The National Association of Securities Dealers Automated Quotation system, is one of the largest markets in the world for the trading of stocks. The number of companies listed on NASDAQ is more than that on any of the other stock exchanges in the United States, including the New York Stock Exchange (NYSE) and the American Stock Exchange (AMEX). The majority of companies listed on NASDAQ are smaller than most of those on the NYSE and AMEX. NASDAQ has become known as the home of new technology companies, particularly computer and computer-related businesses. Trading on NASDAQ is initiated by stock brokers acting on behalf of their clients. The brokers negotiate with market makers who concentrate on trading specific stocks to reach a price for the stock. 納斯達(dá)克（NASDAQ）是全美證券交易協(xié)會(huì)自動(dòng)報(bào)價(jià)系統(tǒng)的首字母縮略詞。它是當(dāng)今世界上最大的股票交易市場(chǎng)之一。納斯達(dá)克（NASDAQ）名下的上市公司在數(shù)量上超過了包括紐約證券交易所（NYSE）和美國證券交易所（AMEX）在內(nèi)的任何一家美國證券交易所。與紐約證券交易所（NYSE）和美國證券交易所（AMEX）的多數(shù)上市公司相比，在納斯達(dá)克（NASDAQ）上市的大多數(shù)公司規(guī)模較小。納斯達(dá)克（NASDAQ）已經(jīng)成為新技術(shù)公司——尤其是計(jì)算機(jī)和與計(jì)算機(jī)相關(guān)行業(yè)——的基地。納斯達(dá)克（NASDAQ）的交易是通過代表客戶利益的股票經(jīng)紀(jì)人發(fā)起的。這些經(jīng)紀(jì)人與專注特定股票買賣的市場(chǎng)期票出票人進(jìn)行協(xié)商以確定股票的價(jià)格。

Unlike other stock exchanges, NASDAQ has no central location where trading takes place. Instead, its market makers are located all over the country and make trades by telephone and via the Internet. Because brokers and market makers trade stocks directly instead of on the floor of a stock exchange, NASDAQ is called an over-the-counter market. The term over-the-counter refers to the direct nature of the trading, as in a store where goods are handed over a counter. 與其他證券交易有所不同，納斯達(dá)克（NASDAQ）沒有股票交易的中心交易場(chǎng)所。它的市場(chǎng)期票出票人遍及全美各地，通過電話和國際互聯(lián)網(wǎng)進(jìn)行交易。由于股票交易是由經(jīng)紀(jì)人和市場(chǎng)期票出票人直接進(jìn)行，而不是在股票交易大廳內(nèi)進(jìn)行的，因此，納斯達(dá)克（NASDAQ）被稱為買賣雙方直接交易市場(chǎng)。該術(shù)語指出了其交易的直接性質(zhì)，就如同在商店柜臺(tái)直接進(jìn)行商品的買賣一樣。

Since its inception in l97l, the NASDAQ Stock Market has been the innovator. As the world’s first electronic stock market, NASDAQ long ago set a precedent for technological trading innovation that is unrivaled. Now poised to become the world’s first truly global market, the NASDAQ Stock Market is the market of choice for business industry leaders worldwide. By providing an efficient environment for raising capital NASDAQ has helped thousands of companies achieve their desired growth and successfully make the leap into public ownership. 自1971年誕生之日起，納斯達(dá)克（NASDAQ）股票市場(chǎng)就成了產(chǎn)業(yè)內(nèi)的革新者。作為世界上第一家電子股票交易市場(chǎng)，納斯達(dá)克（NASDAQ）早就史無前例地進(jìn)行了技術(shù)交易的創(chuàng)新?，F(xiàn)在納斯達(dá)克（NASDAQ）已穩(wěn)穩(wěn)地成為世界第一家真正意義上的全球股票交易市場(chǎng)，是全球產(chǎn)業(yè)界領(lǐng)袖的首選市場(chǎng)。通過提供一個(gè)有效的融資環(huán)境，納斯達(dá)克（NASDAQ）已經(jīng)幫助了成百上千家公司完成了其市值的預(yù)期增長，同時(shí)也成功地、跨越式地實(shí)現(xiàn)了公司股權(quán)的公眾所有。

（中山大學(xué)通訊員陳萌供稿 英語點(diǎn)津 Annabel 編輯）