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证券公司柜台交易市场是我国多层次资本市场的重要组成部分。一般来说,我们可以把券商的业务分为投资银行、柜台交易、自营交易和资产管理四个部分。自营交易和资产管理都属于买方业务,在此不予考虑;投资银行和柜台交易都是卖方业务,是真正的券商业务。在发达国家,柜台交易业务所占的比重是最高的;在中国也是如此。柜台交易又可以分为对机构业务和对个人业务(零售业务),中国券商与国外投行最大的区别,就出在对机构的柜台交易业务上。
Securities companies counter trading market is an important part of China’s multi-level capital market. In general, we can divide the brokerage business into investment banking, counter trading, proprietary trading and asset management in four parts. Proprietary trading and asset management are all buyer businesses that are not considered here; investment banking and over-the-counter transactions are the seller’s business and are real brokerage businesses. In developed countries, counter trade accounts for the highest proportion of businesses; in China as well. Counter transactions can be divided into institutional business and personal business (retail business), the largest difference between Chinese securities firms and foreign investment banks, on the out-of-the-counter trading business.