In different countries, securities companies have different names. In the United States, securities companies are called investment banks or broker-dealers. ; 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 part of universal banks. In East Asia (represented by Japan), it is called a securities company.
2 Classification: According to the functions of securities companies, it can be divided into:
bill broker
That is, the securities brokerage company. Securities institutions that buy and sell securities accept the entrustment of investors to buy and sell securities on their behalf, and charge a certain commission, such as Soochow Securities Suzhou Sales Department and jianghai securities Brokerage Company.
Securities dealer
That is, comprehensive securities companies, in addition to the authority of securities brokerage companies, can also buy and sell securities by themselves. They are well-funded and can directly enter the exchange to buy and sell stocks for themselves. Such as Guotai Junan Securities.
Securities underwriter
An institution that helps issuers sell securities by underwriting or consignment. In fact, many securities companies operate these three businesses at the same time. According to the current practice in various countries, all member companies of a stock exchange can conduct proprietary trading in the trading market, but few securities companies specialize in proprietary trading.
In addition, some certified innovative securities companies also have the authority to create warrants, such as CITIC Securities.
A securities registration company is a service organization for centralized registration and transfer of securities. It is an indispensable part of securities trading and has the nature of administrative management. It must be examined and approved by the competent authority before it can be established.
3 Features: 1. Most of them are state-owned holding enterprises, and the gift of assets must comply with the relevant regulations of the state-owned assets management department;
2. Most of them are unlisted companies with limited share circulation and no market price, but they have listing plans, which can meet the relevant regulations of listed companies.
Therefore, stock options and employee stock ownership are more suitable for Chinese securities companies.