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The Choice of Network Securities Trading Mode

Source: Shangpin China | Type: website encyclopedia | Time: 2015-09-12
Now many countries and regions in the world are actively developing Website construction , online securities trading, e-commerce, etc. However, due to the differences in the history, trading system, technological development and relevant laws and regulations of securities trading in various countries and regions, the operation mode of online securities trading will also be different. The United States is the birthplace of online securities trading. In the process of changing from traditional discount brokers to online securities brokerage business, its online securities trading is the most successful. Therefore, many countries and regions in the world will more or less refer to the experience of their American counterparts when conducting online securities trading, and this chapter is no exception. This needs to examine the background, system and factors stimulating the emergence of online trading in the United States.
 
Network securities

Why does the online securities exchange mode appear? In fact, the historical background of online trading is the reform of the commission system of securities trading in the United States in 1975. Before 1975, the securities trading in the United States was similar to the current situation in China, which adopted the fixed commission system of securities dealers. However, with the development of the securities market, the fixed commission system greatly restricted the effective competition between the securities market and the securities companies, which finally led to the thorough reform of this system by the Securities and Exchange Commission of the United States, which began to implement the free commission system for securities dealers on May 1, 1975.

After the commission liberalization, the competitive means and pattern of securities companies in the secondary market have undergone fundamental changes, and the focus of securities companies' competition has shifted to the level of transaction fees. What stood out in the competition was the so-called "discount brokers" represented by Schwab (discount brokers at that time used telephone, fax and other communication tools to provide services for customers. Due to advanced communication tools and the fact that one broker can serve more customers, the transaction cost was low and the transaction method was simple, so they were called "discount brokers").

However, the competition by means of price reduction did not stop because of the reduction of securities transaction costs. In the past 20 years of the reform of the commission system, although the competition of securities companies in the secondary market is far from simple price competition, the competition around price is not only endless, but increasingly fierce. Since the 1990s, information technology has developed unprecedentedly. The use of information technology has brought the possibility of further reducing the cost of securities trading, and the free competitive environment of the U.S. securities market has provided a broad space for the use and promotion of this information technology. In this way, the result of the application of information technology is the emergence of "online brokers" that can provide cheaper services than discount brokers, that is, brokers specializing in online securities brokerage business. However, in fact, in addition to online brokers, the previous comprehensive brokers and discount brokers have all participated in online competition, and the online trading volume is increasing. It can be seen that the reform of American securities trading system and the wide application of information technology have greatly promoted the development of online securities trading. Of course, the advantages of online trading itself have also played an important role.
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Disclaimer

Thank you very much for visiting our website. Please read all the terms of this statement carefully before you use this website.

1. Part of the content of this site comes from the network, and the copyright of some articles and pictures involved belongs to the original author. The reprint of this site is for everyone to learn and exchange, and should not be used for any commercial activities.

2. This website does not assume any form of loss or injury caused by users to themselves and others due to the use of these resources.

3. For issues not covered in this statement, please refer to relevant national laws and regulations. In case of conflict between this statement and national laws and regulations, the national laws and regulations shall prevail.

4. If it infringes your legitimate rights and interests, please contact us in time, and we will delete the relevant content at the first time!

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