纳克达斯介绍 英文PPT.ppt

NASDAQ The name NASDAQ stands for National Association of Securities Dealers Automated Quotations. The NASDAQ was created to increase trading in over-the-counter stocks which couldnt meet the requirements necessary to post their listings on larger exchanges such as the New York stock exchange. While these over-the-counter stocks used to be traded by phone and all the information on the stock had to be given by a dealer who was specialized in the stock, access to these stocks was limited to only a few individuals. The public at large had no access to these stocks and it prevented their potential for growth. The NASDAQ was founded in 1971 to allow dealers to post quotes on their stock electronically. This allowed more and more people to gain access to these stocks and gave more visibility to the stocks being traded. The success of the NASDAQ was instant and the NASDAQ started to impose its own listing requirements so they could separate the smaller over-the-counter stocks from the larger stocks. The aim was to help them compete with bigger stock exchanges around the world. The NASDAQ is now the biggest stock exchange by trading volume in the world. The reason why it has been able to reach that plateau in a relatively short period of time is because of the efficiency of their all electronic model. However, the New York stock exchange is still the biggest in the world by market capitalization. The NASDAQ differs from most stock exchanges in many ways. Well, for one, the NASDAQ as no physical location. All transactions are made electronically and there are no physical headquarters. Second, unlike the New York stock exchange, buyers and sellers do not transact directly with one another on the NASDAQ. To complete the trade, both parties have to go trough what we call a market maker. The market maker works in conjunction with a registered broker dealer and tries to attract trades by listing their bid price and offer price for the stock their making a market in.