【正文】 cessful with such products as SPDRs (SP 500 depository receipts), DIAMONDS (a unit investment trust that tracks the Dow Jones Industrial Average), and HOLDRs (holding pany depository receipts). It also has a growing business in listing structured products and closedend funds. ? 美國證券交易所是全美第二大的大廳叫價式 (floorbased)的證券交易所，其在股票和衍生證券方面的交易都非常突出。全美證券交易所在大廳叫價的交易技術(shù)方面的革新一直處于前沿的地位，這不僅僅是因為其首先使用了屏幕觸摸的技術(shù)來使得交易得以更迅速地確認(rèn)，而且在于應(yīng)用無線網(wǎng)絡(luò)交易 (wireless trading)方面，這個交易所又一次走在了前列。 2023/3/17 11 美國瑞星思達(dá)投資控股公司 OverTheCounter (OTC) Markets 直接交易市場（或叫場外柜臺交易市場，店頭交易） ? Overthecounter (OTC) trading is to trade financial instruments such as stocks, bonds, or derivatives directly between two parties. It is the opposite of exchange trading which occurs on futures exchanges or stock exchanges. ? An overthecounter contract is a bilateral contract in which two parties agree on how a particular trade or agreement is to be settled in the future. For derivatives, these agreements are usually governed by an International Swaps and Derivatives Association agreement. ? An overthecounter market is a financial market where products are traded overthecounter. ? Public securities issues not traded on any domestic stock exchange are traded in the OTC market. The OTC market is a negotiated market, whereas most stock exchanges such as NYSE are auction markets. ? market in which securities transactions are conducted through a telephone and puter work connecting dealers in stocks and bonds, rather than on the floor of an exchange. ? OTC is a decentralized market (as opposed to an exchange market) where geographically dispersed dealers are linked by telephones and puter screens. ? The OTC market is subdivided into Pink Sheets, the Bulletin Board, the NASDAQ, and the National Market System (NMS, An informational system that is part of the NASDAQ system ). ? The OTC market is regulated by the NASD. ? The OTC market is a main market for bonds. 2023/3/17 12 美國瑞星思達(dá)投資控股公司 NASDAQ 納斯達(dá)克 ? The National Association of Securities Dealers (NASD) introduced the National Association of Securities Dealers Automated Quotation (Nasdaq) service in 1971, the world’s first electronic stock market and one of the largest stock market in the world. 1971年全國證券交易員協(xié)會引入“全美證券商協(xié)會自動報價系統(tǒng)”，世界上最早的電子股市，世界上最大的股市之一。 ? Unlike other traditional floor stock exchanges, Nasdaq has no central location where trading takes place. The Nasdaq is a puterbased quotation trading system with terminals in brokerdealers office all over the country, displaying quotes of the best bid and lowest offer, and all the market makers in each stock. Instead, its market makers are located all over the country and make trades by telephone and via the puter work. Because brokers and market makers trade stocks directly instead of on the floor of a stock exchange, NASDAQ is called an overthecounter market. The term overthecounter refers to the direct nature of the trading, as in a store where goods are handed over a counter. 與其他 傳統(tǒng)的場地 證券交易不同，納斯達(dá)克沒有股票交易的中心交易場所。它的市場中間人遍及全美各地，通過電話和計算機(jī)網(wǎng)絡(luò)進(jìn)行交易。由于股票交易是由經(jīng)紀(jì)人和市場期票出票人直接進(jìn)行，而不是在股票交易大廳內(nèi)進(jìn)行的，困此，納斯達(dá)克（ NASDAQ）被稱為買賣雙方直接交易市場。該術(shù)語指出了其交易的直接性質(zhì)，就如同在商店柜臺直接進(jìn)行商品的買賣一樣。 ? Over 500 stock brokerage firms are listed market makers on the NASDAQ to trade mon stock issues in the OTC market. 2023/3/17 13 美國瑞星思達(dá)投資控股公司 NASDAQ Composite Index 納斯達(dá)克綜合指數(shù) 2023/3/17 14 美國瑞星思達(dá)投資控股公司 OTCBB History ? In June 1990, the OTCBB began operation, on a pilot basis, as part of important market structure reforms to provide transparency in the OTC equities market. ? The Penny Stock Reform Act of 1990 mandated SEC to establish an electronic system that met the requirements of Section 17B of the Exchange Act. The system was designed to facilitate the widespread publication of quotation and lastsale information. Since December 1993, firms have been required to report trades in all domestic OTC equity securities through the Automated Confirmation Transaction Service (ACTSM) within 90 seconds of the transaction. ? 1990年 6月為了便于交易并加強(qiáng) OTC市場的透明度，美國 SEC根據(jù) 1990年 《 低價股票改革法 》 的要求，命令 NASD為 OTC證券交易市場設(shè)立電子報價系統(tǒng)，開通了 OTCBB電子報價系統(tǒng)，并將一部分在粉單（ Pink Sheets）上的優(yōu)質(zhì)股票轉(zhuǎn)移到 OTCBB上來。 ? In 4/1997, the SEC approved the operation of the OTCBB on a permanent basis with some modifications, and in 5/1997, DPPs became eligible for quotation on the OTCBB. In 4/1998, all foreign securities and ADRs that are fully registered with the SEC became eligible for the display of realtime quotes, lastsale prices, and volume information on the OTCBB. ? On January 4, 1999, the SEC approved the OTCBB Eligibility Rule. Securities not quoted on the OTCBB as of that date will be required to report their current financial information to the SEC, banking, or insurance regulators in order to meet eligibility requirements. Nonreporting panies whose securities were already quoted on the OTCBB will be granted a grace period to ply with the new requirements. Those panies will be phased in beginning in July 1999 and by June 2023, current financial information about all domestic panies that are quoted on the OTCBB will be publicly available. 2023/3/17 15 美國瑞星思達(dá)投資控股公司 Four Tiers of OTC 場外交易市場的四層市場 ? OverTheCounter market is divided into four tiers. ? The first 3 tiers have automated quotation (the aq in Nasdaq) and execution systems that are owned and operated by The Nasdaq Stock