Grey rhinoceros (grey rhinoceros)

The securities market can be divided into broad sense and narrow sense. The securities market in a broad sense refers to all places where securities are issued and traded. In a narrow sense, the most active securities market refers to capital security market, currency securities market and commodity securities market, and is the place where stocks, bonds, commodity futures, stock futures, options, interest rate futures and other securities products are issued and traded.

The most common and basic securities market structure is as follows:

1) According to the relationship formed by the order of securities entry, it can be divided into the issuance market and the trading market. The securities issuance market, also known as "primary market" or "primary market", refers to the market formed by issuers selling new securities to investors in order to raise funds in accordance with certain legal provisions and issuance procedures. The stock exchange market, also known as "secondary market" or "secondary market", is a market where issued securities are circulated and transferred through transactions. They are interdependent and mutually restrictive, and they are an inseparable whole.

2) According to the variety of securities, it can be divided into stock market, bond market, fund market and derivative product market.

3) According to whether trading activities are conducted in a fixed place, it can be divided into tangible market and intangible market. The tangible market, also known as the "floor market", refers to the securities trading market with a fixed place. The birth of tangible market is one of the important signs of the centralization of securities market. The intangible market is called "OTC market", which refers to the securities trading market without a fixed place.