{"id":72554,"date":"2020-11-16T00:00:47","date_gmt":"2020-11-16T00:00:47","guid":{"rendered":"https:\/\/www.zfx.com\/academy\/%e4%bb%80%e4%b9%88%e6%98%afndd-dd-mm-stp-ecn\/"},"modified":"2021-01-19T05:48:30","modified_gmt":"2021-01-19T05:48:30","slug":"ndd-dd-mm-stp-ecn","status":"publish","type":"academy","link":"https:\/\/www.zfx.com\/zh-hant\/academy\/ndd-dd-mm-stp-ecn\/","title":{"rendered":"6. \u4ec0\u9ebc\u662fNDD \/ DD \/ MM \/ STP \/ ECN?\u00a0 \u00a0"},"content":{"rendered":"

\u96f6\u552e\u7db2\u4e0a\u5916\u532f\u4ea4\u6613\u696d\u52d9\u75312000\u5e74\u958b\u59cb\u8208\u8d77\u6d41\u884c\uff0c\u4e3b\u8981\u7531\u5168\u7403\u591a\u5bb6\u5916\u532f\u7d93\u7d00\u5546\u6240\u7d44\u6210\uff0c\u800c\u5728\u9019\u4e00\u884c\u696d\u7684\u751f\u614b\u5708\u88e1\uff0c\u6709\u8457\u4e0d\u540c\u7684\u4ea4\u6613\u6a21\u5f0f\uff0c\u800c\u9019\u4e9b\u6a21\u5f0f\u53c8\u6709\u8457\u7368\u7279\u7684\u540d\u8a5e\uff0c\u5e38\u898b\u7684\u5206\u5225\u6709DD\u3001NDD\u3001MM\u3001STP\u53caECN\u3002<\/p>\n

\u5916\u532f\u7d93\u7d00\u5546\u4e3b\u529b\u7d93\u71df\u7db2\u4e0a\u4ea4\u6613\u5e73\u53f0\uff0c\u800c\u5e73\u53f0\u7684\u4ea4\u6613\u6a21\u5f0f\u53ef\u5206\u6210\u5169\u985e:<\/p>\n

\u6709\u4ea4\u6613\u54e1\u5e73\u53f0(Dealing Desk\uff0c\u7c21\u7a31DD)\u548c\u7121\u4ea4\u6613\u54e1\u5e73\u53f0(No Dealing Desk\uff0c\u7c21\u7a31NDD)\uff1b<\/strong><\/p>\n

\u53e6\u5916Dealing Desk\u53c8\u7a31\u4f5c\u505a\u5e02\u5546(Market Maker\uff0c\u7c21\u7a31MM)\uff0cNo Dealing Desk\u7684\u6a21\u5f0f\u53c8\u6703\u7d30\u5206\u70ba\u76f4\u901a\u5f0f\u8655\u7406(Straight Through Processing\uff0c\u7c21\u7a31STP)\u6216\u96fb\u5b50\u901a\u8a0a\u7db2\u7d61(Electronic Communications Network\uff0c\u7c21\u7a31ECN)\u3002<\/p>\n

<\/h3>\n

\u5916\u532f\u5e73\u53f0\u5e38\u898b\u7684\u4ea4\u6613\u6a21\u5f0f<\/span><\/h3>\n

DD (\u6709\u4ea4\u6613\u54e1\u5e73\u53f0) \/ MM (\u505a\u5e02\u5546)<\/strong><\/h4>\n

\u6709\u4ea4\u6613\u54e1\u5e73\u53f0\u53ca\u505a\u5e02\u5546\u6a21\u5f0f\uff0c\u4e3b\u8981\u63d0\u4f9b\u5916\u532f\u5e02\u5834\u6d41\u52d5\u6027\uff0c\u5373\u4f7f\u4ea4\u6295\u4e0d\u6d3b\u8e8d\u6642\uff0c\u7d93\u7d00\u5546\u4ecd\u53ef\u5728\u4fdd\u7559\u5229\u6f64\u7684\u60c5\u6cc1\u4e0b\uff0c\u5275\u9020\u50f9\u683c\u8b93\u5e02\u5834\u4e0a\u7684\u53c3\u8207\u8005\u9032\u884c\u8cb7\u8ce3\uff0c\u6210\u70ba\u4ea4\u6613\u8005\u7684\u4ea4\u6613\u5c0d\u624b\u3002\u4ea4\u6613\u8005\u770b\u5230\u53ca\u6210\u4ea4\u7684\u50f9\u683c\u4e26\u4e0d\u4e00\u5b9a\u662f\u771f\u5be6\u5e02\u50f9\uff0c\u4e0d\u904e\u7531\u65bc\u5916\u532f\u5e02\u5834\u7684\u5834\u5916\u4ea4\u6613\u7af6\u722d\u5341\u5206\u5927\uff0c\u9019\u7a2e\u4ea4\u6613\u7684\u6210\u4ea4\u50f9\u4e00\u822c\u90fd\u6975\u8cbc\u8fd1\u5e02\u50f9\u3002<\/p>\n

NDD (\u7121\u4ea4\u6613\u54e1\u5e73\u53f0)<\/strong><\/h4>\n

\u7121\u4ea4\u6613\u54e1\u5e73\u53f0\u6a21\u5f0f\uff0c\u4e3b\u8981\u9023\u63a5\u5e02\u5834\u6d41\u52d5\u6027\uff0c\u8b93\u4ea4\u6613\u8005\u7684\u8a02\u55ae\u80fd\u8207\u9280\u884c\u3001\u5176\u4ed6\u7d93\u7d00\u5546\u3001\u6d41\u52d5\u6027\u63d0\u4f9b\u5546\u914d\u5c0d\u8d77\u4f86\uff0c\u6240\u4ee5\u9019\u985e\u5916\u532f\u7d93\u7d00\u5546\u4e0d\u6703\u505a\u4ea4\u6613\u8005\u7684\u5c0d\u5bb6\u3002\u7531\u65bc\u4e00\u822c\u96f6\u552e\u500b\u4eba\u4ea4\u6613\u8005\u7684\u8cb7\u8ce3\u898f\u6a21\u4e0d\u5927\uff0c\u6240\u4ee5\u9700\u8981\u900f\u904e\u7d93\u7d00\u5546\u5e73\u53f0\u4f5c\u6a4b\u6a11\uff0c\u5426\u5247\u662f\u7121\u6cd5\u76f4\u63a5\u5728\u9280\u884c\u9593\u7684\u5916\u532f\u5e02\u5834\u88e1\u9032\u884c\u4ea4\u6613\u3002\u4ee5NDD\u6a21\u5f0f\u8655\u7406\u7684\uff0c\u7576\u4e2d\u53c8\u5206\u70baSTP\u548cECN\u5169\u7a2e\u3002<\/p>\n

STP (\u76f4\u901a\u5f0f\u8655\u7406)<\/strong><\/h4>\n

\u76f4\u901a\u5f0f\u8655\u7406\u6a21\u5f0f\u662f\u6307\u4ea4\u6613\u8005\u7684\u8a02\u55ae\u5c07\u76f4\u63a5\u50b3\u9001\u5230\u5e02\u5834\u4e0a\u7684\u9280\u884c\u3001\u5176\u4ed6\u7d93\u7d00\u5546\u6216\u5176\u4ed6\u5831\u50f9\u8005\uff0c\u7576\u4e2d\u7d93\u7d00\u5546\u4e26\u6c92\u6709\u5e72\u9810\uff0c\u9019\u5c31\u662f\u76f4\u901a\u5f0f\u8655\u7406\u7684\u610f\u601d\u3002STP\u985e\u7684\u7d93\u7d00\u5546\u53ef\u5728\u80cc\u5f8c\u9023\u63a5\u6578\u500b\u6d41\u52d5\u6027\u63d0\u4f9b\u5546\uff0c\u4ea4\u6613\u8005\u53ef\u770b\u5230\u5be6\u6642\u7684\u5e02\u50f9\uff0c\u4e26\u7acb\u5373\u5c07\u8a02\u55ae\u57f7\u884c\u3002<\/p>\n

ECN (\u96fb\u5b50\u901a\u8a0a\u7db2\u7d61)<\/strong><\/h4>\n

\u96fb\u5b50\u901a\u8a0a\u7db2\u7d61\u662f\u6307\u4e00\u500b\u7cfb\u7d71\uff0c\u53ef\u64ae\u5408\u6210\u4ea4\u7684\u96fb\u5b50\u4ea4\u6613\u7db2\u7d61\uff0c\u7531\u96f6\u552e\u5916\u532f\u4ea4\u6613\u8005\u3001\u6a5f\u69cb\u6295\u8cc7\u8005\u3001\u9280\u884c\u3001\u5c0d\u6c96\u57fa\u91d1\u53ca\u7d93\u7d00\u5546\u7b49\u6240\u7d44\u6210\uff0c\u5bb9\u8a08\u5404\u53c3\u8207\u8005\u4e92\u76f8\u4ea4\u6613\uff0c\u9032\u884c\u8a02\u55ae\u914d\u5c0d\u3002\u4ea4\u6613\u8005\u900f\u904e\u7d93\u7d00\u5546\u63d0\u4f9b\u7684ECN\u7cfb\u7d71\u767c\u51fa\u8a02\u55ae\uff0c\u5c07\u76f4\u63a5\u4e14\u533f\u540d\u767c\u9001\u5230\u5e02\u5834\uff0c\u4e26\u6703\u6309\u7576\u6642\u6975\u5177\u7af6\u722d\u529b\u7684\u771f\u5be6\u5e02\u50f9\uff0c\u6700\u512a\u5316\u5730\u516c\u5e73\u64ae\u5408\u6210\u4ea4\u3002<\/p>\n

\u7531\u65bcDD\u6216MM\u6a21\u5f0f\u8207\u4ea4\u6613\u8005\u5b58\u5728\u4e00\u5b9a\u7a0b\u5ea6\u7684\u5229\u76ca\u885d\u7a81\uff0c\u5f88\u591a\u4ea4\u6613\u8005\u66f4\u50be\u5411\u9078\u64c7NDD\uff0c\u5373STP\u6216ECN\u6a21\u5f0f\u7684\u5916\u532f\u4ea4\u6613\u5e73\u53f0\u3002\u8981\u7559\u610f\uff0c\u4e0d\u8ad6\u662f\u54ea\u4e00\u7a2e\u4ea4\u6613\u6a21\u5f0f\uff0c\u4e5f\u4e0d\u4e00\u5b9a\u610f\u5473\u8a72\u5916\u532f\u4ea4\u6613\u5e73\u53f0\u662f\u5426\u6b63\u898f\uff0c\u5373\u4f7f\u662f\u4ee5DD\u6216MM\u6a21\u5f0f\u904b\u4f5c\u7684\u7d93\u7d00\u5546\uff0c\u4e5f\u53ef\u5408\u6cd5\u5408\u898f\u7d93\u71df\u5176\u96f6\u552e\u696d\u52d9\u3002<\/p>\n

\u5ef6\u4f38\u95b1\u8b80\uff1a<\/p>\n

\u8a73\u89e3DD\u8207NDD\u4ea4\u6613\u6a21\u5f0f\u7684\u5340\u5225<\/a><\/strong><\/p>\n

\u8a73\u89e3STP\u8207ECN\u8cec\u6236\u7684\u5340\u5225<\/a><\/strong><\/span><\/p>\n

\u4e0b\u4e00\u7bc7\uff1a7. \u4ec0\u9ebc\u7d93\u6fdf\u6578\u64da\u6700\u91cd\u8981? <\/a><\/strong><\/p>\n

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\u98a8\u96aa\u63d0\u793a:\u4ee5\u4e0a\u5167\u5bb9\u50c5\u4f9b\u53c3\u8003\uff0c\u4e0d\u4ee3\u8868ZFX\u7acb\u5834\uff0cZFX\u4e0d\u627f\u64d4\u6839\u64da\u672c\u6587\u6240\u9032\u884c\u4efb\u4f55\u8cb7\u8ce3\u64cd\u4f5c\u800c\u5c0e\u81f4\u7684\u4efb\u4f55\u5f62\u5f0f\u640d\u5931\u3002\u8acb\u5805\u5b9a\u81ea\u5df1\u7684\u601d\u8def\uff0c\u505a\u597d\u76f8\u61c9\u98a8\u96aa\u63a7\u5236\u3002<\/strong><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

\u96f6\u552e\u7db2\u4e0a\u5916\u532f\u4ea4\u6613\u696d\u52d9\u75312000\u5e74\u958b\u59cb\u8208\u8d77\u6d41\u884c\uff0c\u4e3b\u8981\u7531\u5168\u7403\u591a\u5bb6\u5916\u532f\u7d93\u7d00\u5546\u6240\u7d44\u6210\uff0c\u800c\u5728\u9019\u4e00\u884c\u696d\u7684\u751f\u614b\u5708\u88e1\uff0c\u6709\u8457\u4e0d\u540c\u7684\u4ea4\u6613\u6a21\u5f0f\uff0c\u800c\u9019\u4e9b\u6a21\u5f0f\u53c8\u6709\u8457\u7368\u7279\u7684\u540d\u8a5e\uff0c\u5e38\u898b\u7684\u5206\u5225\u6709DD\u3001NDD\u3001MM\u3001STP\u53caECN\u3002\u00a0<\/p>\n","protected":false},"author":87,"featured_media":72546,"template":"","academy_categories":[12986],"academy_tags":[],"class_list":["post-72554","academy","type-academy","status-publish","has-post-thumbnail","hentry","academy_categories-financial-market-series"],"acf":[],"current_lang":"zh-hant","_links":{"self":[{"href":"https:\/\/www.zfx.com\/zh-hant\/wp-json\/wp\/v2\/academy\/72554","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.zfx.com\/zh-hant\/wp-json\/wp\/v2\/academy"}],"about":[{"href":"https:\/\/www.zfx.com\/zh-hant\/wp-json\/wp\/v2\/types\/academy"}],"author":[{"embeddable":true,"href":"https:\/\/www.zfx.com\/zh-hant\/wp-json\/wp\/v2\/users\/87"}],"version-history":[{"count":0,"href":"https:\/\/www.zfx.com\/zh-hant\/wp-json\/wp\/v2\/academy\/72554\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.zfx.com\/zh-hant\/wp-json\/wp\/v2\/media\/72546"}],"wp:attachment":[{"href":"https:\/\/www.zfx.com\/zh-hant\/wp-json\/wp\/v2\/media?parent=72554"}],"wp:term":[{"taxonomy":"academy_categories","embeddable":true,"href":"https:\/\/www.zfx.com\/zh-hant\/wp-json\/wp\/v2\/academy_categories?post=72554"},{"taxonomy":"academy_tags","embeddable":true,"href":"https:\/\/www.zfx.com\/zh-hant\/wp-json\/wp\/v2\/academy_tags?post=72554"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}