What's the difference between a stock exchange and a securities company?

A securities company refers to a limited liability company or a joint stock limited company established in accordance with the Company Law and approved by the securities regulatory body to engage in securities business. In different countries, securities companies have different names. In the United States, securities companies are called investment banks or securities brokers; In Britain, securities companies are called commercial banks; In continental Europe (represented by Germany), because of the mixed operation system, investment banks are only a department of universal banks; In East Asia (represented by Japan), it is called a securities company. Do you know the difference between * * * and a securities company?

* * * * and securities companies are two different concepts, so don't confuse them. * * * * and the difference between securities companies:

1 and * * * mainly have two organizational forms: corporate system and membership system. China, Shenzhen and Shanghai adopt the membership organization form. Because * * * * is made up of members, it is only a trading place for members, so ordinary natural persons and legal persons can't go directly to * * * * for trading, and all * * * * must be conducted through brokers, and securities companies are such brokers. Securities companies that become members of the exchange can enter the trading market to participate in transactions.

According to their functions, securities companies can be divided into securities brokers, securities dealers and securities underwriters. A securities broker is a securities institution that buys and sells securities on behalf of clients, and it is an intermediary institution. A securities institution that is an asset that every portfolio investor must invest in for the purpose of earning commission. A securities firm is a securities institution that buys and sells securities by itself. It buys and sells securities in the trading market in its own name and account. A securities underwriter is an institution that issues securities by underwriting or * *. In China, securities companies can operate three kinds of businesses at the same time.

For investors, they only have direct contact with securities companies. If they need to buy or sell stocks, they can go to the securities company to entrust them. After accepting the entrustment, the salesman of the securities company will immediately notify the resident trader in the office of * * * *. After receiving the entrustment notice, the resident dealer shall make a public declaration on the floor in a certain way according to the entrustment requirements and complete the transaction.

3.* * * is a special legal person established according to the relevant laws of the state, and it is the place, facilities and rules for centralized bidding and organized trading of securities. * * * * does not directly buy or sell securities, nor does it determine the price of securities, but only provides places and various necessary conditions and services for the parties who buy or sell securities.