Exchanges and the over-the-counter market場外交易
Many types of financial instruments can be traded on the over-the-counter market,such as stocks,bonds,NCDs and foreign currencies(外幣).
Exchanges are places where securities such as stocks and listed and traded. Process of transaction
Step1 an investor places an order to buy or sell a stock with a stockbroker(股票經紀
Step2 the broker executes the order by entering the request into the computer system
of the stock exchange.In Hong Kong,the system is called the Automatic
Order Matching and Execution System(AMS).
Step3 the stockbroker charges a brokerage commission for providing the trading
service.In addition,investors need to pay a stamp duty(印花稅),a transaction
levy(交易徵費) and an HKEx trading fee(交易費).