2. On-exchange market refers to the transactions conducted in the stock exchange, which is the most basic and standardized form and the center of the national debt circulation market. Its characteristics are: first, there are centralized and fixed trading places and trading hours; Second, transactions can only be entrusted to brokers with stock exchange membership; Third, the transaction is subject to bidding system; The fourth is to trade all specific trading systems and rules; Fifth, there are perfect trading facilities and high operational efficiency.
3. OTC market, also known as OTC market or OTC market, refers to a decentralized trading market where securities brokers and dealers trade directly between securities firms or between securities firms and customers without going through the stock exchange. OTC market is an invisible market, which is usually traded through negotiation and bargaining.
There are many ways to entrust the transaction of national debt. According to the different contents and rules of entrustment, it can be divided as follows:
(1) According to the nature of bond trading, entrustment can be divided into buying entrustment and selling entrustment. Buying entrustment means that investors entrust securities companies to buy certain bonds; Selling entrustment means that investors entrust securities companies to sell certain securities. If the company sells bonds in violation of the purchase entrustment, it is regarded as a breach of contract and must compensate the investors for their economic losses.
(2) According to the trading unit of bond trading, entrustment can be divided into integer entrustment and zero entrustment. Integer entrustment refers to the entrustment that the number of bonds entrusted for trading is one trading unit or its integer multiple, while zero entrustment refers to the entrustment that the number of bonds entrusted for trading is not one trading unit.
According to the validity period of entrustment, entrustment can be divided into one-day entrustment and multi-day entrustment. Today's entrustment refers to the entrustment that automatically becomes invalid at the close of the day, and multi-day entrustment refers to the entrustment with the validity exceeding 1 day. There are also different provisions on the duration of multi-day entrustment, such as 1 week entrustment, 1 month entrustment and open entrustment. According to the regulations of the Shanghai Stock Exchange, the validity period of multi-day entrustment is only 5 days, that is, from the day when the entrustment expires after the fifth trading day.