Securities are all kinds of economic rights and interests certificates. Therefore, 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. It is a place where stocks, bonds, commodity futures, stock futures, options, interest rate futures and other securities products are issued and traded.
The securities market has the following three remarkable characteristics:
First of all, the securities market is a place for direct exchange of values. Portfolio is the direct representative of value, and its essence is only the direct expression of value. Although the objects of securities trading are all kinds of securities, because they are the direct expression of value, the securities market is essentially a direct exchange place of value.
Second, the securities market is a place where property rights transactions are directly conducted. The trading objects of the securities market are securities such as stocks, bonds and investment fund coupons, which are only representatives of a certain number of property rights, so they represent the ownership or creditor's rights of a certain number of property and related income rights. In fact, the securities market is a direct trading place for economic compensation rights.
Third, the securities market is a place for direct exchange of risks. Securities is not only the representative of a certain income right, but also the representative of a certain risk. Securities trading not only transfers certain income rights, but also transfers the unique risks of securities. Therefore, from the perspective of risk, the securities market is also a direct exchange of risk.
1. According to the functions of securities management companies, they can be divided into securities brokers, securities dealers and securities underwriters. (1) Securities brokers. That is, the securities brokerage company. Securities institutions that buy and sell securities as agents accept the entrustment of investors to buy and sell securities on their behalf and charge a certain commission, such as jianghai securities brokerage company. (2) securities firms. That is, comprehensive securities companies, in addition to the authority of securities brokerage companies, can also buy and sell securities by themselves. They are well-funded and can directly enter the exchange to buy and sell stocks for themselves. Such as Guotai Junan Securities. (3) Securities underwriters. An institution that helps issuers sell securities by underwriting or consignment. In fact, many securities companies operate these three businesses at the same time. According to the current practice in various countries, all member companies of a stock exchange can conduct proprietary trading in the trading market, but few securities companies specialize in proprietary trading. In addition, some certified innovative securities companies also have the authority to create warrants, such as CITIC Securities. A securities registration company is a service organization for centralized registration and transfer of securities. It is an indispensable part of securities trading and has the nature of administrative management. It must be examined and approved by the competent authority before it can be established.
Features: First, most of them are state-owned holding enterprises, and the gift of assets must comply with the relevant regulations of the state-owned assets management department; Second, most of them are unlisted companies, whose share circulation is limited and there is no market price, but they have a listing plan and can be full.