Replacing NASDAQ digital currency
Publish: 2021-04-23 11:02:46
1. In August 2018, ice, the parent company of the New York Stock Exchange, established bakkt, the cryptocurrency futures exchange. From the announcement to the final launch, bakkt's every move affects the hearts of many cryptocurrency traders. Insiders in the instry believe that bakkt's flagship financial instruments have the potential to bring earth shaking changes to the bitcoin market in essence, especially in terms of market participants, liquidity and supply and demand trends, which are considered to be the engine driving bitcoin to a new high
in December 2018, NASDAQ announced its investment in the cryptocurrency exchange erisx. Compared with bakkt, although behind erisx are Nasdaq, CBOE, CME, fidelity and TD Ameritrade, one of the largest Internet Securities Companies in the United States, they are relatively unknown. But it was approved by the US Commodity Futures Trading Commission earlier than bakkt to launch compliant bitcoin futures
NYSE and NASDAQ are competing for the first place, and the London Stock Exchange (LSE), the largest stock exchange in Europe, is not willing to fall behind. In January 2019, the London Stock Exchange Group (lseg) announced that it would provide technology drive for atom asset exchange (AAX exchange) to enter the digital money market in a "curve entry" way.
in December 2018, NASDAQ announced its investment in the cryptocurrency exchange erisx. Compared with bakkt, although behind erisx are Nasdaq, CBOE, CME, fidelity and TD Ameritrade, one of the largest Internet Securities Companies in the United States, they are relatively unknown. But it was approved by the US Commodity Futures Trading Commission earlier than bakkt to launch compliant bitcoin futures
NYSE and NASDAQ are competing for the first place, and the London Stock Exchange (LSE), the largest stock exchange in Europe, is not willing to fall behind. In January 2019, the London Stock Exchange Group (lseg) announced that it would provide technology drive for atom asset exchange (AAX exchange) to enter the digital money market in a "curve entry" way.
2. Let's briefly talk about my prediction of this thing:
1. The central bank's digital currency is definitely just a pure settlement network, which only allows banks and third-party financial institutions to use, and it is likely to stipulate that it must be used among institutions at that time. With this settlement network, the central bank should be able to review every transaction between institutions very easily
2. Don't expect it to be used by ordinary citizens. Freedom, equality and self responsibility are the basic concepts of digital currency. These are not allowed by the central bank
Freedom: the central bank will not allow you to transfer money as you want. The withdrawal of cash abroad should be limited to 100000. How can you complete the transfer by broadcasting data once
Equality: even if you hold on to the private key of reborn, it's hard for reborn to do anything to you. But the central bank needs to have life and death power over your property. So how can the central bank gain the authority to seize you in an open digital currency system? Use an admin level private key? Does it need multi-level permission control? Is it necessary to divide the internal and external network? After all these things are added, isn't that the traditional system? Why add to the cake and add to the blockchain
be responsible for yourself: it's easy to understand. If you lose your private key, it's all over. The reason why Yang Ma is called ma is that this kind of thing must be managed. Private key is too dangerous to be used by ordinary people
therefore, I think too much about what digital currency can fry or even replace bitcoin. It's something that has nothing to do with ordinary people.
1. The central bank's digital currency is definitely just a pure settlement network, which only allows banks and third-party financial institutions to use, and it is likely to stipulate that it must be used among institutions at that time. With this settlement network, the central bank should be able to review every transaction between institutions very easily
2. Don't expect it to be used by ordinary citizens. Freedom, equality and self responsibility are the basic concepts of digital currency. These are not allowed by the central bank
Freedom: the central bank will not allow you to transfer money as you want. The withdrawal of cash abroad should be limited to 100000. How can you complete the transfer by broadcasting data once
Equality: even if you hold on to the private key of reborn, it's hard for reborn to do anything to you. But the central bank needs to have life and death power over your property. So how can the central bank gain the authority to seize you in an open digital currency system? Use an admin level private key? Does it need multi-level permission control? Is it necessary to divide the internal and external network? After all these things are added, isn't that the traditional system? Why add to the cake and add to the blockchain
be responsible for yourself: it's easy to understand. If you lose your private key, it's all over. The reason why Yang Ma is called ma is that this kind of thing must be managed. Private key is too dangerous to be used by ordinary people
therefore, I think too much about what digital currency can fry or even replace bitcoin. It's something that has nothing to do with ordinary people.
3.
manxingyun digital currency cannot be listed because manxingyun digital currency platform is not a formal financial platform. There is a risk of loss if you put money on the digital currency platform. On the surface, the manxingyun digital currency platform is indeed a very formal foreign exchange company regulated by the futures exchange
manxingyun digital currency platform has limited the number of monthly payments and profits, and the payment is slow, which indicates that the capital has been unable to make ends meet. A large number of investors in xidingge are beginning to wake up, and the successive payments finally make xidingge unable to sit down. Not only leaders are withdrawing money, but some members are also withdrawing money. A large-scale withdrawal of funds will definitely lead to the collapse of Xi Dingge, and the restriction of funds is just a delay
extended information:
precautions for customers in financial management:
1. Review of their own assets: including the stock assets and future income expectations, and know how much money is reasonable, which is the most basic premise
Setting financial objectives: we need to clarify financial objectives qualitatively and quantitatively from the specific time, amount and description of objectives3. Clear risk type: don't make the assumption of risk preference without considering any objective situation. For example, many customers put all their money in the stock market without considering their parents, children and family responsibilities. At this time, their risk preference deviates from the range they can bear
Before entering the market, we should do more analysis, look at the news on both sides and look at the charts; After entering the market, keep in touch with the market. Don't just watch the news that is good for you just because you have a good position4. general trend!
5. Yes
NASDAQ is ready to develop digital currency, which is its normal response to digital assets.
NASDAQ is ready to develop digital currency, which is its normal response to digital assets.
6. I have been a head teacher ever since
7. Hello, the difference between these three indexes lies in the different compilation subjects, different constituent stocks and different concepts. They represent the stock price changes of different types of American enterprises
the differences among the three indexes are as follows:
1. Standard & Poor's 500 index. The index is a stock price index compiled by standard & Poor's company, one of the largest securities research institutions in the United States. It includes 500 stocks issued by instry representative listed companies, including instrial stocks, transportation stocks, public utility stocks and financial stocks
2. NASDAQ index. The NASDAQ index mainly reflects the changes of Nasdaq stock market. The constituent stocks of the index include computers, communications, biotechnology, software, retail and wholesale trade, etc. The stocks of Intel, Yahoo and other companies that we are familiar with are the constituent stocks of the index
3. Dow Jones index. Dow Jones instrial index is an index compiled by Charles Henry Dow, the founder of Dow Jones company. It is a simple arithmetic average stock price index. The index includes Dow Jones instrial average, Dow Jones Utility Average, Dow Jones Transportation Average and Dow Jones composite average.
the differences among the three indexes are as follows:
1. Standard & Poor's 500 index. The index is a stock price index compiled by standard & Poor's company, one of the largest securities research institutions in the United States. It includes 500 stocks issued by instry representative listed companies, including instrial stocks, transportation stocks, public utility stocks and financial stocks
2. NASDAQ index. The NASDAQ index mainly reflects the changes of Nasdaq stock market. The constituent stocks of the index include computers, communications, biotechnology, software, retail and wholesale trade, etc. The stocks of Intel, Yahoo and other companies that we are familiar with are the constituent stocks of the index
3. Dow Jones index. Dow Jones instrial index is an index compiled by Charles Henry Dow, the founder of Dow Jones company. It is a simple arithmetic average stock price index. The index includes Dow Jones instrial average, Dow Jones Utility Average, Dow Jones Transportation Average and Dow Jones composite average.
8. Detailed explanation of stock index
(article source: stock market horse Classic)
I. definition of index
stock index is stock price index. It is a kind of indicator for reference, which is compiled by stock exchange or financial service institution to indicate the change of stock market. Because of the volatility of stock prices, investors are bound to face market price risk. It's easy for investors to understand the price changes of a specific stock, but it's not easy and tedious to understand the price changes of various stocks one by one. In order to adapt to this situation and need, some financial service institutions make use of their own business knowledge and the advantage of being familiar with the market to compile stock price indexes, which are published publicly as indicators of market price changes. Based on this, investors can test the effect of their investment and predict the trend of the stock market. At the same time, the press, company owners and even political leaders also take this as a reference index to observe and predict the social, political and economic development situation
this kind of stock index is the average price that indicates the change of stock market. The stock index is usually compiled on the basis of a certain month in a certain
year, and the stock price in the base period is taken as 100. The percentage of rise and fall is calculated by comparing the stock price in each subsequent period with that in the base period, which is the stock index of that period. According to the rise and fall of the index, investors can judge the trend of the stock price. And in order to reflect the trend of the stock market to investors in real time, almost all stock markets publish the stock price index at the same time when the stock price changes
to calculate the stock index, three factors should be considered: one is sampling, that is, to select a few representative constituent stocks from a large number of stocks; The second is weighted, weighted average according to unit price or total value, or no weighted average; The third is the calculation program, which calculates arithmetic mean, geometric mean, or both price and total value
e to the variety of listed stocks, it is difficult and complex to calculate the average price or index of all listed stocks. Therefore, people often select several representative sample stocks from the listed stocks and calculate the average price or index of these sample stocks. It is used to show the general trend and fluctuation range of the stock price of the whole market. When calculating the average stock price or index, the following four points are often considered: (1) the sample stock must be typical and common. Therefore, the selection of sample should consider its instry distribution, market influence, stock grade, appropriate number and other factors 2) The calculation method should be highly adaptable and can adjust or revise the changing stock market, so that the stock index or average has a good sensitivity 3) There should be scientific basis and means of calculation. The calculation basis must be unified. Generally, the closing price is used as the calculation basis. However, with the increase of calculation frequency, some are calculated at hourly price or even shorter time price 4) The base period should be well balanced and representative< Second, the calculation method of stock index. By definition, the stock index is the average stock price. However, in terms of their actual effects on the stock market, the average stock price is the general level reflecting the price changes of various stocks, which is usually expressed as the arithmetic average. By comparing the average stock price in different periods, people can know the change level of various stock prices. The stock index is a relative index reflecting the changes of stock prices in different periods, that is, the percentage of the average stock price in the first period as the benchmark of the average stock price in another period. Through the stock index, people can know the percentage of the stock price rising or falling in the calculation period compared with that in the base period. Because the stock index is a relative index, so for a long time, the stock index can more accurately measure the change of stock price than the average stock price< The average stock price reflects the absolute level of the listed stock price at a certain time point. It can be divided into three categories: simple arithmetic average stock price, modified average stock price and weighted average stock price. People can see the change and trend of stock price by comparing the average stock price at different time points
(1) simple arithmetic average stock price
simple arithmetic average stock price is obtained by dividing the sum of the daily closing prices of sample stocks by the number of samples, that is:
simple arithmetic average stock price = (P1 + P2 + P3 +... + PN) / N
the first average stock price in the world - Dao? Jones stock price average was calculated by simple arithmetic average before October 1, 1928
we assume that the stocks sampled from a certain stock market are a, B, C and D, and the closing prices on a certain trading day are 10 yuan, 16 yuan, 24 yuan and 30 yuan respectively, so as to calculate the average stock price of the market. By putting the above numbers into the formula, we can get:
average stock price = (P1 + P2 + P3 + P4) / N
= (10 + 16 + 24 + 30) / 4
= 20 (yuan)
although simple arithmetic average stock price calculation is relatively simple, it has two disadvantages: first, it does not consider the weights of various sample stocks, so it can not distinguish the different effects of sample stocks with different importance on average stock price. Second, when the sample stocks are divided, bonus shares are distributed and capital is increased, the average stock price will be broken and lose continuity, which makes it difficult to compare before and after the time series. For example, when the above-mentioned D shares are divided into three shares by one share, the share price is bound to be reced from 30 yuan to 10 yuan. At this time, the average is not 20 yuan calculated above, but (10 + 16 + 24 + 10) / 4 = 15 yuan. That is to say, e to the change of d-share segmentation technology, the average share price has dropped from 20 yuan to 15 yuan (this does not take into account other factors affecting the change of share price), which obviously does not meet the requirements of average as an index to reflect the change of share price
(2) there are two kinds of modified average stock price:
one is divisor correction method, also known as the modified method. Is this American road? Jones created a method to calculate the average stock price in 1928. The core of this method is to find a constant divisor to correct the change of the average stock price caused by stock segmentation, capital increase, bonus issue and other factors, so as to maintain the continuity and comparability of the average shares. The specific method is to divide the total new stock price by the average of the old stock price to get the new divisor, and then divide the total stock price in the calculation period by the new divisor to get the revised average stock price. That is:
New divisor = total new share price after change / average old share price
modified average share price = total share price ring the reporting period / new divisor
in the previous example, the divisor is 4, and the adjusted new divisor should be:
New divisor = (10 + 16 + 24 + 10) / 20 = 3, and the new divisor is substituted into the following formula, Then:
the average of the revised stock price = (10 + 16 + 24 + 10) / 3 = 20 (yuan) is the same as that calculated when the stock is not divided, and the stock price level will not change e to the stock division
the second is the stock price correction method. The stock price correction method is to split the stock and restore the changed stock price to the original stock price, so that the average stock price will not change. The 500 stock price averages compiled by the New York Times adopt the stock price correction method to calculate the average stock price
(3) weighted average stock price
weighted average stock price is the average stock price calculated by weighted average according to the relative importance of various sample stocks, and its weight (q) can be the number of shares traded, the total market value of the stock, the stock issuance, etc
2. Calculation of stock index
stock index is a relative index reflecting the change of stock price at different time points. Usually, the stock price of the report period is compared with the fixed price of the base period, and the ratio of the two is multiplied by the index value of the base period, which is the stock index of the report period. There are three ways to calculate stock index: one is relative method, the other is comprehensive method, and the third is weighted method
(1) relative method
relative method, also known as average method, is to calculate the stock index of each sample first. Add it up to find the arithmetic mean of the total. The calculation formula is:
stock index = sum of n sample stock indexes / N
the common stock index of the economist in the UK uses this calculation method
(2) comprehensive method
the comprehensive method is to sum up the prices of the sample stocks in the base period and the report period respectively, and then compare them to get the stock index. That is:
stock index = the sum of the stock prices in the reporting period / the sum of the stock prices in the base period
by substituting the figures,
stock index = (8 + 12 + 14 + 18) / (5 + 8 + 10 + 15) = 52 / 38 = 136.8%
that is, the stock price in the reporting period has increased by 36.8% over the base period
from the point of view of the average method and the comprehensive method to calculate the stock index, they do not take into account the factors such as the different issuance and trading volume of various sampling stocks, and the different impact on the stock price of the whole stock market, so the calculated index is not accurate enough. In order to calculate the stock index accurately, we need to add the weight, which can be the trading volume or the circulation volume
(3) weighted method
weighted stock index is weighted according to the relative importance of sample stocks in each period, and its weight can be the number of shares traded, stock issuance, etc. Divided by time, the weight can be the weight of the base period or the weight of the reporting period. The index weighted by the number of shares (or circulation) traded in the base period is called lasr index; An index weighted by the number of shares traded (or issued) in the reporting period is called paixu index
the lasr index focuses on the number of shares (or circulation) traded in the base period, while the paixu index focuses on the number of shares (or circulation) traded in the reporting period. At present, most stock indexes in the world are paixu index< The stock index is a positive proportion function of the market value of the index portfolio, and its fluctuation range is the return rate of the portfolio. But in the calculation of the stock index, the transaction cost of the stock is not dected, so the real income of the investors will be less than the rise and fall of the stock index, which is the maximum return on investment of the index portfolio
there is a common saying in the stock market, which is called "bull gains bear losses". That is to say, in a bull market, the investors make profits and lose money in a bear market. But if we analyze the investors as a whole, the investors may not be able to make profits in a bull market
1. If a bull market is reversible, shareholders will only lose but not make money. The middle point of Shanghai stock index is about 600 points. In the bull market in early 1993, Shanghai stock market broke through 1500 points, and then fell back to more than 300 points in July 1994; In September 1994, the Shanghai stock market hit 1000 points again, but soon fell below 600 points. Judging from the operation of the index in recent years, the Shanghai stock index always starts from below 600 points, forms a bull market and then returns to 600 points. It can be said that all bull markets in Shanghai stock market are reversible
when the Shanghai stock index rose from 600 points to 1000 points and returned to its original position, indivial shareholders may earn and lose money, thus transferring their wealth. But for this group of shareholders, they not only have no gains, but also have losses
first, no matter which point the transaction is at, the shareholders need to pay transaction tax and handling charges. Stock index
(article source: stock market horse Classic)
I. definition of index
stock index is stock price index. It is a kind of indicator for reference, which is compiled by stock exchange or financial service institution to indicate the change of stock market. Because of the volatility of stock prices, investors are bound to face market price risk. It's easy for investors to understand the price changes of a specific stock, but it's not easy and tedious to understand the price changes of various stocks one by one. In order to adapt to this situation and need, some financial service institutions make use of their own business knowledge and the advantage of being familiar with the market to compile stock price indexes, which are published publicly as indicators of market price changes. Based on this, investors can test the effect of their investment and predict the trend of the stock market. At the same time, the press, company owners and even political leaders also take this as a reference index to observe and predict the social, political and economic development situation
this kind of stock index is the average price that indicates the change of stock market. The stock index is usually compiled on the basis of a certain month in a certain
year, and the stock price in the base period is taken as 100. The percentage of rise and fall is calculated by comparing the stock price in each subsequent period with that in the base period, which is the stock index of that period. According to the rise and fall of the index, investors can judge the trend of the stock price. And in order to reflect the trend of the stock market to investors in real time, almost all stock markets publish the stock price index at the same time when the stock price changes
to calculate the stock index, three factors should be considered: one is sampling, that is, to select a few representative constituent stocks from a large number of stocks; The second is weighted, weighted average according to unit price or total value, or no weighted average; The third is the calculation program, which calculates arithmetic mean, geometric mean, or both price and total value
e to the variety of listed stocks, it is difficult and complex to calculate the average price or index of all listed stocks. Therefore, people often select several representative sample stocks from the listed stocks and calculate the average price or index of these sample stocks. It is used to show the general trend and fluctuation range of the stock price of the whole market. When calculating the average stock price or index, the following four points are often considered: (1) the sample stock must be typical and common. Therefore, the selection of sample should consider its instry distribution, market influence, stock grade, appropriate number and other factors 2) The calculation method should be highly adaptable and can adjust or revise the changing stock market, so that the stock index or average has a good sensitivity 3) There should be scientific basis and means of calculation. The calculation basis must be unified. Generally, the closing price is used as the calculation basis. However, with the increase of calculation frequency, some are calculated at hourly price or even shorter time price 4) The base period should be well balanced and representative< Second, the calculation method of stock index. By definition, the stock index is the average stock price. However, in terms of their actual effects on the stock market, the average stock price is the general level reflecting the price changes of various stocks, which is usually expressed as the arithmetic average. By comparing the average stock price in different periods, people can know the change level of various stock prices. The stock index is a relative index reflecting the changes of stock prices in different periods, that is, the percentage of the average stock price in the first period as the benchmark of the average stock price in another period. Through the stock index, people can know the percentage of the stock price rising or falling in the calculation period compared with that in the base period. Because the stock index is a relative index, so for a long time, the stock index can more accurately measure the change of stock price than the average stock price< The average stock price reflects the absolute level of the listed stock price at a certain time point. It can be divided into three categories: simple arithmetic average stock price, modified average stock price and weighted average stock price. People can see the change and trend of stock price by comparing the average stock price at different time points
(1) simple arithmetic average stock price
simple arithmetic average stock price is obtained by dividing the sum of the daily closing prices of sample stocks by the number of samples, that is:
simple arithmetic average stock price = (P1 + P2 + P3 +... + PN) / N
the first average stock price in the world - Dao? Jones stock price average was calculated by simple arithmetic average before October 1, 1928
we assume that the stocks sampled from a certain stock market are a, B, C and D, and the closing prices on a certain trading day are 10 yuan, 16 yuan, 24 yuan and 30 yuan respectively, so as to calculate the average stock price of the market. By putting the above numbers into the formula, we can get:
average stock price = (P1 + P2 + P3 + P4) / N
= (10 + 16 + 24 + 30) / 4
= 20 (yuan)
although simple arithmetic average stock price calculation is relatively simple, it has two disadvantages: first, it does not consider the weights of various sample stocks, so it can not distinguish the different effects of sample stocks with different importance on average stock price. Second, when the sample stocks are divided, bonus shares are distributed and capital is increased, the average stock price will be broken and lose continuity, which makes it difficult to compare before and after the time series. For example, when the above-mentioned D shares are divided into three shares by one share, the share price is bound to be reced from 30 yuan to 10 yuan. At this time, the average is not 20 yuan calculated above, but (10 + 16 + 24 + 10) / 4 = 15 yuan. That is to say, e to the change of d-share segmentation technology, the average share price has dropped from 20 yuan to 15 yuan (this does not take into account other factors affecting the change of share price), which obviously does not meet the requirements of average as an index to reflect the change of share price
(2) there are two kinds of modified average stock price:
one is divisor correction method, also known as the modified method. Is this American road? Jones created a method to calculate the average stock price in 1928. The core of this method is to find a constant divisor to correct the change of the average stock price caused by stock segmentation, capital increase, bonus issue and other factors, so as to maintain the continuity and comparability of the average shares. The specific method is to divide the total new stock price by the average of the old stock price to get the new divisor, and then divide the total stock price in the calculation period by the new divisor to get the revised average stock price. That is:
New divisor = total new share price after change / average old share price
modified average share price = total share price ring the reporting period / new divisor
in the previous example, the divisor is 4, and the adjusted new divisor should be:
New divisor = (10 + 16 + 24 + 10) / 20 = 3, and the new divisor is substituted into the following formula, Then:
the average of the revised stock price = (10 + 16 + 24 + 10) / 3 = 20 (yuan) is the same as that calculated when the stock is not divided, and the stock price level will not change e to the stock division
the second is the stock price correction method. The stock price correction method is to split the stock and restore the changed stock price to the original stock price, so that the average stock price will not change. The 500 stock price averages compiled by the New York Times adopt the stock price correction method to calculate the average stock price
(3) weighted average stock price
weighted average stock price is the average stock price calculated by weighted average according to the relative importance of various sample stocks, and its weight (q) can be the number of shares traded, the total market value of the stock, the stock issuance, etc
2. Calculation of stock index
stock index is a relative index reflecting the change of stock price at different time points. Usually, the stock price of the report period is compared with the fixed price of the base period, and the ratio of the two is multiplied by the index value of the base period, which is the stock index of the report period. There are three ways to calculate stock index: one is relative method, the other is comprehensive method, and the third is weighted method
(1) relative method
relative method, also known as average method, is to calculate the stock index of each sample first. Add it up to find the arithmetic mean of the total. The calculation formula is:
stock index = sum of n sample stock indexes / N
the common stock index of the economist in the UK uses this calculation method
(2) comprehensive method
the comprehensive method is to sum up the prices of the sample stocks in the base period and the report period respectively, and then compare them to get the stock index. That is:
stock index = the sum of the stock prices in the reporting period / the sum of the stock prices in the base period
by substituting the figures,
stock index = (8 + 12 + 14 + 18) / (5 + 8 + 10 + 15) = 52 / 38 = 136.8%
that is, the stock price in the reporting period has increased by 36.8% over the base period
from the point of view of the average method and the comprehensive method to calculate the stock index, they do not take into account the factors such as the different issuance and trading volume of various sampling stocks, and the different impact on the stock price of the whole stock market, so the calculated index is not accurate enough. In order to calculate the stock index accurately, we need to add the weight, which can be the trading volume or the circulation volume
(3) weighted method
weighted stock index is weighted according to the relative importance of sample stocks in each period, and its weight can be the number of shares traded, stock issuance, etc. Divided by time, the weight can be the weight of the base period or the weight of the reporting period. The index weighted by the number of shares (or circulation) traded in the base period is called lasr index; An index weighted by the number of shares traded (or issued) in the reporting period is called paixu index
the lasr index focuses on the number of shares (or circulation) traded in the base period, while the paixu index focuses on the number of shares (or circulation) traded in the reporting period. At present, most stock indexes in the world are paixu index< The stock index is a positive proportion function of the market value of the index portfolio, and its fluctuation range is the return rate of the portfolio. But in the calculation of the stock index, the transaction cost of the stock is not dected, so the real income of the investors will be less than the rise and fall of the stock index, which is the maximum return on investment of the index portfolio
there is a common saying in the stock market, which is called "bull gains bear losses". That is to say, in a bull market, the investors make profits and lose money in a bear market. But if we analyze the investors as a whole, the investors may not be able to make profits in a bull market
1. If a bull market is reversible, shareholders will only lose but not make money. The middle point of Shanghai stock index is about 600 points. In the bull market in early 1993, Shanghai stock market broke through 1500 points, and then fell back to more than 300 points in July 1994; In September 1994, the Shanghai stock market hit 1000 points again, but soon fell below 600 points. Judging from the operation of the index in recent years, the Shanghai stock index always starts from below 600 points, forms a bull market and then returns to 600 points. It can be said that all bull markets in Shanghai stock market are reversible
when the Shanghai stock index rose from 600 points to 1000 points and returned to its original position, indivial shareholders may earn and lose money, thus transferring their wealth. But for this group of shareholders, they not only have no gains, but also have losses
first, no matter which point the transaction is at, the shareholders need to pay transaction tax and handling charges. Stock index
9. Dow Jones stock index
Dow Jones stock index is the world's oldest stock index, its full name is the average stock price. It was started in 1884 by Charles Dow, the founder of Dow Jones. Its original Dow Jones average stock price index is based on 11 kinds of representative railway company stocks, calculated by the arithmetic average method, and published in Charles Dow's Daily Bulletin. The calculation formula is:
average stock price = the sum of the prices of the selected stocks. Since 1897, the Dow Jones average stock price index has been divided into two categories: Instry and transportation. The average instrial stock price index includes 12 stocks, while the average transportation index includes 20 stocks, And began to publish it in the Wall Street Journal, published by Dow Jones. In 1929, the Dow Jones stock price average index added public utility stocks to 65 stocks, and has continued to this day
the current Dow Jones average stock price index is based on October 1, 1928, because the average Dow Jones stock price at the close of the day is just about $100, so it is set as the base date. In the future, the percentage calculated by comparing the stock price with the base period will become the voting price index of each period. Therefore, the current stock index generally uses points as the unit, and the rise and fall of each point of the stock index is the percentage of rise and fall relative to the base date
the Dow Jones average stock price index was originally calculated by simple arithmetic average method. When the ex weight and ex dividend of stocks are encountered, the stock index will be discontinuous. After 1928, Dow Jones used a new method to calculate the average stock price, that is, the connection technology was used to ensure the continuity of the stock index, so that the stock index was improved and graally extended to the whole world< At present, Dow Jones average stock price index is divided into four groups, the first group is instrial average stock price index. It is composed of 30 kinds of representative stocks of large instrial and commercial companies, and grows with the development of economy. It can roughly reflect the price level of the whole instrial and commercial stocks in the United States, which is the Dow Jones instrial stock price average commonly quoted by people. The second group is the average transportation stock price index
it includes the shares of 20 representative transportation companies, namely 8 railway transportation companies, 8 airlines and 4 road freight companies. The third group is the average stock price index of public utilities, which is composed of shares of 15 gas companies and power companies representing American public utilities. The fourth group is the average price composite index
it is a composite index obtained by synthesizing 65 stocks of the first three groups of average stock price index. Although this group of composite index provides direct stock market conditions for superior stocks, now it usually refers to the first group average instrial stock price index
Dow Jones average stock price index is the most influential and authoritative stock price index in the world at present. One of the reasons is that the stocks selected by Dow Jones average stock price index are representative. The issuing companies of these stocks are famous companies with important influence in the instry, and their stock market has attracted the attention of the world stock market, Investors all over the world attach great importance to it. In order to maintain this characteristic, Dow Jones company often adjusts the stocks selected in its stock price average index, replacing the stocks that are not representative with more representative ones. Since 1928, the stocks of 30 instrial and commercial companies, which are only used to calculate the Dow Jones instrial average stock price index, have been replaced 30 times. Almost every two years, a new company's stock will replace the old company's stock. The second reason is that the Wall Street Journal, the news carrier of Dow Jones average stock price index, is the most influential newspaper in the world's financial sector
the paper reports in detail the average index, percentage change rate and transaction amount of each sample stock calculated every hour, and pays attention to the correction of the average index of stock price after stock division. The Dow Jones average is released every half an hour ring New York stock exchange business hours. The third reason is that the stock price average index has never stopped since it was compiled. It can be used to compare the stock market and economic development in different periods. It has become one of the most sensitive stock price average indexes to reflect the changes of the stock market in the United States. It is the main reference for observing the market dynamics and investing in stocks. Of course, because Dow Jones stock price index is a kind of constituent stock index, the companies it includes only account for a small part of more than 2500 listed companies, and most of them are hot stocks, and it does not include the companies in service instry and financial instry which have developed rapidly in recent years, so its representativeness has been questioned and criticized by people all the time
Standard & Poor's stock price index
in addition to Dow Jones stock price index, standard & Poor's stock price index is also very influential in the United States. It is the stock price index compiled by standard & Poor's company, the largest securities research institution in the United States. The company began to compile and publish the stock price index in 1923. At first, 230 stocks were selected and two stock price indices were compiled. By 1957, the index had expanded to 500 stocks, divided into 95 portfolios. Among them, the most important four groups are instrial stock group, railway stock group, public utility stock group and 500 mixed stocks group. Since July 1, 1976, it has been changed into 400 kinds of instrial stocks, 20 kinds of transportation stocks, 40 kinds of public utility stocks and 40 kinds of financial stocks. Over the past few decades, although there have been changes in stocks, they have remained at 500. The standard & Poor's stock price index takes the average market price of the sample stocks from 1941 to 1943 as the base period, takes the number of listed stocks as the weight, and is weighted according to the base period. The base point is 10. Take the current stock market price multiplied by the number of stocks issued on the stock market as the numerator, the stock market price of the base period multiplied by the number of stocks in the base period as the denominator, and the number divided by 10 is the stock price index< The Nikkei Dow Jones stock index (Nikkei average stock price)
is the average stock price that reflects the price changes in the Japanese stock market, which is compiled and published by Japan economic news agency. The index was compiled in September 1950
initially, the revised average stock price was calculated based on the stocks of 225 companies listed on the first market of the Tokyo Stock Exchange, which was called the "revised average stock price of the East Stock Exchange" at that time. On May 1, 1975, the Nippon economic news agency bought a trademark from Dow Jones company and calculated it with the revised method of Dow Jones company of the United States. This stock index was also renamed "Nikkei Dow Jones average share price". On May 1, 1985, when the contract expired for 10 years, the name was changed to "Nikkei average stock price" after negotiation between the two companies
according to the number of samples, the index can be divided into two types, one is the Nikkei 225 average stock prices. The selected samples are all stocks listed in the first market of Tokyo Stock Exchange, and will not be changed in principle after the selection of samples. In 1981, there were 150 in manufacturing, 10 in construction, 3 in aquaculture, 3 in mining, 12 in commerce, 14 in road and sea transportation, 15 in finance and insurance, 3 in real estate, 4 in warehouse, electric power and gas, and 5 in service. As the 225 average share prices of Nikkei have continued since 1950, their continuity and comparability are good, and they have become the most commonly used and reliable indicators to investigate and analyze the long-term evolution and dynamics of Japanese stock market. The other index is the Nikkei 500 average. This has been compiled since January 4, 1982. Because its sample includes 500 kinds of stocks, its representativeness is relatively more extensive, but its sample is not fixed. In April of each year, the sample should be changed according to the operating conditions, trading volume, turnover amount, market value and other factors of listed companies
the full English name of NASDAQ securities market is National Association of Securities Dealers Automated Quotations (NASDAQ), which is the National Association of Securities Dealers Automated Quotation system, It is a stock electronic trading market established and supervised by the National Association of securities dealers in 1971, which is based on the trading price quoted by American securities companies. The association is a self regulatory regulatory body registered with the securities and Exchange Commission. Almost all American stockbrokers and dealers are its members
as the cradle of the growth of American high-tech enterprises, Nasdaq stock market plays an extremely important role in the development of American high-tech instry, and it is also a powerful booster of the rapid development of global knowledge economy. The Nasdaq market is no longer the second board market in the usual sense. Among the more than 5500 companies listed on Nasdaq, there are nearly 2000 high-tech companies. Among the Internet companies listed in the United States, except for a few listed on the New York Stock Exchange, the rest are all listed on NASDAQ; In this market, computer or computer related companies alone account for 15.8%, and the market capital of computer and telecommunication accounts for about 2 / 3; Among the five companies with the highest market value in the U.S. capital market, NASDAQ owns Microsoft, Intel and sko, while the other two companies, namely general electric and Wal Mart, are listed on the New York Stock Exchange
moreover, at present, the number of shares of foreign companies issued on the Nasdaq market has exceeded the sum of the New York Stock Exchange and the American stock exchange, becoming the main place for foreign companies to list in the United States. Therefore, NASDAQ is one of the most important securities markets in the world and a symbol and pronoun of high-tech companies
NASDAQ has two sectors: the national market and the small capital market established in 1992. At the beginning of its establishment, the target of Nasdaq was small and medium-sized enterprises, but it was only because the scale of listed enterprises became larger and larger with the changes of the times, so NASDAQ had to divide itself into a piece & quot; Main board Market & quot; And a & quot; Small and medium-sized enterprise market;.
Dow Jones stock index is the world's oldest stock index, its full name is the average stock price. It was started in 1884 by Charles Dow, the founder of Dow Jones. Its original Dow Jones average stock price index is based on 11 kinds of representative railway company stocks, calculated by the arithmetic average method, and published in Charles Dow's Daily Bulletin. The calculation formula is:
average stock price = the sum of the prices of the selected stocks. Since 1897, the Dow Jones average stock price index has been divided into two categories: Instry and transportation. The average instrial stock price index includes 12 stocks, while the average transportation index includes 20 stocks, And began to publish it in the Wall Street Journal, published by Dow Jones. In 1929, the Dow Jones stock price average index added public utility stocks to 65 stocks, and has continued to this day
the current Dow Jones average stock price index is based on October 1, 1928, because the average Dow Jones stock price at the close of the day is just about $100, so it is set as the base date. In the future, the percentage calculated by comparing the stock price with the base period will become the voting price index of each period. Therefore, the current stock index generally uses points as the unit, and the rise and fall of each point of the stock index is the percentage of rise and fall relative to the base date
the Dow Jones average stock price index was originally calculated by simple arithmetic average method. When the ex weight and ex dividend of stocks are encountered, the stock index will be discontinuous. After 1928, Dow Jones used a new method to calculate the average stock price, that is, the connection technology was used to ensure the continuity of the stock index, so that the stock index was improved and graally extended to the whole world< At present, Dow Jones average stock price index is divided into four groups, the first group is instrial average stock price index. It is composed of 30 kinds of representative stocks of large instrial and commercial companies, and grows with the development of economy. It can roughly reflect the price level of the whole instrial and commercial stocks in the United States, which is the Dow Jones instrial stock price average commonly quoted by people. The second group is the average transportation stock price index
it includes the shares of 20 representative transportation companies, namely 8 railway transportation companies, 8 airlines and 4 road freight companies. The third group is the average stock price index of public utilities, which is composed of shares of 15 gas companies and power companies representing American public utilities. The fourth group is the average price composite index
it is a composite index obtained by synthesizing 65 stocks of the first three groups of average stock price index. Although this group of composite index provides direct stock market conditions for superior stocks, now it usually refers to the first group average instrial stock price index
Dow Jones average stock price index is the most influential and authoritative stock price index in the world at present. One of the reasons is that the stocks selected by Dow Jones average stock price index are representative. The issuing companies of these stocks are famous companies with important influence in the instry, and their stock market has attracted the attention of the world stock market, Investors all over the world attach great importance to it. In order to maintain this characteristic, Dow Jones company often adjusts the stocks selected in its stock price average index, replacing the stocks that are not representative with more representative ones. Since 1928, the stocks of 30 instrial and commercial companies, which are only used to calculate the Dow Jones instrial average stock price index, have been replaced 30 times. Almost every two years, a new company's stock will replace the old company's stock. The second reason is that the Wall Street Journal, the news carrier of Dow Jones average stock price index, is the most influential newspaper in the world's financial sector
the paper reports in detail the average index, percentage change rate and transaction amount of each sample stock calculated every hour, and pays attention to the correction of the average index of stock price after stock division. The Dow Jones average is released every half an hour ring New York stock exchange business hours. The third reason is that the stock price average index has never stopped since it was compiled. It can be used to compare the stock market and economic development in different periods. It has become one of the most sensitive stock price average indexes to reflect the changes of the stock market in the United States. It is the main reference for observing the market dynamics and investing in stocks. Of course, because Dow Jones stock price index is a kind of constituent stock index, the companies it includes only account for a small part of more than 2500 listed companies, and most of them are hot stocks, and it does not include the companies in service instry and financial instry which have developed rapidly in recent years, so its representativeness has been questioned and criticized by people all the time
Standard & Poor's stock price index
in addition to Dow Jones stock price index, standard & Poor's stock price index is also very influential in the United States. It is the stock price index compiled by standard & Poor's company, the largest securities research institution in the United States. The company began to compile and publish the stock price index in 1923. At first, 230 stocks were selected and two stock price indices were compiled. By 1957, the index had expanded to 500 stocks, divided into 95 portfolios. Among them, the most important four groups are instrial stock group, railway stock group, public utility stock group and 500 mixed stocks group. Since July 1, 1976, it has been changed into 400 kinds of instrial stocks, 20 kinds of transportation stocks, 40 kinds of public utility stocks and 40 kinds of financial stocks. Over the past few decades, although there have been changes in stocks, they have remained at 500. The standard & Poor's stock price index takes the average market price of the sample stocks from 1941 to 1943 as the base period, takes the number of listed stocks as the weight, and is weighted according to the base period. The base point is 10. Take the current stock market price multiplied by the number of stocks issued on the stock market as the numerator, the stock market price of the base period multiplied by the number of stocks in the base period as the denominator, and the number divided by 10 is the stock price index< The Nikkei Dow Jones stock index (Nikkei average stock price)
is the average stock price that reflects the price changes in the Japanese stock market, which is compiled and published by Japan economic news agency. The index was compiled in September 1950
initially, the revised average stock price was calculated based on the stocks of 225 companies listed on the first market of the Tokyo Stock Exchange, which was called the "revised average stock price of the East Stock Exchange" at that time. On May 1, 1975, the Nippon economic news agency bought a trademark from Dow Jones company and calculated it with the revised method of Dow Jones company of the United States. This stock index was also renamed "Nikkei Dow Jones average share price". On May 1, 1985, when the contract expired for 10 years, the name was changed to "Nikkei average stock price" after negotiation between the two companies
according to the number of samples, the index can be divided into two types, one is the Nikkei 225 average stock prices. The selected samples are all stocks listed in the first market of Tokyo Stock Exchange, and will not be changed in principle after the selection of samples. In 1981, there were 150 in manufacturing, 10 in construction, 3 in aquaculture, 3 in mining, 12 in commerce, 14 in road and sea transportation, 15 in finance and insurance, 3 in real estate, 4 in warehouse, electric power and gas, and 5 in service. As the 225 average share prices of Nikkei have continued since 1950, their continuity and comparability are good, and they have become the most commonly used and reliable indicators to investigate and analyze the long-term evolution and dynamics of Japanese stock market. The other index is the Nikkei 500 average. This has been compiled since January 4, 1982. Because its sample includes 500 kinds of stocks, its representativeness is relatively more extensive, but its sample is not fixed. In April of each year, the sample should be changed according to the operating conditions, trading volume, turnover amount, market value and other factors of listed companies
the full English name of NASDAQ securities market is National Association of Securities Dealers Automated Quotations (NASDAQ), which is the National Association of Securities Dealers Automated Quotation system, It is a stock electronic trading market established and supervised by the National Association of securities dealers in 1971, which is based on the trading price quoted by American securities companies. The association is a self regulatory regulatory body registered with the securities and Exchange Commission. Almost all American stockbrokers and dealers are its members
as the cradle of the growth of American high-tech enterprises, Nasdaq stock market plays an extremely important role in the development of American high-tech instry, and it is also a powerful booster of the rapid development of global knowledge economy. The Nasdaq market is no longer the second board market in the usual sense. Among the more than 5500 companies listed on Nasdaq, there are nearly 2000 high-tech companies. Among the Internet companies listed in the United States, except for a few listed on the New York Stock Exchange, the rest are all listed on NASDAQ; In this market, computer or computer related companies alone account for 15.8%, and the market capital of computer and telecommunication accounts for about 2 / 3; Among the five companies with the highest market value in the U.S. capital market, NASDAQ owns Microsoft, Intel and sko, while the other two companies, namely general electric and Wal Mart, are listed on the New York Stock Exchange
moreover, at present, the number of shares of foreign companies issued on the Nasdaq market has exceeded the sum of the New York Stock Exchange and the American stock exchange, becoming the main place for foreign companies to list in the United States. Therefore, NASDAQ is one of the most important securities markets in the world and a symbol and pronoun of high-tech companies
NASDAQ has two sectors: the national market and the small capital market established in 1992. At the beginning of its establishment, the target of Nasdaq was small and medium-sized enterprises, but it was only because the scale of listed enterprises became larger and larger with the changes of the times, so NASDAQ had to divide itself into a piece & quot; Main board Market & quot; And a & quot; Small and medium-sized enterprise market;.
10. Dow Jones borrowing number, or Dow Jones average stock price index, is the most influential and widely used stock price index in the world. It takes a part of representative company stocks listed on the New York Stock Exchange as the compilation object, and is composed of four kinds of average stock price indexes: 1. Dow Jones average instrial stock price index with 30 famous instrial companies as the compilation object; 2; ② The Dow Jones average stock price index of 20 famous transportation companies is compiled; ③ The Dow Jones average stock price index of six famous public utility companies is compiled; ④ The Dow Jones composite average stock price index is compiled based on the stocks of 65 companies involved in the above three kinds of average stock price indexes. Among the four Dow Jones index, Dow Jones instrial average is the most famous. It is widely reported by mass media and quoted as the representative of Dow Jones index. Dow Jones index is compiled and published by Dow Jones company, an American newspaper group, and published in its Wall Street Journal. The Dow Jones index was first published on July 3, 1884. At that time, the index sample included 11 stocks, which was compiled by Charles Henry Dow l851-1902, one of the founders of Dow Jones company and the first editor of the Wall Street Journal. Since October 1, 1928, the number of sample stocks has increased to 30 and has been maintained up to now, but the company as a sample stock has experienced many adjustments. Dow Jones index is the arithmetic average stock price index<
NASDAQ is the abbreviation of National Association of Securities Dealers Automated Quotations, but it has become the pronoun of Nasdaq stock market. The rise of information and service instry gave birth to NASDAQ. Founded in 1971, NASDAQ is a global stock market that fully adopts electronic trading, provides a competitive stage for emerging instries, and self-regulation. NASDAQ is the largest electronic stock exchange market in the United States and the world
Nasdaq stock market is the fastest growing market among the major stock markets in the world, and it is the first electronic stock market. More than half of the stocks that change hands in the U.S. market every day are traded on Nasdaq, and nearly 5400 companies' securities are listed on this market
in the traditional way of trading, NASDAQ is unique compared with other stock markets through the application of today's advanced technology and information -- computer and telecommunication technology. It represents 519 securities dealers of the world's largest securities companies, which are called market makers. They provide 60000 bid and bid prices on NASDAQ. These large-scale activities are processed by a huge computer network, showing the best offers to investors in 52 countries It includes more than 70 computer terminals)
NASDAQ has a variety of market makers, and the trading of any listed stock on the Nasdaq market is completed through open competition, that is, using their own capital to buy and sell Nasdaq stock. This kind of competition and capital supply activities make the trading active, and the extensive and orderly market and the rapid execution of orders provide favorable conditions for investors to buy and sell stocks. All this is different from the auction market. It has a single designated trader, or a specific person. This person is assigned to be responsible for all the transactions of a stock in this market, and is responsible for the transaction between the buyer and the seller. If necessary, in order to keep the transaction going, he also acts as a trader
NASDAQ has increased the excellent factors in the trading market and enhanced its trading system. These improvements enable NASDAQ to send the orders of investors to other electronic communication networks, which makes it feel as if it has entered an auction market<
the Nasdaq stock market consists of two independent markets:
the national market of NASDAQ
as the largest and most active stock market of NASDAQ, there are nearly 4400 stocks listed in the national market of NASDAQ. In order to convert in the NASDAQ national market, the company must meet strict financial, capital and joint management indicators. There are some of the largest and most famous companies in the world in the NASDAQ national market<
NASDAQ small capital market
it is a market specially provided by Nasdaq for growing companies. There are more than 1700 stocks listed in Nasdaq small capital market. As a small capital class, the financial index requirements of NASDAQ are not as strict as the national market listing standards, but their common management standards are the same. When small cap companies develop steadily, they usually move up to the NASDAQ national market< There are obvious differences between Nasdaq Stock Exchange and OTC and OTCBB. Although they are all managed by NASD. OTC securities are those securities that are not listed on NASDAQ or any domestic securities exchange market. OTCBB is a quotation medium, which displays the real-time quotation, recent transaction price and trading volume of OTC listed stocks. OTCBB securities include domestic, regional and foreign officially issued vouchers, documents, and US entrusted collection documents. OTCBB is a quotation medium for the appointed members, not a service of listing and issuing. It can not be confused with NASDAQ or the U.S. stock market. OTCBB securities are traded by the Committee of the market maker, and quoted and returned through a highly complex and closed computer network. All this is achieved through the NASDAQ workstation. Nasdaq stock market has no business connection with those issuers in OTCBB market, and these companies have no document or report requirements with Nasdaq stock market Co., Ltd. or National Association of securities dealers
detailed explanation of stock index
(source: stock market horse Classic)
I. definition of index
stock index is stock price index. It is a kind of indicator for reference, which is compiled by stock exchange or financial service institution to indicate the change of stock market. Because of the volatility of stock prices, investors are bound to face market price risk. It's easy for investors to understand the price changes of a specific stock, but it's not easy and tedious to understand the price changes of various stocks one by one. In order to adapt to this situation and need, some financial service institutions make use of their own business knowledge and the advantage of being familiar with the market to compile stock price indexes, which are published publicly as indicators of market price changes. Based on this, investors can test the effect of their investment and predict the trend of the stock market. At the same time, the press, company owners and even political leaders also take this as a reference index to observe and predict the social, political and economic development situation
this kind of stock index is the average price that indicates the change of stock market. The stock index is usually compiled on the basis of a certain month in a certain
year, and the stock price in the base period is taken as 100. The percentage of rise and fall is calculated by comparing the stock price in each subsequent period with that in the base period, which is the stock index of that period. According to the rise and fall of the index, investors can judge the trend of the stock price. And in order to reflect the trend of the stock market to investors in real time, almost all stock markets publish the stock price index at the same time when the stock price changes
to calculate the stock index, three factors should be considered: one is sampling, that is, to select a few representative constituent stocks from a large number of stocks; The second is weighted, weighted average according to unit price or total value, or no weighted average; The third is the calculation program, which calculates arithmetic mean, geometric mean, or both price and total value
e to the variety of listed stocks, it is difficult and complex to calculate the average price or index of all listed stocks. Therefore, people often select several representative sample stocks from the listed stocks and calculate the average price or index of these sample stocks. It is used to show the general trend and fluctuation range of the stock price of the whole market. When calculating the average stock price or index, the following four points are often considered: (1) the sample stock must be typical and common. Therefore, the selection of sample should consider its instry distribution, market influence, stock grade, appropriate number and other factors 2) The calculation method should be highly adaptable and can adjust or revise the changing stock market, so that the stock index or average has a good sensitivity 3) There should be scientific basis and means of calculation. The calculation basis must be unified. Generally, the closing price is used as the calculation basis. However, with the increase of calculation frequency, some are calculated at hourly price or even shorter time price 4) The base period should be well balanced and representative< Second, the calculation method of stock index. By definition, the stock index is the average stock price. However, in terms of their actual effects on the stock market, the average stock price is the general level reflecting the price changes of various stocks, which is usually expressed as the arithmetic average. By comparing the average stock price in different periods, people can know the change level of various stock prices. The stock index is a relative index reflecting the changes of stock prices in different periods, that is, the percentage of the average stock price in the first period as the benchmark of the average stock price in another period. Through the stock index, people can know the percentage of the stock price rising or falling in the calculation period compared with that in the base period. Because the stock index is a relative index, so for a long time, the stock index can more accurately measure the change of stock price than the average stock price< The calculation of average stock price can be divided into three categories: simple arithmetic average stock price, modified average stock price and weighted average stock price. People can see the change and trend of stock price by comparing the average stock price at different time points
(1) simple arithmetic average stock price
simple arithmetic average stock price is obtained by dividing the sum of the daily closing prices of sample stocks by the number of samples, that is:
simple arithmetic average stock price = (P1 + P2 + P3 +... + PN) / N
the first average stock price in the world - Dao? Jones stock price average was calculated by simple arithmetic average before October 1, 1928
we assume that the stocks sampled from a certain stock market are a, B, C and D, and the closing prices on a certain trading day are 10 yuan, 16 yuan, 24 yuan and 30 yuan respectively, so as to calculate the average stock price of the market. By putting the above numbers into the formula, we can get:
average stock price = (P1 + P2 + P3 + P4) / N
= (10 + 16 + 24 + 30) / 4
= 20 (yuan)
although simple arithmetic average stock price is easy to calculate, it has two disadvantages: one is that it does not consider the weights of all kinds of sample stocks, so it is easy to calculate
NASDAQ is the abbreviation of National Association of Securities Dealers Automated Quotations, but it has become the pronoun of Nasdaq stock market. The rise of information and service instry gave birth to NASDAQ. Founded in 1971, NASDAQ is a global stock market that fully adopts electronic trading, provides a competitive stage for emerging instries, and self-regulation. NASDAQ is the largest electronic stock exchange market in the United States and the world
Nasdaq stock market is the fastest growing market among the major stock markets in the world, and it is the first electronic stock market. More than half of the stocks that change hands in the U.S. market every day are traded on Nasdaq, and nearly 5400 companies' securities are listed on this market
in the traditional way of trading, NASDAQ is unique compared with other stock markets through the application of today's advanced technology and information -- computer and telecommunication technology. It represents 519 securities dealers of the world's largest securities companies, which are called market makers. They provide 60000 bid and bid prices on NASDAQ. These large-scale activities are processed by a huge computer network, showing the best offers to investors in 52 countries It includes more than 70 computer terminals)
NASDAQ has a variety of market makers, and the trading of any listed stock on the Nasdaq market is completed through open competition, that is, using their own capital to buy and sell Nasdaq stock. This kind of competition and capital supply activities make the trading active, and the extensive and orderly market and the rapid execution of orders provide favorable conditions for investors to buy and sell stocks. All this is different from the auction market. It has a single designated trader, or a specific person. This person is assigned to be responsible for all the transactions of a stock in this market, and is responsible for the transaction between the buyer and the seller. If necessary, in order to keep the transaction going, he also acts as a trader
NASDAQ has increased the excellent factors in the trading market and enhanced its trading system. These improvements enable NASDAQ to send the orders of investors to other electronic communication networks, which makes it feel as if it has entered an auction market<
the Nasdaq stock market consists of two independent markets:
the national market of NASDAQ
as the largest and most active stock market of NASDAQ, there are nearly 4400 stocks listed in the national market of NASDAQ. In order to convert in the NASDAQ national market, the company must meet strict financial, capital and joint management indicators. There are some of the largest and most famous companies in the world in the NASDAQ national market<
NASDAQ small capital market
it is a market specially provided by Nasdaq for growing companies. There are more than 1700 stocks listed in Nasdaq small capital market. As a small capital class, the financial index requirements of NASDAQ are not as strict as the national market listing standards, but their common management standards are the same. When small cap companies develop steadily, they usually move up to the NASDAQ national market< There are obvious differences between Nasdaq Stock Exchange and OTC and OTCBB. Although they are all managed by NASD. OTC securities are those securities that are not listed on NASDAQ or any domestic securities exchange market. OTCBB is a quotation medium, which displays the real-time quotation, recent transaction price and trading volume of OTC listed stocks. OTCBB securities include domestic, regional and foreign officially issued vouchers, documents, and US entrusted collection documents. OTCBB is a quotation medium for the appointed members, not a service of listing and issuing. It can not be confused with NASDAQ or the U.S. stock market. OTCBB securities are traded by the Committee of the market maker, and quoted and returned through a highly complex and closed computer network. All this is achieved through the NASDAQ workstation. Nasdaq stock market has no business connection with those issuers in OTCBB market, and these companies have no document or report requirements with Nasdaq stock market Co., Ltd. or National Association of securities dealers
detailed explanation of stock index
(source: stock market horse Classic)
I. definition of index
stock index is stock price index. It is a kind of indicator for reference, which is compiled by stock exchange or financial service institution to indicate the change of stock market. Because of the volatility of stock prices, investors are bound to face market price risk. It's easy for investors to understand the price changes of a specific stock, but it's not easy and tedious to understand the price changes of various stocks one by one. In order to adapt to this situation and need, some financial service institutions make use of their own business knowledge and the advantage of being familiar with the market to compile stock price indexes, which are published publicly as indicators of market price changes. Based on this, investors can test the effect of their investment and predict the trend of the stock market. At the same time, the press, company owners and even political leaders also take this as a reference index to observe and predict the social, political and economic development situation
this kind of stock index is the average price that indicates the change of stock market. The stock index is usually compiled on the basis of a certain month in a certain
year, and the stock price in the base period is taken as 100. The percentage of rise and fall is calculated by comparing the stock price in each subsequent period with that in the base period, which is the stock index of that period. According to the rise and fall of the index, investors can judge the trend of the stock price. And in order to reflect the trend of the stock market to investors in real time, almost all stock markets publish the stock price index at the same time when the stock price changes
to calculate the stock index, three factors should be considered: one is sampling, that is, to select a few representative constituent stocks from a large number of stocks; The second is weighted, weighted average according to unit price or total value, or no weighted average; The third is the calculation program, which calculates arithmetic mean, geometric mean, or both price and total value
e to the variety of listed stocks, it is difficult and complex to calculate the average price or index of all listed stocks. Therefore, people often select several representative sample stocks from the listed stocks and calculate the average price or index of these sample stocks. It is used to show the general trend and fluctuation range of the stock price of the whole market. When calculating the average stock price or index, the following four points are often considered: (1) the sample stock must be typical and common. Therefore, the selection of sample should consider its instry distribution, market influence, stock grade, appropriate number and other factors 2) The calculation method should be highly adaptable and can adjust or revise the changing stock market, so that the stock index or average has a good sensitivity 3) There should be scientific basis and means of calculation. The calculation basis must be unified. Generally, the closing price is used as the calculation basis. However, with the increase of calculation frequency, some are calculated at hourly price or even shorter time price 4) The base period should be well balanced and representative< Second, the calculation method of stock index. By definition, the stock index is the average stock price. However, in terms of their actual effects on the stock market, the average stock price is the general level reflecting the price changes of various stocks, which is usually expressed as the arithmetic average. By comparing the average stock price in different periods, people can know the change level of various stock prices. The stock index is a relative index reflecting the changes of stock prices in different periods, that is, the percentage of the average stock price in the first period as the benchmark of the average stock price in another period. Through the stock index, people can know the percentage of the stock price rising or falling in the calculation period compared with that in the base period. Because the stock index is a relative index, so for a long time, the stock index can more accurately measure the change of stock price than the average stock price< The calculation of average stock price can be divided into three categories: simple arithmetic average stock price, modified average stock price and weighted average stock price. People can see the change and trend of stock price by comparing the average stock price at different time points
(1) simple arithmetic average stock price
simple arithmetic average stock price is obtained by dividing the sum of the daily closing prices of sample stocks by the number of samples, that is:
simple arithmetic average stock price = (P1 + P2 + P3 +... + PN) / N
the first average stock price in the world - Dao? Jones stock price average was calculated by simple arithmetic average before October 1, 1928
we assume that the stocks sampled from a certain stock market are a, B, C and D, and the closing prices on a certain trading day are 10 yuan, 16 yuan, 24 yuan and 30 yuan respectively, so as to calculate the average stock price of the market. By putting the above numbers into the formula, we can get:
average stock price = (P1 + P2 + P3 + P4) / N
= (10 + 16 + 24 + 30) / 4
= 20 (yuan)
although simple arithmetic average stock price is easy to calculate, it has two disadvantages: one is that it does not consider the weights of all kinds of sample stocks, so it is easy to calculate
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