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PFOF模式为交易所/做市商提供流动性
PFOF模式为交易所/做市商提供流动性
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所属报告:
投资银行业与经纪业行业加密资产服务研究专题一:加密破圈互联网券商的弯道超车-250729(25页).pdf
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竞争格局
2026-05-28
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fCDkuqTmmJPmiYAgICB8IDIwMjXlubTlj5fnkIZJUE/mlbDph48gfAp8LS0tLS0tLS0tLXwtLS0tLS0tLS0tLS0tLS0tLS18Cnwg5YyX5Lqk5omAICAgfCAxNzYgICAgICAgICAgICAgIHwKfCDnp5HliJvmnb8gICB8IDQ4ICAgICAgICAgICAgICAgfAp8IOWIm+S4muadvyAgIHwgNDQgICAgICAgICAgICAgICB8Cnwg5LiK6K+B5Li75p2/IHwgMTggICAgICAgICAgICAgICB8Cnwg5rex6K+B5Li75p2/IHwgMTQgICAgICAgICAgICAgICB8CgrotYTmlpnmnaXmupDvvJrlm77niYfvvIgyMDI15bm05ZCE5Lqk5piT5omA5Y+X55CGSVBP5pWw6YeP57uf6K6h77yJ
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行业数据
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fCDkuqTmmJPmiYAgICB8IElQT+aVsOmHjyB8CnwtLS0tLS0tLS0tfC0tLS0tLS0tLXwKfCDliJvkuJrmnb8gICB8IDMzICAgICAgfAp8IOWMl+S6pOaJgCAgIHwgMjYgICAgICB8Cnwg5LiK6K+B5Li75p2/IHwgMjMgICAgICB8Cnwg56eR5Yib5p2/ICAgfCAxOSAgICAgIHwKfCDmt7Hor4HkuLvmnb8gfCAxNSAgICAgIHwKCui1hOaWmeadpea6kO+8muWbvueJhw==
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行业数据
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高盛营收结构及做市业务占比(亿美元)
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2026-04-28
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图表4历史上流动性短缺时的黄金价格、新兴市场货币波动率与美国金融条件指数
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行业数据
2026-04-23
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2025年第三方智驾供应商市占率
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2026-04-22
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互联网券商的优势在于基于存量及增量的零售客户交易流量,为交易所提供流动性。1)存量流量方面,一种模式是将零售客户流量接入交易所,为交易所提供流动性,实现更优的交易执行价格;另一种模式是通过 PFOF 模式将散户订单出售给交易所/做市商,为做市商提供流动性。 2)增量流量方面,加入加密货币交易为互联网券商进一步扩展了服务范围,纳入股票、基金、固收产品、商品、衍生品、加密资产等多元资产服务体系,为养老、储蓄、税优、保值增值等财富管理方案丰富交易工具,能够为客户提供一站式投资体验,增加平台零售客户量。
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投资银行业与经纪业行业加密资产服务研究专题一:加密破圈互联网券商的弯道超车-250729(25页).pdf
2026年加密资产行业报告:美国_香港监管政策落地,互联网券商增量业务前景|国泰海通证券
香港资将数字资产交易纳入监管框架
DCB、DCD或DCE都须满足CFTC及NFA的监管要求
美国通过加密货币法案,以弥补监管空白,提升美国加密货币市场吸引力
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