1
bod72160ch01001-027.indd 1 06/20/20 11:02 AM
Even a cursory glance at The Wall Street Journal reveals a bewildering collection
of securities, markets, and financial institutions. But although it may appear so,
the financial environment is not chaotic: There is rhyme and reason behind the
vast array of financial instruments and the markets in which they trade.
These introductory chapters provide a bird’s-eye view of the investing environment. We will give you a tour of the major types of markets in which securities trade, the
trading process, and the major players in these arenas. You will see that both markets
and securities have evolved to meet the changing and complex needs of different participants in the financial system.
Markets innovate and compete with each other for traders’ business just as
vigorously as competitors in other industries. The competition between NASDAQ, the
New York Stock Exchange (NYSE), and several other electronic and non-U.S. exchanges
is fierce and public.
Trading practices can mean big money to investors. The explosive growth of
online electronic trading has saved them many millions of dollars in trading costs. On
the other hand, some worry that lightning-fast electronic trading has put the stability of
security markets at risk. All agree, however, that these advances will continue to change
the face of the investments industry, and Wall Street firms are scrambling to formulate
strategies that respond to these changes.
These chapters will give you a good foundation with which to understand the
basic types of securities and financial markets as well as how trading in those markets
is conducted.
Elements of
Investments 1
PA R T
Chapters in This Part
1 Investments:
Background and
Issues
2 Asset Classes
and Financial
Instruments
3 Securities Markets
4 Mutual Funds and
Other Investment
Companies
Final PDF to printer
概括
《华尔街日报》粗略一瞥便能发现种类繁多的证券、市场和金融机构。虽然看似混乱，但金融环境实则有序：多样化的金融工具及其交易市场背后存在逻辑与规律。
开篇章节概述了投资环境全貌，介绍了证券交易的主要市场类型、交易流程及主要参与者。市场和证券的演变旨在满足金融体系中不同参与者日益复杂的需求。
各交易所（如纳斯达克、纽约证券交易所与其他电子/国际交易所）为争夺交易业务激烈竞争，其公开角逐程度不亚于其他行业。
交易方式对投资者至关重要：在线电子交易的爆发式增长节省了巨额成本，但也引发对市场稳定性的担忧。尽管如此，技术进步将持续重塑投资业，华尔街公司正积极制定应对策略。
这些章节为理解证券与金融市场的基本类型及其交易机制奠定基础。
（注：章节内容涉及投资背景、资产类别、证券市场及共同基金等主题。）
