填空题
Participants in the stock market range from small individual stock investors to large hedge fund traders, who can be based anywhere. Their orders usually end up with a professional at a stock exchange, who executes the order of buying or selling.
(9) thus providing a marketplace (virtual or real). The exchanges provide real-time trading information on the listed securities, facilitating price discovery.
Some exchanges are physical locations where transactions are carried out on a trading floor, by a method known as open outcry. This type of auction is used in stock exchanges and commodity exchanges where traders may enter "verbal" bids and offers simultaneously. (10) composed of a network of computers where trades are made electronically via traders.
Actual trades are based on an auction market model where a potential buyer bids a specific price for a stock and a potential seller asks a specific price for the stock. (11) ... When the bid and ask prices match, a sale takes place, on a first-come-first-served basis if there are multiple bidders or askers at a given price.
The New York Stock Exchange is one of the physical exchanges, also referred to as a listed exchange- (12) ... Orders enter by way of exchange members and flow down to a floor broker, who goes to the floor trading post specialist for that stock to trade the order. (13) ... If a spread exists, no trade immediately takes place—in this case the specialist should use his/her own re sources (money or stock) to close the difference after his/her judged time. Once a trade has been made the details are reported on the "tape" and sent back to the brokerage firm, which then notifies the investor who placed the order. (14) computers play an important role, especially for so-called "program trading".
A. The other type of stock exchange is a virtual kind
B. The purpose of a stock exchange is to facilitate the exchange of securities between buyers and sellers
C. Although there is a significant amount of human contact in this process
D. stocks listed on one exchange can also be traded on other participating exchanges
E. The specialist's job is to match buy and sell orders using open outcry
F. Buying stock on margin means buying stock with money borrowed against the stocks in the same account.
G. Buying or selling at market means you will accept any ask price or bid price for the stock, respectively
H. only stocks listed with the exchange may be traded