In the traditional trading mode, Nasdaq is unique compared with other stock markets by applying today's advanced technology and information-computer and telecommunications technology. The 565,438+09 brokers representing the world's largest securities company are called market makers, and they offer 60,000 bid prices and bid prices on Nasdaq. These large-scale activities are handled by a huge computer network, and the best quotations are displayed to investors in 52 countries. (including more than 70 computer terminals)
There are various market makers in Nasdaq, and investors trade any listed stock in the Nasdaq market by open competition-buying and selling Nasdaq stocks with their own capital. This kind of competition and capital supply activities make trading active, and the extensive and orderly market and the rapid implementation of instructions provide favorable conditions for large and small investors to buy and sell stocks. All this is different from the auction market. It has a designated trader or a specific person. This person is appointed to be responsible for all the transactions of a stock in this market, and to be responsible for rubbing buyers and sellers, and to act as a trader when necessary, so as to keep the transaction going.
Nasdaq has increased the excellent factors in the trading market and enhanced the trading system. These improvements enable Nasdaq to send investors' instructions to other electronic communication networks, which feels like entering an auction market.
Nasdaq stock market contains two independent markets:
Nasdaq national market
As the largest and most active stock market in Nasdaq, there are nearly 4,400 stocks listed in the national market of Nasdaq. In order to switch in the Nasdaq national market, the company must meet strict financial, capital and management indicators. Nasdaq has some of the largest and most famous companies in the world in the national market.
Nasdaq micro-capital market
Nasdaq is a market specially provided for growth companies. There are more than 65,438+0,700 stocks listed on Nasdaq Small Capital Market. As a small-scale capital level, Nasdaq's listing standard is not as strict as the national market listing standard, but it is the same as the management standard. When small capital companies develop steadily, they usually upgrade to the Nasdaq national market.
kerb market
Nasdaq stock exchange market is obviously different from OTC and OTC bulletin board quotation system in the United States. Although they are all managed by the National Association of Securities Brokers (NASD). OTC securities refer to those securities that are not listed on Nasdaq or any domestic securities exchange market. OTCBB is a quotation medium, which displays the real-time quotation, recent transaction price and volume of OTC listed stocks. OTCBB securities include certificates, documents and American consignment receipts officially issued at home, in regions and abroad. OTCBB is a quotation medium for agreed members, not a service for short-term listing and issuance, and should not be confused with Nasdaq or American stock exchange market. OTCBB securities are traded by the Market Maker Committee, and quoted and returned through a highly complex and closed computer network. All this is achieved through the Nasdaq workstation. Nasdaq Stock Market has no business relationship with those issuers in OTCBB market, and these companies have no requirement to submit documents or reports to Nasdaq Stock Market Co., Ltd. or National Association of Securities Dealers.