Red is the focus, blue is the second, and brown is general (you don’t need to read it before the exam)

Chapter 1 Overview of Securities Trading

Knowledge Point 101 ( P1-3): Concepts and principles of securities trading.

Securities trading refers to the activity of buying and selling issued securities on the securities market. (□The relationship between securities issuance and trading has been discussed in the basic review).

□Three characteristics of securities trading: liquidity, profitability and risk of securities. (Excluding deadlines). The reason why securities can be liquid is that they may bring certain returns.

The establishment of the New China Securities Exchange Market began in 1986. In 1988, my country opened its treasury bill transfer market. On December 19, 1990 and July 3, 1991, the Shanghai Stock Exchange and the Shenzhen Stock Exchange officially opened for business. In 1992, B shares were listed on the Shanghai Stock Exchange. On July 1, 1999, the Securities Law came into effect. In April 2005, the pilot reform of split-trading shares was launched. On January 1, 2006, the newly revised Securities Law came into effect.

□Securities transactions follow the three principles of publicity:

1. The principle of openness. The core requirement of information disclosure is to realize the disclosure of market information. The U.S. Securities Exchange Act of 1934 was established.

2. The principle of fairness. □ (the difference between fairness and justice) refers to equal opportunities for all parties involved in the transaction. The amount of funds and trading capabilities of trading entities may be different, but unfair treatment or discrimination cannot be given because of this.

3. Principle of justice. Refers to treating all parties involved in a transaction fairly. (Pay attention to the difference from the principle of fairness. The principle of fairness is usually followed by the word justice, and the principle of fairness is generally followed by the word fairness or equality)

Knowledge point 102 (P3-6): Types and methods of securities transactions.

□ According to the types of securities trading objects, securities trading includes (specific content is included in basic learning):

1. Stock trading. It is carried out on the stock exchange, which is called listed trading; it is carried out on the over-the-counter market, and the common form is over-the-counter trading.

2. Bond trading.

3. Fund trading.

4. Financial derivatives transactions. Including: warrant trading, financial futures trading, financial options trading, convertible bond trading, etc.

□Based on the relationship between the signing of the trading contract and the actual delivery, securities trading methods include spot trading, forward trading and futures trading. Others include repurchase transactions and credit transactions.

1. Spot trading. Buy spot with cash.

2. Forward trading and futures trading.

3. Repurchase transaction. Has short-term financing properties.

4. Credit transactions. It is a transaction in which investors obtain the credit of a broker by paying a margin. The main feature is that part of the funds or securities used by investors to buy and sell securities are borrowed from the broker. Credit transactions were prohibited in our country in the past, but now margin trading and securities lending business can be carried out legally.

Knowledge point 103 (P7-12): Securities trading participants.

1. Securities investors. Divided into individual investors and institutional investors. □Basic ways to buy and sell securities: First, buy and sell directly by yourself. Such as over-the-counter market. The second is brokerage agency. □ (Can be multiple-choice questions) Our country stipulates that employees of stock exchanges, securities companies, securities registration and clearing institutions, staff of securities regulatory agencies, and other personnel prohibited from participating in stock transactions by laws and administrative regulations shall not be allowed to participate in stock transactions during their term of office or Within the legal period, you may not hold, buy or sell stocks directly or under a pseudonym or in the name of others, nor may you accept stocks donated by others.

General foreign investors can invest in B shares;

□ (multiple choice questions are allowed) while qualified foreign institutional investors can trade stocks other than B shares within the approved quota. Other varieties.

2. Securities companies.

□ Requirements for the establishment of a securities company: (1) Articles of Association; (2) The major shareholders have not violated the law for three years, and the net assets are not less than 200 million yuan; (3) Qualifications for senior executives and qualifications for employees. ;(Others are obvious).

□(Required question) Seven major businesses of securities companies:

(1) Securities brokerage, securities investment consulting, securities-related financial consultants

(2) ) Securities underwriting and sponsorship, securities self-operation, securities asset management, and other securities businesses

The minimum registered capital for the first three businesses is 50 million yuan; each of the last four major businesses is 100 million yuan; For two or more major businesses, the amount is 500 million yuan. is paid-in capital. It can be adjusted (upward) based on prudential supervision principles and the risk level of each business.

3. Stock exchange. □The role is: first, to provide trading conditions for securities; second, to provide open, fair, and sufficient price competition to discover reasonable transaction prices; third, to implement open, fair and timely information disclosure; fourth, to provide rapid transactions and services. □Divided into stock exchanges and other exchanges:

(1) Stock exchanges.

□ Also known as "on-exchange trading market", a stock exchange is a legal person that provides venues and facilities for centralized securities trading, organizes and supervises securities transactions, and implements self-regulatory management. Its establishment and dissolution are decided by the State Council. It does not hold securities itself, does not buy or sell securities, and cannot determine the price of securities transactions.

□The functions of the stock exchange include: ① providing places and facilities; ② formulating business rules; ③ accepting arrangements for securities listing; ④ organizing and supervising securities transactions; ⑤ supervising members; ⑥ supervising listed companies ; ⑦ Establish a securities registration and clearing agency; ⑧ Publish market information. (Except for item 7, the answer is clear).

□ Matters that stock exchanges are not allowed to engage in directly or indirectly include: ① business for profit; ② news and publishing industry; ③ publishing texts and materials predicting securities prices; ④ providing guarantees for others wait.

my country's stock exchanges adopt a membership system and have a general meeting of members, a board of directors and special committees. The board of directors is the decision-making body of the stock exchange, and other special committees can be set up under the board of directors. A stock exchange shall have a general manager, who shall be appointed or removed by the securities regulatory authority of the State Council.

(2) Other exchanges. Securities trading markets other than stock exchanges include decentralized over-the-counter markets and some centralized markets.

Over-the-counter trading is also called the nod market. The transaction is one-to-one, and the transfer price is generally quoted by the securities company