I think that it is one of the last two but I'm unsure. How do bonds differ from stocks?

Bonds and stocks are the same.

Bonds are riskier investments than stocks, but can come with large payoffs.

Bonds can only be purchased through an investment bank, compared to stocks, which only can be bought directly from a corporation.

Bonds are considered loans to corporations, not ownership shares.

The bond market is where investors go to trade (buy and sell) debt securities, prominently bonds, which may be issued by corporations or governments. The bond market is also known as the debt or the credit market. Securities sold on the bond market are all various forms of debt. By buying a bond, credit, or debt security, you are lending money for a set period and charging interest—the same way a bank does to its debtors.

The bond market provides investors with a steady, albeit nominal, source of regular income. In some cases, such as Treasury bonds issued by the federal government, investors receive biannual interest payments.   Many investors choose to hold bonds in their portfolios as a way to save for retirement, for their children's education, or other long-term needs.

Investors have a wide range of research and analysis tools to get more information on bonds. Investopedia is one source, breaking down the basics of the market and the different types of securities available. Other resources include Yahoo! Finance's Bond Center and Morningstar. They provide up-to-date data, news, analysis, and research. Investors can also get more specific details about bond offerings through their brokerage accounts.

A mortgage bond is a type of security backed by pooled mortgages, paying interest to the holder monthly, quarterly, or semi-annually.

Where Bonds Are Traded

The bond market does not have a centralized location to trade, meaning bonds mainly sell over the counter (OTC). As such, individual investors do not typically participate in the bond market. Those who do, include large institutional investors like pension funds foundations, and endowments, as well as investment banks, hedge funds, and asset management firms. Individual investors who wish to invest in bonds may do so through a bond fund managed by an asset manager. Many brokerages now also allow individual investors direct access to corporate bond issues, Treasuries, munis, and CDs.

New securities are put up for sale on the primary market, and any subsequent trading takes place on the secondary market, where investors buy and sell securities they already own. These fixed-income securities range from bonds to bills to notes. By providing these securities on the bond market, issuers can get the funding they need for projects or other expenses needed.

answer; the nav calculated at the market close at 4: 00 pm new york time;

answer; ///hong kong;