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test site summary: American financial market

The United States is the largest economy in the world today, and its financial industry also occupies a dominant position in the world.

(1) US foreign exchange market

The US dollar is the most important convertible currency in the world today, which makes the United States the second largest foreign exchange market in the world after Britain.

(II) Inter-bank capital market in the United States and federal funds interest rate

deposit financial institution is restricted by the statutory deposit reserve policy, and it is necessary to adjust the statutory deposit reserve that should be paid every day according to the amount of deposits. Therefore, adjusting the surplus and deficiency of funds has become an important part of deposit financial institution's daily management, and thus a huge inter-bank short-term capital market has emerged.

(3) American stock market

The United States has the most developed stock market in the world.

1. Stock exchange

The stock markets of listed companies in the United States are divided into three categories, one is the national stock exchange registered by the Securities and Futures Commission, the other is the alternative trading system (ATS) registered by the Securities and Futures Commission, and the third is the Broker-DeAler's own internal transfer system.

(1) National stock exchange. By the end of 217, there were 21 national stock exchanges registered with the US Securities Regulatory Commission, among which 14 provided stock trading services.

(2) Alternative trading system.

(3) Broker-dealer internal matchmaking.

2. NASDAQ Group

Nasdaq, which originally meant the National Association of Securities Dealers (NASD) automatic quotation system, mainly deals in over-the-counter stock trading.

(1) The Nasdaq stock market is stratified.

(2) the trading mechanism of Nasdaq market.

generally speaking, at present, the trading mechanism adopted in Nasdaq market is a mixed trading mode which combines two modes: instruction-driven (price-first, time-first bidding transaction) and quotation-driven (market maker mode).

3. new york Stock Exchange

The new york Stock Exchange is currently under the Intercontinental Exchange Group of the United States.

The trading system model of new york Stock Exchange mainly includes three characteristics:

Designated market maker system, floor broker system and supplementary liquidity provider system.