证券交易方式分类

随着证券市场的不断发展，证券交易方式也在不断演变和创新。按照不同的分类标准，证券交易方式可以分为多种类型。本文将按照证券交易的场所和交易方式，对证券交易方式进行分类和对比。

按照交易的场所，证券交易可以分为场内交易和场外交易两种类型。场内交易是指在证券交易所内进行的交易，这种交易方式具有标准化、集中化和公开性的特点。场外交易则是在证券交易所之外进行的交易，包括柜台市场和第三市场等。与场内交易相比，场外交易更加灵活，交易品种更为丰富，但信息透明度相对较低。

按照交易方式，证券交易可以分为竞价交易和议价交易两种类型。竞价交易是指买卖双方通过交易所竞价系统进行撮合，以价格优先、时间优先的原则达成交易。竞价交易具有透明度高、流动性强等特点，是证券市场的主要交易方式。议价交易则是指买卖双方直接进行协商，确定交易价格和数量。议价交易通常在非公开场合进行，具有私密性强的特点，但流动性相对较低。

在竞价交易中，根据买卖双方的报价形式不同，又可以分为集合竞价和连续竞价两种类型。集合竞价是指买卖双方在规定的时间内将报价通过交易所集中在一起，按照价格优先、时间优先的原则进行撮合。连续竞价则是指买卖双方在交易所内随时进行报价，按照价格优先、时间优先的原则进行撮合。集合竞价适用于开盘时段的交易，而连续竞价则适用于盘中的交易。

英文版：

Classification of Securities Trading Methods

With the continuous development of the securities market, securities trading methods are also evolving and innovating. Classified according to different criteria, securities trading methods can be divided into multiple types. This article will classify and compare securities trading methods according to the trading venue and trading methods.

According to the trading venue, securities trading can be divided into two types: floor trading and over-the-counter (OTC) trading. Floor trading refers to the trading conducted on the floor of a securities exchange, which has the characteristics of standardization, centralization, and publicity. OTC trading, on the other hand, refers to the trading conducted outside the floor of a securities exchange, including the counter market and the third market. Compared with floor trading, OTC trading is more flexible, with a wider variety of traded products, but with lower information transparency.

According to the trading methods, securities trading can be divided into two types:竞价 trading and negotiated trading. Auction trading refers to the撮合 of buyers and sellers through an exchange's auction system, which is based on the principles of price priority and time priority to reach a trading agreement. Auction trading has the characteristics of high transparency and strong liquidity, and is the main trading method in the securities market. Negotiated trading, on the other hand, refers to the direct negotiation between buyers and sellers to determine the transaction price and quantity. Negotiated trading usually takes place in private settings with strong privacy protection, but with relatively low liquidity.

Among auction transactions, there are two types: collective auction and continuous auction, depending on the form of bidding by buyers and sellers. Collective auction refers to the buyers and sellers who submit their bids to the exchange within a specified time period. The bids are then aggregated and matched according to the principles of price priority and time priority. Continuous auction refers to buyers and sellers who can submit bids anytime on the exchange floor, and the bids are matched according to the principles of price priority and time priority. Collective auctions are suitable for trading during opening hours, while continuous auctions are suitable for trading during the day.