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).

Stock exchanges

    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

    人)

    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).