2. Securities margin trading, also known as "securities credit trading" or margin trading, refers to the behavior that investors provide collateral to securities companies qualified for margin trading, borrow funds to buy securities (margin trading) or borrow securities and sell them (margin trading). Including securities companies financing and securities lending to investors and financial institutions financing and securities lending to securities companies. From a global perspective, the margin trading system is a basic credit trading system. On March 30th, 20 10, Shanghai Stock Exchange and Shenzhen Stock Exchange respectively announced that the margin trading system was officially opened on March 30th, 20 10, and began to accept the margin trading declarations of pilot members. Margin trading business was officially launched.
3. Trading open index fund, also known as exchange traded fund (ETF), is an open fund with variable fund shares listed on the exchange.
Transactional open-end index fund is a special type of open-end fund, which combines the operating characteristics of closed-end fund and open-end fund. Investors can buy or redeem fund shares from fund management companies, and at the same time, they can buy and sell ETF shares in the secondary market at the market price like closed-end funds. However, the purchase and redemption must be replaced by a basket of fund shares or a basket of fund shares. Because the securities market transaction and the subscription and redemption mechanism exist at the same time, when there is a price difference between the ETF market price and the net value of the fund unit, investors can carry out arbitrage trading. The existence of arbitrage mechanism makes ETF avoid the common discount problem of closed-end funds.