第3章 证券是如何交易的 HOW DO SECURITIES TRADE 3-1
3-1 第3章 证券是如何交易的 HOW DO SECURITIES TRADE
证券是如何交易的 HOW DO SECURITIES TRADE 3.1公司如何发行证券 32证券在何处交易 33交易所中的交易 34场外交易市场中的交易 3.5交易成本 3.6保证金信用购买 37卖空 3.8证券市场的监管
3-2 证券是如何交易的 HOW DO SECURITIES TRADE 3.1 公司如何发行证券 3.2 证券在何处交易 3.3 交易所中的交易 3.4 场外交易市场中的交易 3.5 交易成本 3.6 保证金信用购买 3.7 卖空 3.8 证券市场的监管
公司如何发行证券 How does company offer securities 股票、债券和其他证券的发行通常 由投瓷银行在一级市场上完成(首 次发行和增发“|PO”)。 Shares bonds and other securities can be offered on first market by investment bank(initial public offering)
3-3 股票、债劵和其他证券的发行通常 由投资银行在一级市场上完成（首 次发行和增发 “IPO”）。 Shares 、 bonds and other securities can be offered on first market by investment bank(initial public offering) 公司如何发行证券 How does company offer securities
证券在何处交易 WHERE DO SECURITIES TRADE 证券市场 Securities market 证券持有人将证券卖给其他人 Holders of securities sell securities to others 证券发行公司不会收到资本,与证券的买卖没有 直接联系 Issuer of security will not receive assets from trading, and no directly relationship with securities trading
3-4 证券在何处交易 WHERE DO SECURITIES TRADE 证券市场 Securities Market – 证券持有人将证劵卖给其他人 Holders of securities sell securities to others – 证劵发行公司不会收到资本，与证劵的买卖没有 直接联系 Issuer of security will not receive assets from trading, and no directly relationship with securities trading
证券在何处交易 WHERE DO SECURITIES TRADE 证券一旦向公众发行,投资者彼此之间即可进行交 易。买卖已发行的证券是在二级市场上进行的,这 包括:(1)国家和地区证券交易所;(2)场外市场 (3)在两个当事人之间的直接交易。 Once securities are issued to the public, investors may trade them among themselves. Purchase and sale of already-issued securities take place in the secondary markets, which consist of(1) national and local securities exchanges,(2 )the over-the counter market, and (3 )direct trading between two parties 3-5
3-5 证券在何处交易 WHERE DO SECURITIES TRADE 证券一旦向公众发行，投资者彼此之间即可进行交 易。买卖已发行的证券是在二级市场上进行的，这 包括： (1)国家和地区证券交易所； (2) 场外市场； (3)在两个当事人之间的直接交易。 Once securities are issued to the public, investors may trade them among themselves. Purchase and sale of already-issued securities take place in the secondary markets, which consist of (1) national and local securities exchanges, (2) the over-thecounter market, and (3) direct trading between two parties