ask：賣方出價
bid：買方應價
通常，行情顯示的ask的報價都要比bid的報價要高
現價買進時，需要在最低的ask報價之上（含最低）下單，才能現價立即成交
現價賣出時，需要在最高的bid報價之下（含最高）下單，才能現價立即成交
bid：買方應價
通常，行情顯示的ask的報價都要比bid的報價要高
現價買進時，需要在最低的ask報價之上（含最低）下單，才能現價立即成交
現價賣出時，需要在最高的bid報價之下（含最高）下單，才能現價立即成交
比如我要買一個股票，那就至少要出ask的價格，但是如果我賣出我自己的這個股票就只能賣bid，ask比bid高，因爲代理交易商需要從中賺取差價。
Asked Yield：是指證券商願意出售短期國庫券的價格，即客戶從證券商處買入短期國庫券保留到期時所能獲得的名義收益率。
bid–asked spread: ask 與 bid 的差價，dealers從中獲取利潤。
1. Money market VS capital Market
Money market instruments include short-term, marketable, liquid, low-risk debt securities.
Capital markets, in contrast, include longer-term and riskier securities.
而Capital market又可以分爲4個segments：
- longer-term bond markets
- equity markets
- options
- futures
2. MONEY MARKET
a) Treasury Bills 國庫券（區分Treasury Notes/Bonds） : Most markable, T-bills represent the simplest form of borrowing: The government raises money by selling bills to the public. Minimum denominations: $100
b) Certificates of Deposit （CD）定期存款
c) Commercial Paper：商業票據 企業發行的無抵押、短期債務，經常用來籌集應收賬款及庫存的資金，利率一般低於當時市場利率.Large, well-known companies often issue their own short-term unsecured debt notes rather than borrow directly from banks
d) Bankers’ Acceptances: 銀行承兌匯票:是由在承兌銀行開立存款賬戶的存款人出票，向開戶銀行申請並經銀行審查同意承兌的，保證在指定日期無條件支付確定的金額給收款人或持票人的票據.
e) Eurodollars : Eurodollars are dollar-denominated deposits at foreign banks or foreign branches of American banks
f) Repos and Reverses : 回購與反回購
g) Federal funds : 聯邦基金(聯邦儲備會會員銀行的自由儲備，用作銀行間的借貸，特別使其他銀行保持合法儲備)
h) Brokers’ Calls :經紀人拆借 Individuals who buy stocks on margin borrow part of the funds to pay for the stocks from their broker. The broker in turn may borrow the funds from a bank, agreeing to repay the bank immediately (on call) if the bank requests
it. (個人投資者向經紀人借，經紀人向銀行借)
i) London Interbank Offered Rate (LIBOR)：倫敦銀行同業拆放利率市場：是倫敦大銀行之間願意出借資金的利率
2. BOND MAEKET 債券市場
a) Treasury notes(中期國債 10年) and Treasury bonds(長期國債 10-30年)
b) Inflation-Protected Treasury Bonds 抗通貨膨脹公債 bonds that are linked to an index of the cost of living in order to provide their citizens with an effective way to hedge inflation risk.
c) Federal Agency Debt 政府機構債券 Some government agencies issue their own securities to finance their activities
d) International Bonds :國際債券 Many firms borrow abroad and many investors buy bonds from foreign issuers.
e) Municipal Bonds：市政債券，州活地方政府發行的債券
f) Corporation Bonds : 公司債券 Corporate bonds are the means by which private firms borrow money directly from the public.
g) Mortgages and Mortgage-Backed Securities ：抵押和抵押支撐證券
3. EQUITY SECURITIES 股票市場
- Common stocks, also known as equity securities or equities, represent ownership shares in a corporation.
- Two characteristic： residual claim and limited liability
- Ｒesidual claim：stockholders are the last in line of all those who have a claim on the assets and income of the corporation
- Limited liability： means that the most shareholders can lose in the event of failure of the corporation is their original investment.
- P/E ratio, or price–earnings ratio, is the ratio of the current stock price to last year’s earnings per share.
- Preferred Stock 優先股
- Depository Receipts ： 存託憑證
4. 股票和債券指數
a) Dow Jones Averages 道瓊斯，最古老的指數。最開始是取平均，但是公司拆分會影響指數，爲了防止這個變化，要改變分母
b) Standard & Poor's indexes 標準普爾
c) NYSE發佈的在紐交所上市公司的指數
d) NASDAQ納斯達克指數
e) Equally Weighted Indexes 對每個股票都給以相同的權重，買入相同的份額。
f) 其他國家的指數: Nikkei(Japan), Hang Seng(Hong Kong)
Bond Market Indicators： bond market indicators measure the performance of various categories of bonds.
The three most well-known groups of indexes are those of Merrill Lynch, Lehman Brothers, and Salomon Smith Barney (now part of Citigroup)
5. 衍生市場 Options and futures
Options （公司爲吸引人才會給的期權，可以低價買入公司股票）
- A call option gives its holder the right to purchase an asset for a specified price, called the exercise or strike price on or before a specified expiration date. 指定在某個時間按照某個價格買入
- A put option gives its holder the right to sell an asset for a specified exercise price on or before a specified expiration date.指定時間按照某個價格賣出
Futures Contracts 期貨合約
A futures contract calls for delivery of an asset (or in some cases, its cash value) at a specified delivery or maturity date for an agreed-upon price, called the futures price, to be paid at contract maturity. 比如養牛場爲了保證能買一個合理的價錢，開始養的時候就簽訂賣的期貨合同，在賣的時候按照合同的價格，而不是按照市場價格。當然如果市場價要更高，那牧農就虧了，如果市場價格高那就是賺了。
