Securities market participants
1. Securities issuer
Securities issuer refers to the government and its institutions, financial institutions, companies and enterprises that issue bonds, stocks and other securities to raise funds. Securities issuer is the main body of securities issuance. Securities issuance is the act of selling securities to investors. Securities issuance can be handled directly by the issuer, which is called self-issuance or direct issuance. Self-issuance is a special issuance behavior, which is relatively rare. Since the end of the 20th century, due to the application of network technology in distribution, self-operated distribution began to increase. Securities issuance is generally entrusted by securities issuers to securities companies, also known as underwriting, or indirect issuance. According to the risk of issuance, the distribution of raised funds and the level of handling fees, there are two underwriting methods: underwriting and consignment, and underwriting can be divided into full underwriting and differential underwriting.
2. Securities investors
Securities investors are not only providers of funds in the securities market, but also buyers of financial instruments. There are many kinds of securities investors with different investment purposes. Securities investors can be divided into institutional investors and individual investors.
(1) institutional investors
Institutional investors refer to investors who have the advantages of capital, information and manpower. Compared with small and medium-sized investors, those who can influence the price fluctuation of a certain security include enterprises, commercial banks and non-bank financial institutions (such as pension funds, insurance funds and securities investment funds). Although all kinds of institutional investors have different sources of funds, investment purposes and investment directions, they generally have the characteristics of large investment amount, strong ability of information collection and analysis, emphasis on investment safety, diversification of investment risks through effective asset portfolio, and great impact on the market.
(2) Individual investors
Individual investors refer to residents who are engaged in securities investment. They are the most extensive investors in the securities market. The main investment purpose of individual investors is to pursue the preservation and appreciation of profits and capital, so they attach great importance to the security of principal and the liquidity of assets.
3. Securities market intermediaries
Securities market intermediaries refer to all kinds of institutions that provide services for securities issuance and trading, including securities companies and other securities service institutions, which are usually collectively referred to as securities intermediaries. Intermediary is a bridge connecting securities investors and fundraisers, and the function of the securities market depends largely on the activities of securities intermediaries. Through their own business service activities, they communicated the relationship between securities demanders and securities suppliers, which not only ensured the issuance and trading of various securities, but also played a role in maintaining the order of the securities market.
(1) Securities company
A securities company refers to a financial institution established according to law, which has legal personality and can engage in securities business. The main businesses of securities companies include underwriting, brokerage, self-management, investment consulting, merger and reorganization, entrusted asset management and fund management. Securities companies are generally divided into comprehensive securities companies and brokerage securities companies.
(2) Securities service institutions
A securities service institution refers to a legally established legal person institution engaged in securities service business, which mainly includes financial consulting institutions, securities investment consulting companies, accounting firms, asset appraisal institutions, law firms, securities credit rating agencies, etc.
4. Self-regulatory organizations
Self-regulatory organizations include stock exchanges and securities associations.
(1) Stock Exchange
According to the provisions of the Securities Law of People's Republic of China (PRC), a stock exchange is a non-profit-making legal person that provides a place for centralized bidding transactions of securities. Its main duties are: providing trading places and facilities; Formulate trading rules; Supervise the compliance and legality of listed securities and members' trading behavior of the exchange to ensure the openness, fairness and impartiality of the midfield.
(2) Securities Industry Association
The Securities Industry Association is a self-regulatory organization of the securities industry and a social group legal person. The authority of the Securities Industry Association is a general meeting composed of all members. According to the Securities Law of People's Republic of China (PRC), securities companies should join the Securities Industry Association. Securities industry associations shall perform the following duties: assist securities regulatory agencies to organize members to implement relevant laws, safeguard their legitimate rights and interests, provide information services to members, formulate rules, organize training and conduct business exchanges, mediate disputes, conduct research on the development of the securities industry, supervise and inspect members' behaviors, and other duties entrusted by securities regulatory agencies.
(3) Securities registration and settlement institutions
Securities registration and settlement institutions are legal persons that provide centralized registration, depository and settlement services for securities transactions, and are not for profit. In accordance with the Measures for the Administration of Securities Registration and Settlement, securities registration and settlement institutions implement industry self-discipline management. The securities registration and settlement institution in China is China Securities Registration and Settlement Co., Ltd.
5. Securities regulatory agencies
In China, the securities regulatory agency refers to the China Securities Regulatory Commission and its dispatched offices. It is the securities management and supervision institution directly under the State Council, which conducts centralized and unified supervision of the securities market according to law. Its main duties are: to draft industry regulations, supervise the implementation of relevant regulations, protect the legitimate rights and interests of investors, comprehensively supervise the securities issuance, securities trading and intermediary institutions nationwide according to law, and maintain a fair and orderly securities market.
Trading tool
Securities market activities must be realized through certain tools or means, which are securities trading tools, namely securities trading objects. Securities trading tools mainly include: government bonds (including central government bonds and local government bonds), financial bonds, corporate bonds, stocks, funds and financial derivatives.
Securities Exchange Place
Securities trading places include on-site trading market and off-site trading market. The floor market refers to the securities trading activities in the stock exchange, which is the standardized organization form of the securities trading place; OTC market is securities trading outside the stock exchange, including OTC market, tertiary market and tertiary market.