Stock Exchange Open Category

Stock Exchange Open Category: five-word financial noun business terms business words legal legal terminology Edit entry Share Awakening social Sina microblogging Tencent microblogging network QQ space everyone happy Netease microblogging 001 End of the World Fetion space MSN mobile lobbyists Stock Exchange, Stock Exchange, the approval of the competent authority of government securities in accordance with the relevant state laws, the establishment of the centralized securities transactions tangible place. In our country there are four: the Shanghai Stock Exchange and Shenzhen Stock Exchange, Hong Kong Stock Exchange, the Taiwan Stock Exchange. June 6, 1918, China's first stock exchange opened. Edit Summary Directory 1 Introduction 2 Function 3 Features 4 species 5 members 1 Introduction 2 Function 3 Features 4 species 5 members 6 Management 7 regulatory 8 oversight Stock Exchange - Introduction Stock Exchange Stock Exchange, trading in stocks, corporate bonds, government bonds and other securities markets. Collection of securities trading, after the securities broker intermediary to complete the transaction. The first stock exchange was established in 1613 Amsterdam, The Netherlands Stock Exchange. In mainland China, the oldest stock exchanges in 1905 foreign organizations the Shanghai public sector offices, as well as the Stock Exchange, established in Beijing in 1918. The larger modern exchange such as the Nasdaq Stock Exchange, New York Stock Exchange and the London Stock Exchange, engaged in securities transactions in various countries. The emergence of the stock exchange for securities trading and create a permanent market, monetary capital in order to achieve long-term investment agency, because usually call it the "long-term financial markets. The stock exchange is established centralized approval of the competent authority of government securities in accordance with the relevant state laws, the Securities and Exchange tangible place. In our country there are two: the Shanghai Stock Exchange and Shenzhen Stock Exchange. Stock Exchange - feature Stock Exchange can be seen from the practice of stock trading, stock exchange helps to ensure the continuity of the running of the stock market, the efficient allocation of the funds, a reasonable price, reducing the risk of investment in securities, links the long-term and short-term market interest rates. However, the Stock Exchange may also have the following negative effects: Disrupt the financial price. Large part of the transactions in the stock exchange only resale and repurchase stock exchange, securities trading turnover is large, but not large, the actual delivery. And, in fact, does not mean that the sale and purchase of real financial assets such transactions, the supply and demand in the form largely does not reflect the actual situation, may disrupt the financial price to some extent. Vulnerable to the impact of false news. Stock Exchange, are particularly sensitive to various types of news. Therefore, as long as someone is intentionally spread false information, or submitting a false financial situation of enterprises, or walking virtual political trends, and so on. Are likely to cause changes in the exchange price is dramatic, some speculators will suffer great losses, while others may be large gains. Engaged in improper trading. Engaged in improper trading including those engaged in the match trading transactions and eat regularly trading, virtual toss. Match trading refers to trading through a variety of ways, commissioned two brokers buy their price fixing by the party, a party to sell the same number of securities, elevation or depression of the normal price of the securities. Throwing virtual trading is high prices, traders deliberately Securities thrown wills another broker acquisitions and conventions all the losses still vested in the seller burden, the result is likely to cause false prosperity of the securities. Eat regularly trading refers to price-fixing, once the purpose is reached, join as a partner shall be dissolved, including trading join as a partner (join as a partner who they are interested in secretly buy securities in the open market so as not to raise the price of these securities by two or more gang or by walking adverse news on the company to depress its desire to purchase the stock price) and the option join as a partner (investors to purchase securities at favorable prices, which usually get through the Board of Directors of the Company, the general part of the profit in the private return to directors). Insider manipulation of the stock market. Companies manage power rests in the hands of large shareholders, and it is possible that these people directly distribute the profitability of the company issuing bonus and expansion plans, acquisitions, mergers, and other messages to manipulate the price of company stock; using insider information for profit, such as in The company announced conducive to the message of the company's stock price rose before secretly buy high-priced throws, etc. announced; company will announce bad news before the announcement secretly thrown announced then buy low. 5. Cheating of stockbrokers and Exchange staff. Stock brokers, stock exchange transactions, cheating may buy and sell (ie on behalf of clients for a while to buy while selling, or deliberately strained to persuade customers to quickly buy or sell, so that it can be from each transaction was the commission), occupation of trading commissions false market price, unauthorized trading customer funds for their own profit, or to false customer non-compliance and make a transaction compensation. Exchange staff cheating may have: their own in the dark of illegal stock trading, stock broker collusion with stock brokers secretly engaged in stock trading. Stock Exchange - characteristics Under normal circumstances, the stock exchange tissue has the following characteristics: The Stock Exchange is a non-profit corporation composed by a number of Member. Constitute the membership of the stock exchange are securities companies, the official member, also an associate member. The establishment of the stock exchange is subject to the approval of the state. Stock Exchange's decision-making body is the General Meeting (AGM) and Board (the Board). Among them, the General Assembly is the highest authority of the decisions on the basic principle of the Stock Exchange; Council by the chairman and director of a number of agreement of institutions necessary to formulate the basic guideline for the implementation of the General Assembly decided to develop regulations regime. 4. Stock Exchange chairman and a permanent member, the executing agency. Chairman of the Prime Minister of the business. Stock Exchange - Type Stock Exchange Stock Exchange is divided into two kinds of corporate system and membership. Both stock exchanges can be a government or public body funded operations (called public stock exchange), it can be privately funded operations (known as private stock exchange), you can also government and private co- funded operations (called public-private partnership of the Stock Exchange). A company stock exchange Company stock exchange is for the purpose of profit, trading venues and service personnel, the stock exchange to facilitate the trading and settlement of Securities Dealers. As can be seen from the practice of stock trading, this stock exchange listing fees and securities transaction commission to charge the issuing company, its main income from trading a certain percentage of the turnover. Personnel to operate such Exchange is not involved in the trading of securities, which can ensure the fairness of the transaction to a certain extent. In the company's stock exchange, the general manager is responsible to the Board of Directors, is responsible for the day-to-day affairs of the Stock Exchange. Directors' duties: Approved Prospectus and business financial principles; the intended budget accounts and surplus distribution plan; approved investment; approved list of securities firms to participate in the stock trading; approved securities dealer shall pay operating margin trading in the amount of the handling fee and other payments ; nuclear Yee listed stock registration changes, undo, suspension, and listing fees levied; validation motion and report to the shareholders' meeting; decide the selection of managers and a member of the evaluation committee, dismissal, and approval of other projects. Supervisors' responsibilities include the review of the annual report on the accounts and monitor business, check all accounts. 2. Membership stock Membership-based stock exchange is not for the purpose of profit, to member autonomous self-discipline, mutual constraints, participation in the operation members can participate in the exchange of stock trading in the stock trading and settlement. This Exchange commission and listing fees are lower, which to some extent can be placed OTC listed stocks. However, due to the operating members of the exchanges is stock trading participants, and thus in the stock exchange will inevitably lead to the injustice of the transaction. The same time, because the buyers and sellers involved in the transaction is only limited to the members of the stock exchange, the new members to join the general agreed to go through the original members, which formed a de facto monopoly, is not conducive to the provision of quality of service and lower fees. Membership stock, the Council's responsibilities are: to determine the policy, and general manager responsible for the preparation of the budget and submitted it to the members of the General Assembly approval; maintain Member disciplinary, given a fine for violation of the rules and regulations of the Member to cease operation and removal of sanctions; approve new members into; approved a new stock market; decide how allocated to the trading floor counter will be listed on the stock;, etc. Stock Exchange - Members Stock exchange, whether corporate Exchange or membership of the Exchange, its participants are securities brokers and-dealers. 1 member Members include stock brokers, securities dealers and professional members. The stockbroker mainly commission agents, that is dedicated to buying and selling stocks for clients and charge a commission broker. Exchange requires only members can enter the hall for stock trading. Therefore, if you want to exchange-traded stock, it must be through a broker non-member investors. The stock dealers not customer stock trading, stock trading securities for their own companies, according to the scope of their business can be divided into direct operating and zero the number of dealers. The direct business is registered in the Stock Exchange, you can buy and sell stocks directly in the Exchange Member members without paying commissions, profits from short-term stock price movements. Zero the number of dealers is specialized in the number of zero-dealer transactions (zero number of transactions enough a unit that contains the number of shares trading), the dealer can not charge commission, its revenue comes mainly from below of the entire spread earned by the trading price of securities acquired from the hands of clients of securities companies, then sold to a number of zero stock price higher than that of the entire transaction buyers. A professional member of the re-Exchange hall is the trading of one or more of the stock exchange members, their duties on the stock to maintain a free and continuous market. Professional members of other brokers in the transaction object, in accordance with the regulations can not be directly with the public trading of securities. In stock trading practice that can broker a professional member of the identity, self-identity as to participate in the business of trading in the stock, but he can not be two jobs at the same time to participate in stock trading. 2 traders Trading into the Exchange is divided into of special brokers and floor brokers. The special agent is the central figure of the Exchange hall, each specialty brokers are several roles are: to act as the agent of the other stock brokers; directly involved in the transaction, to rolling flat price gap between buyers and sellers, to facilitate transactions; play the role of the auctioneer in the trading of large blocks of shares, and is responsible for assessment to determine a fair price on the the other brokers bid and offer; responsible for the trading of the region to promote its turnover; provide a variety of information to other brokers. Floor broker commission agents and independent brokers. Commission agents are described above, in addition to no longer be introduced. Independent brokers mainly refers to the some independent individual entrepreneurs. If a company does not own agent, you can become an independent broker customers, each doing a deal, the companies pay a commission. In practice, an independent broker will be tried according to the request of the Company stock trading, and to get a good reputation and rich rewards. The relationship between customers and brokers Stock investment trading activities, the client and the broker is interdependent relationship, mainly in the following four areas: (1) is authorized by the relationship between the man and the agent. Customers as an authorized person, brokers as agents, brokers must provide for the customer, for the benefit of help. Broker proceeds for the commission. (2) the relationship between the debtor and the creditor. This is the in margin credit transactions in the relationship between the client and the broker's performance. Customers to buy shares in margin transactions, only a security deposit certain shortfall borrower to the broker. Whether the borrower is lent by the broker or advanced by commercial banks, when the brokers are creditors, customers are debtor. (3) is secured relationship. Customers in need of payments required to hold the stock to the broker secured borrowings, customers as collateral agent for the mortgagor, etc. after the stock is sold, the broker may be deducted from the amount the borrower number. Can be the customer's stock broker itself powerless loans to commercial banks to re-mortgage. (4) the relationship of trust. Customers will be handed over the money and securities broker saved broker for the customer's quasi-trustee. In the trust relationship, the broker customers may not use the property for their own profit-making. If you want to engage in stock trading customers must first open an account with the stock broker company, in order to obtain all the necessary information, and then re-commissioned; broker shall not disobey or changes in customer commissioned. Stock Exchange - Management In China, the stock exchange by the local municipal People's Government, the China Securities Regulatory Commission oversight. Management of the stock exchange include the following: The establishment of a stock exchange and dissolution The establishment of a stock exchange, and audit by the Securities and Exchange Commission of the State Council, the State Council for approval. In practice, the application for the establishment of stock exchanges should be submitted to the Securities and Exchange Commission of the State Council, the following documents: application form; draft charter and business rules; intended to join the committee list; Council of the list of candidates and their resumes; note of space, equipment and funding; Aspiring description; management. Among them, the stock exchange matters of the Constitution: the establishment of purpose; names; the location of the main office and trading venues and facilities, the scope of functions; membership and join and leave the program; Member of powers and obligations; sanctions on Member disciplinary; organization its terms of reference; generation of senior management, appointment and removal of its duties; capital and financial matters; dissolution of the conditions and procedures;, etc. If the stock exchange reasons for dissolution as stipulated in the constitution, dissolved by Member resolution after examination and approval by the Management Committee of the State Council, the State Council for approval dissolved. If the stock exchange there are serious violations by the Management Committee of the State Council to make the dissolution of the decision, the State Council for approval dissolution. (2) Stock Exchange duties The stock exchange should be to create an open and fair market environment, facilitating conditions so as to ensure the normal operation of the stock trading. The Stock Exchange's main duties include: provide stock trading venues and facilities; develop the business rules of the stock exchange; audit approved stock listing application; organization, supervising the activities of the stock exchange; providing stock market information and management stock exchange, and so on. Stock exchange business rules The business rules of the stock exchange listing rules, trading rules and other rules relating to stock trading activity. Specifically, the content and format of the listing announcement should include the following items: stock market conditions, the application procedures as well as the content and format of the Listing Agreement;; stock type and duration of the transaction; stock transactions and operating procedures; transaction disputes solve; trading margin deposited; listed stocks pause, resume and cancel the transaction; closed and shut down the stock exchange; listing fees, transaction fees charged; provision and management of the Stock Exchange, stock market information; violation of securities Exchange behavior of business rules processing; Organization of stock exchange Stock Exchange Committee established by the General Assembly, the Council and special committees. The General Assembly is the highest authority of the Stock Exchange, held at least once a year. General terms of reference: the development of stock exchange shall; election and removal of directors; considered by the report on the work of the Council, the General Manager; consideration, through the Stock Exchange, financial budgets and final accounts report; decide other major matters of the Stock Exchange . Council member General Assembly is responsible for decision-making body of the stock exchange, elected for a term of three years. Council's main duties include: an executive member of the resolutions of the General Assembly; intended to modify the business rules of the stock exchange; appointment, general manager and to appoint deputy general manager of the nomination of the general; validation work plan submitted by the general, financial budget and final accounts ; validation acceptance and action; members needed to determine the set of special committees; Stock Exchange, a general manager, deputy general manager of 1-3 people; term of office of the general manager and deputy general manager for three years. General manager responsible for the day-to-day management of the stock exchange under the leadership of the Council, the legal representative of the stock exchange. The general manager is unable to perform their duties, the discharge of their duties by the Vice President on behalf of. Special committees of the Listing Committee and the Commission. The Listing Committee consists of 13 members (lawyers, certified public accountants, stock exchange seat Member and field Member on behalf of two each; China Securities Regulatory Commission and the Stock Exchange, the seat of government authorized agencies you send one person; Stock Exchange governing Long, general manager; Stock Exchange, other governing their duties approval of the listing of the stock and the intended listing requirements and proposing to modify the Listing Rules. Commission consists of nine members (Stock Exchange seat member, field Member 4 people, a lawyer and certified public accountant; governing 1), elected for a term of three years, its main responsibilities: Monitoring of directors, general manager and other senior management of the executive member of the General Assembly, the Council resolution; monitoring governing total managers and other staff to comply with the laws, regulations and stock exchange charter, business rules; monitor Stock Exchange financial situation; Stock Exchange - Regulatory Stock exchange regulation on stock trading activities include the following: (1) Stock Exchange should make immediate announcements of the market, making the stock market on a daily basis, table, documented and published in an appropriate manner following items: name listed stocks; opening, highest, lowest and closing price; with the previous day's closing the ups and downs of the market price comparison; meter of volume, value and total; stock index and its ups and downs;, etc. (2) The stock exchange shall prepare a daily report of transactions within the market, weekly reports, monthly reports and annual reports, and to the public in a timely manner. (3) The stock exchange shall supervise listed companies to disclose information in accordance with regulations. (4) Stock Exchange listed companies should be entered into a Listing Agreement, to determine the mutual rights and obligations. (5) The stock exchange should be established the listing recommender systems to ensure that listed companies comply with the listing requirements. (6) The stock exchange shall, in accordance with the stock regulations and the Listing Rules of the Stock Exchange, the provisions of the Listing Agreement, or according to the requirements of the China Securities Regulatory Commission, the listed stocks pause, resume or cancel its trading decision. (7) The Stock Exchange listed companies should set up archives, and listed shares held by the listed company directors, supervisors and senior management personnel statistics, and monitor its movements. (8) The Stock Exchange member shall abide by the charter, business rules of the stock exchange, seat fees, fees and expenses paid to the Stock Exchange in accordance with the relevant provisions of the charter, business rules, and paid into the trading margin. (9) The Stock Exchange member shall be provided to the Stock Exchange and China Securities Regulatory Commission quarterly, interim and annual reports, and take the initiative to report the situation; Stock Exchange reserves the right to ask its members to provide information about the report, books, trading records and other documents . Stock Exchange - supervision (1) The Stock Exchange shall not in any manner transfer its establishment and business license obtained in accordance with stock exchange regulations. (2) non-member directors of the Stock Exchange and other staff shall not in any form of part-time at the stock exchange member companies. (3) Stock Exchange director, general manager, deputy general manager and other staff shall not disclose in any way, or the use of insider information, and shall not in any way a member of the Stock Exchange, the listed company to obtain benefits. (4) Stock Exchange's senior management and other staff in the performance of their duties, where I have a family relationship or other stakes situations, should be avoided. (5) The stock exchange should be established in line with stock supervision, management and implementation of the system of monitoring requirements, and in accordance with the requirements of the Stock Exchange, the seat of government and the China Securities Regulatory Management Committee, providing stock market information. (6) Stock Exchange, the seat of government authority and the China Securities Regulatory Commission has the right to require the stock exchange members and listed companies related materials. (7) The Stock Exchange shall, within three months after the end of each financial year, is compiled by the stock practitioners of independent accounting qualification CPA audited financial report at the Stock Exchange, the local authority of the People's Government and the China Securities Regulatory The management committee for the record, at the same time send a copy to the Securities and Exchange Commission of the State Council. (8) Stock Exchange, the occasional unexpected event led to the suspension or technical suspension measures taken to safeguard Stock Exchange normal order must be immediately reported to the Stock Exchange, the seat of government and the China Securities Regulatory Commission, and send a copy to the State Council's securities Management Committee. (9) Stock Exchange, the seat of government authority and the China Securities Regulatory Commission the right to require stock exchanges to provide information about the business, financial and other aspects of the report and material and the right staff to check the stock exchange business, financial condition, and The accounting books and other relevant information. (10) The stock exchange shall, in accordance with relevant state regulations on margin trading of its members to deposit into the bank a special account, and are not allowed to trial. (11) Stock Exchange, Stock Exchange member involved in litigation, as well as the senior management of these units are involved in litigation arising from the performance of duties in accordance with the the stock regulations should be relieved of his duties punishment, the Stock Exchange shall promptly to the stock exchange seat of the People's Government authority and the China Securities Regulatory Commission report.