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Issuing and secondary markets
In English, the issuing market is called the primary market and the secondary market is called the secondary market. This means that the first place where new securities appear is the issuing market, and the place where securities that have passed through the issuing market are bought and sold is the secondary market.
SecuritiesAs the social function of, the asset raising function and the asset conversion function (the function of converting the character of an asset) that collects a small amount of funds to generate a large amount of funds are known. It is done in the issuing market. On the other hand, in order for the issuing market to function, that is, for securities to be issued, there is a secondary market for securities.LiquidityIt is significant that (buyability) is secured. This is because securities with a secondary market are easier for investors to secure liquidity and can be relieved.
From the management's point of view, stocks as a means of raising funds were essentially irrelevant, no matter what price they sold in the secondary market (secondary market), because they had already raised funds. But, 1970AroundMarket price issuanceWith the introduction of the system, the next issue of new shares will be affected by the market value in the secondary market, so the secondary market has become significant in terms of financing.
Stock exchange regulations
The same is true for various commodity transactions, but in order to facilitate commodity transactions, bringing goods to the same place and at the same time makes it easier to complete the sale. In the case of stylized transactions where the goods are known to each other, the same can be done simply by bringing in the information of the order. In other words, the essence of the market is a place where order information about buying and selling is gathered and new price information is created. In this way once "MarketOnce the (market) is established, in order to protect the interests of those who participate in the market, it is possible to take an admission fee to enter the market or to take a membership system or a membership system by limiting what can be entered in the market. ..
The most common regulations on stock exchanges are membership system (only members are eligible to trade on the exchange), listing system (limited to listed ones that can be traded), and market concentration principle (for members). Listed securities are required to be bought and sold on exchanges), fixed transaction fee system (members are required to collect fixed transaction fees set by the exchange), etc. These regulations are considered to have both aspects of enhancing the functioning of the market and protecting the interests of members.
Such regulatory behavior of exchanges has spontaneously created market fragmentation. The restrictions imposed by the listing system have created over-the-counter markets for unlisted securities. Also, the membership system did not prevent non-members from creating curve markets. On the other hand, the division of the market creates pressure for rationalization to consolidate the markets because it is inconvenient for the side that places buy and sell orders.
In this way, the market is essentially an entity that repeats integration and division. In recent years, what has given new meaning to this market problemInstitutional investor The growth of institutional investors. Institutional investors, whose investment amount is enormous, are now pushing their own demands on the market, and the market is being forced to respond to the demands of these institutional investors. In addition, PTS: proprietary trading systems (which emphasizes the aspect as a system that competes with traditional exchanges) that realizes transaction speed, anonymity, cost efficiency, etc. to meet the demands of institutional investors. The emergence and growth of the electronic communication system (ECN: electronic communication networks) threatens existing exchanges when it is called PTS, but when emphasizing aspects of advanced information technology systems for the same system. It acted to encourage change on the part of the exchange.
Market monopoly and various regulations by exchanges are in advanced capitalist countriesAntitrust lawAlthough accepted as an exception to the system, as already mentioned, institutional investors (specifically pensions, insurance, various funds, etc.) have achieved an efficient market with such exchange monopolies. I started to ask questions about what I was doing. In response to these dissatisfactions, market reforms denying exchange monopoly were realized in the 1970s in the United States and in the 1980s in the United Kingdom. Of these, the reform that took place in the United Kingdom in 1986 was the "Big Bang" (see).Big Bang (financial market)). The market reforms that took place in Japan from 1997 to 1998 were the "Japanese Big Bang" (see "Big Bang"), which was based on this British reform.Financial bang). Such market reforms have brought about the emergence of PTSs, urging existing exchanges to further accelerate market reforms.
Over-the-counter marketMeans a securities market that is not handled by exchanges. in JapanJapan Securities Dealers Association(Nissoukyo) has been operating since 1963Over-the-counter brand systemCorresponds to this, but in November 2004Jasdaq Securities ExchangeIt has disappeared due to the change of saddle to. This is due to the following circumstances.
The over-the-counter market in JapanSecurities companyIn the over-the-counter registration stock system, the market transactions are practically carried out with the Japan over-the-counter securities, which was established in 1976 (the trade name was changed to JASDAQ in 2001 and the market management was entrusted by Nisshokyo). Was there. However, not only has it not been legally recognized as a place where market transactions take place for a long time, but it is also given a complementary market position for companies that do not meet the standards of the exchange in terms of function, and the company grows. At the same time, the company moved to the exchange. 1998Securities and Exchange Law (currently: Financial Instruments and Exchange Law)In the amendment, the over-the-counter market became the over-the-counter securities market and was given the same status as the exchange as a market.
HoweverFinancial bangOr later,Mothers,NASDAQ JAPANWhen stock exchanges launched markets for start-up companies one after another, they began to compete with exchanges in their complementary functions. Therefore, in order to revitalize the over-the-counter market in 2003, Nisshokyo changed its name from "over-the-counter market" in 2001.JASDAQ marketWas decided to be converted to a stock exchange. Thus, the JASDAQ market was reorganized into the JASDAQ Securities Exchange Co., Ltd., which was established on December 2004, 12 by the Japan Securities Exchange Association, and what had been regarded as an over-the-counter stock until then.Listed stocks (on the stock exchange)Changed to. As a result, over-the-counter markets and over-the-counter stocks have virtually disappeared in Japan. In 2010, JASDAQ Securities Exchange Co., Ltd.Osaka Stock ExchangeMerged with, and both companiesHercules market-NEO・ JASDAQ market (new)JasdaqIt is integrated and consolidated as a market.
- Hiroshi Fukumitsu"Securities Analysis" Chuokeizai-sha, 1997
- Hiroshi Kamae"Introduction to Securities Market Theory" Yuhikaku, 1998
- Yoshio Okubo "Current Situation and Challenges of Securities Market Reform" "Capital Market" Jan.2004
- Hiroshi Kamae, Securities Theory, Yuhikaku Publishing, 2004
- Tokyo Stock Exchange "Introduction to Japanese Securities Market" Toyo Keizai, 2004
- Hiroshi Fukumitsu and Hajime Takahashi, "Basic Securities Market Theory," Dobunkan Publishing, 2004
- Yoshinori Suzuki "Introduction to Easy-to-Understand Securities Market Theory" Hakuto Shobo, 2004
- Japan Securities Research Institute, "Detailed Contemporary Japanese Securities Market," Japan Securities Research Institute, 2006
- Hidenori Mitsui "Current Situation and Prospects of Securities Market Reform" "Shunkan Shoji Homu" 1788, Jan. 2007
- Yoshinori Suzuki "Securities Market and Co., Ltd." Hakuto Shobo, 2007
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