The securities company IBD refers to the investment banking division (Investment Banking Division) of the securities company, abbreviated as IBD. \x0d\\x0d\　Investment Banking Department\x0d\　 Deals directly with companies that issue stocks and bonds, and is responsible for most of the preliminary work of IPO or bond issuance. Some investment banks place the fixed income department outside the investment banking department, and the investment banking department is only responsible for issuing stocks; however, most investment banks still merge stocks and fixed income into the investment banking department, and just set up the Equity Team under the investment banking department. Fixed-income Team, Money Market Team, etc. \x0d\\x0d\　A securities firm, also known as a Securities Company, is a legal entity that specializes in the trading of securities. It is divided into securities operating companies and securities registration companies. A securities company in a narrow sense refers to a securities operating company, which is an institution that specializes in securities business after being approved by the competent authority and obtaining a business license from the relevant industrial and commercial administration bureau. It has membership of a stock exchange and can underwrite the issuance, buy and sell securities on its own account, or buy and sell securities on its own account and as an agent. Ordinary investors' securities investments must be made through securities dealers.