exchange after the buyer and seller reach an agreement. China's block trade applies to the trading of stocks, funds, bonds and bond repurchases listed on the exchange. Block trading is not included in the calculation of the real-time market and index of the exchange, and the trading volume is included in the total transaction amount of the securities after the block trading.
Transfer by agreement is also an internationally accepted way of securities trading, which refers to the transfer of shares by the parties through non-competitive agreements, generally including the acquisition of listed companies and major asset restructuring. With the deepening of China's share-trading reform and the increasing proportion of tradable shares of listed companies, agreement transfer will become an important trading method.
In addition, the transfer of tradable shares caused by judicial enforcement, administrative allocation, enterprise restructuring, closure, termination, bankruptcy, natural person inheritance, gift and other reasons can also be included in the scope of generalized centralized trading, and the trading behavior is managed by the stock exchange.
In addition to the above classification methods, there are also after-hours trading methods in the international securities market, that is, after-hours trading time provided by stock exchanges to cope with trading competition and provide more services. From a practical point of view, the cost of after-hours trading is higher than the normal trading time, but its price discovery function is longer than the trading time of constituent stocks, and after-hours trading contains more information. For example, on June 3rd, 199 1, NYSE launched two after-hours trading systems: direct matching trading session (CSI) and direct matching trading session II (CS II). CSl can match individual stock trading according to the closing price of the regular trading day of new york Stock Exchange. CS ⅱ can match the portfolio before 5: 00 pm 15 pm. ..
The variety of securities trading in China Stock Exchange has developed from more than ten stocks at the beginning of 1990 to l38 1 stock at the end of 2005. The variety of securities has also developed from a single stock in the past to stocks, bonds (government bonds, corporate bonds and bond repurchase), securities investment funds (closed-end funds, open-end funds, exchange traded funds (ETFs) and listed open-end funds (ETFs). In addition, derivative products such as asset securitization products and stock index futures are also under development.