本章将概括性地介绍美国以及其他国家市场的证券交易场所和交易过程。

This chapter will provide you with a broad introduction to the many venues and procedures available for trading securities in the United States and international markets. 

在这里我们将了解各种各样的交易机制----从交易者直接谈判到完全由计算机自动处理交易指令。

We will see that trading mechanisms range from direct negotiation among market participants to fully automated computer crossing of trade orders.

股票首次向公众发行即该证券的首次交易，因此，我们将首先介绍投资银行是如何把证券推销给公众的，然后对已发证券是如何交易的进行概括性阐述并着重介绍交易商市场、电子交易市场和专家做市商市场。

The first time a  security trades is when it is issued to the public. Therefore, we begin with a look at how securities are first marketed to the public by investment bankers, the midwives of securities. We turn next to a broadd survey of how already-issued securities may be traded among investors, focusing on the differences between dealer markets, electronic markets, and specialist markets.

介绍过这些背景知识之后，我们将介绍具体交易场所（如纽约证券交易所、纳斯达克以及其他国外证券市场）之间为赢得证券交易者是如何竞争的，主要包括交易成本、交易执行质量以及对跨市场一体化交易的不断探索。

With this background, we then turn to specific trading arenas such as the New York Stock Exchange, NASDAQ, and several foreign security markets, examining the competition among these markets for the patronage of security tradders. We consider the costs of trading in these markets, the quality of trade execution, and the ongoing quest for cross-market integration of trading.

此外，本章还将讨论集中特殊类型交易的本质，如保证金购买和股票卖空等。最后，将介绍一些保证证券交易的法规、包括内幕交易法，以及证券市场作为自律性组织所起的作用。

We then turn to the essentials of some specific types of transactions, such as  buying on margin and short-selling stocks. We close the chapter with a look at some important aspects of the regulations governing security trading, including insider trading laws and the role of security markets as self-regulating organizations.

SUMMARY

1. 公司通过发行证券来为其投资项目募集所需资金，投资银行在一级市场把这些证券销售给公众。

1. Firms issue securities to raise the capital necessary to finance their investments. Investment bankers market these securities to the public on the primary market.

投资银行通常扮演了承销商的角色，他们从公司买入证券，又溢价销售给公众。

Investment bankers generally act as underwriters who purchase the securities from the firm and resell them to the public at a markup.

在将证券销售给公众之前，公司必须发布一份经证券交易委员会批准的募股说明书，披露有关公司前景的信息。

Before the securities may be sold to the public, the firm must publish an SEC-accepted prospectus that provides information on the firm's prospects.

2. 已发行的证券在二级市场进行交易，二级市场主要包括有组织的证券交易所、场外交易市场、对大宗交易而言，还要通过交易所进行直接谈判。

2. Already-issued securities are traded on the secondary market, that is, on organized stock exchanges; the over-the-counter market; and for very large trades, through direct negotiation.

只有持有交易所许可证的经纪公司才能在交易所内进行交易，这些经纪公司向个人投资者提供服务，代替他们执行交易以收取佣金。

Only license holders of exchanges may trade on the exchange. Brokerage firms holding licenses to trade on the exchange sell their their services to individuals, charging commissions for executing trades on their behalf.

3. 交易既可以再交易商市场进行，也可以通过电子通信网络或在专家做市商市场进行。

3. Trading may take place in dealer markets, via electronic communications networks, or in specialist markets.

在交易商市场上，证券交易商报出其期望的买卖价格，个人投资者的经纪人以最优报价执行交易。

In dealer markets, security dealers post bid and ask prices at which they are willing to trade. Brokers for individuals execute trades at the best available prices.

在电子市场上，已有的最新成交薄提供了交易执行的条件，管理整个市场运行的计算机系统将自动撮合相匹配的买卖指令。

In electronic markets, the existing book of limit orders provides the terms at which trades can be executed. Mutually agreeable offers to buy or sell securities are automatically crossed by the computer system operating the market.

在专家做市商市场，专家做市商通过保持价格的连续性来维持市场的有序。

In specialist markets, the specialist acts to maintain and orderly market with price continuity.

专家做市商管理最新成交薄，但也从自己的股票存货中进行买卖，因此，专家做市商的流动性既来自于最新成交薄，又来自于专家做市商的股票存货。

Specialists maintain a limit-order book, but also sell from or buy for their own inventories of stock. Thus, liquidity in specialist markets comes from both the limit-order book and the specialist's inventory.

4. 纳斯达克是典型的交易商市场，交易商通过直接谈判来达成交易。纽约证券交易所是典型的专家做市商市场。但是近年来，这些市场都加强了其电子自动交易的功能，现在，大多数交易是通过电子网络自动执行。

4. NASDAQ was traditionally a dealer market in which a network of dealers negotiated directly over sales of securities. The NYSE was traditionally a specialist market. In recent years, however, both exchanges have dramatically increased their commitment to electronic and automated trading. Most traders today are electronic.

5. 交易成本包括显性的经纪人佣金和隐性的买卖价差。目前市场中关于总交易成本这个问题争论不休，纽约证券交易所认为若考虑交易质量，他是成本最低的交易场所。

5. Trading costs include explicit commissions as well as the bid-ask spread. An ongoing controversy among markets concerns overall trading costs including the effect of spreads and price impact. The NYSE argues that it is often the cheapest trading venue when quality of execution is recognized.

6. 用保证金贷款购买时指通过向经纪人借款，从而可以购买比自有资金所能购买的更多的证券。用保证金贷款购买时，投资者既提高了其在股价上涨时的获利能力，也加大了其在股价下跌时的损失风险。如果保证金账户中的权益下降到规定的维持水平以下，投资者就会受到来自经纪人的保证金催缴通知。

6. Buying on margin means borrowing money from a broker to buy more securities than can be purchased with one's own money alone. By buying securities on a margin, an investor magnifies both the upside potential and the downside risk. If the equity in a margin account falls below the required maintenance level, the investor will get a margin call from the broker.

7. 卖空是指投资者卖出其并不拥有的证券。买空者从经纪人处借入股票并卖空，但随时都可能要求平仓空头头寸。卖空的现金所得需由经纪人保管，经纪人通常会要求卖空者存入额外的现金或证券作为保证金（即抵押品）

7. Short-selling is the practice of selling securities that the seller does not own. The short-seller borrows the securities sold through a broker and may be required to cover the short position at any time on demand. The cash proceeds of a short sale are kept in escrow by the broker, and the broker usually requires that the short-seller deposit additional cash or securities to serve as margin(collateral).

8. 证券交易由证券交易委员会和其他政府机构监管，除此之外还有交易所的自我监管。许多重要的监管法规都与证券相关信息的完整披露有关。内幕交易法规禁止交易者利用内部信息获取利益。

8. Securities trading is regulated by the Securities and Exchange Commission, by other government agencies, and through self-regulation of the exchanges. Many of the important regulations have to do with full disclosure of relevant information concerning the securities in question. Insider trading rules also prohibit traders from attempting to profit from inside information.