WORLD FINANCIAL HOLDING GROUP
COACHING TIMELINE FOR LISTING

Currency exchange market:
Typical examples are the New York stock exchange and the American stock exchange. They have an auction system with an auction hall for concentrated trading. The history of the New York stock exchange dates back to 1792, more than 200 years ago.

Overseas transactions (OTC markets) :
In the early days, shares of some companies traded outside exchanges, informally known as over-the-counter (OTC) or over-the-counter (OTC) transactions, which were managed by the securities dealers association of America (NASD), which congress authorized in 1939.

NASD set up an electronic quotation system, NASDAQ, in 1971 to increase the efficiency of otc trading by including shares of qualified companies in the system. NASD went on to set up another electronic ticketing system in 1990, The OTCBB(Over The Counter Bulletin Board), for over-the-counter stocks that did not meet NASDAQ conditions. 

NASDAQ and OTCBB both adopt the market maker system. Although the name of the counter trading market is still used historically, in essence, they have fully applied the rapid development of modern electronic technology, which is an invisible quotation and trading platform with advanced and efficient network connection. 

With the development of small and medium enterprises and technology companies in the United States, NASDAQ has rapidly developed into the world's second largest securities market with the largest trading volume in the world. 

The OTCBB market has also witnessed great development, which is reflected in the large number of listed companies, the improvement of the overall quality of enterprises and the increasingly active trading. 

The New York stock exchange, AMEX and NASDAQ have all set minimum financial requirements for listed companies. The companies listed in these three markets are usually called listed companies. However, OTCBB does not set minimum financial requirements for listed companies, which means that an enterprise can theoretically trade on OTCBB even if its assets are zero and its profits are zero (which actually provides a very good institutional arrangement for reverse takeover). 

When a public company listed in three markets is delisted, it will usually continue trading at OTCBB if only because quantitative indicators cannot meet the requirements. In turn, an OTCBB company, if it meets the requirements of the other three markets, can also apply to the market and trade in the market. In fact, companies that trade in any market can apply to trade in another market if they can convince the market that they have met the requirements of the market. 

This multi-level, multi-system and multi-threshold securities market system has adapted to the diverse needs of different enterprises, which is exactly the characteristics and vitality of the American securities market.