There are two concepts of marketable securities: broad sense and narrow sense. The broad sense of marketable securities includes commodity securities, currency securities and capital security. Securities in a narrow sense are capital securities.

1. Commodity securities: it is a certificate to prove that the holder has the ownership or use right of the commodity. Obtaining this kind of securities is equivalent to obtaining the ownership of this commodity, and the holder's ownership of the commodity represented by this kind of securities is protected by law. Commodity securities include bills of lading, waybills, warehouse bills, etc.

2. Currency securities: refers to the securities that enable the holder or a third party to obtain the right to claim money. Currency securities mainly include two categories: one is commercial securities, mainly including commercial bills and commercial promissory notes; The other is bank securities, mainly including bank drafts, cashier's checks and checks.

iii. capital security: refers to the securities generated by financial investment or activities directly related to financial investment. The bondholder has a certain right to claim income from the issuer, which includes stocks, bonds and their derivatives such as fund securities and convertible securities.

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