查询词典 securities trading

In general, this paper includes several parts, shown as the following: The first part summarizes the background and outline of stock index future and introduce briefly its local status and CSI 300 stock index future contract. The second part has a retrospect of the main academic papers of both local or overseas, and also a discussion of relevant hedge strategies and models, to lay a solid theoretical foundation for the empirical analysis and test for the operation process of hedge in latter parts. The third part outlines the principle, key factors and real operation process of hedge. Moreover, it makes a empirical analysis on popular hedge models with HK Hang Seng index. In the end, it test the hedge effect of trading on IF0706, CSI 300 stock index future contract, with CCB select-growth securities fund as present underlying. The fourth and also the last part, explores how to define hedge ratio in china mainland market. It includes the stability test ofβfor local securities portfolio, adjustment of historicalβand best data length for estimation of historicalβ, etc. Also, the thesis makes some beneficial experiments on the definition of best data length for estimation of historicalβ, survey of fashion forβand variation for industryβs. Fortunately, it's got some meaningful results.

按照以上研究思路，本论文论述由以下几个部分构成：第一部分，简要概述股指期货产生的背景和基本情况，对国内股指期货进程和沪深300股指期货合约进行简单介绍；第二部分，回顾海内外股指期货避险研究的主要文献，讨论相关避险策略及避险模型，为后面套期保值策略如何有效运用的实证分析和检验提供理论基础和依据；第三部分，对套期保值的原理、关键因素及实际流程进行概述，并采用香港恒生指数对常用的几种避险模型进行实证分析，最后一揽子以建信优选成长股票型基金为现货标的，实际检验以沪深300股指期货模拟交易IF0706产品进行对冲时的套期保值效果；第四部分，探讨国内确定避险比率的过程，包括国内股票组合β值的稳定性检验、历史β值的修正及估计历史β值的最佳数据长度等，通过数据分析，本文在寻找估计β值的最佳数据长度和考察风格、行业β值的差异上做了较为有益的尝试，并得到了有助于现实操作的结果。

The Underwriter may terminate its commitment under the Underwriting Agreement at any time prior to the Latest Time for Termination if: there shall develop, occur, exist or come into effect: any new law or regulation or any change in existing laws or regulations or any change in the interpretation or application thereof by any court or other competent authority in Hong Kong or any other place in which any member of the Group conducts or carries on business; or any event or series of events resulting or likely to result in any change in local, national or international financial, political, military, industrial, economic or market conditions; or any change in the conditions of local, national or international securities markets (including but without limitation, the imposition of any moratorium, suspension or restriction on trading in securities generally on the Stock Exchange due to exceptional financial circumstances or otherwise); or any change or development involving a prospective change in Hong Kong taxation or exchange control which will or may affect the Group or a proportion of the existing Shareholders of the Company in their capacity as such, which, in the reasonable opinion of the Underwriter:(1) is or will or is likely to have a material adverse effect on the business or financial condition of the Group as a whole or the Rights Issue; or (2) has or will have or is likely to have a material adverse effect on the success of the Rights Issue or the level of Rights Shares taken up; or (3) makes it inadvisable or inexpedient for the Company to proceed with the Rights Issue; or there comes to the notice of the Underwriter: any matter or event showing any of the representations, warranties and undertakings made by PIL and the Company was, when given, untrue or misleading or as having been breached in any respect; or any breach by any of the other parties to the Underwriting Agreement of any of their respective obligations or undertakings under the Underwriting Agreement or under any of the PIL Letter of Undertaking, Option Undertakings or the Sub-underwriting Letter, then and in any such case the Underwriter may, upon giving notice to the Company and PIL, terminate the Underwriting Agreement with immediate effect.

倘发生下列事件，包销商可于最后终止时间前任何时间终止其根据包销协议之责任：以下情况将会出现、发生、存在或生效：香港或本集团任何成员公司经营或从事业务所在任何其他地方之法院或其他主管机关颁布任何新法律或法规，或更改现行法律或法规，或有关法律或法规之诠释或应用有变；或发生任何事件或连串事件导致或可能导致本地、国家或国际金融、政治、军事、工业、经济或市况有变；或本地、国家或国际证券市场之状况有变（包括但不限于因特殊金融状况或其他原因而暂时禁止、暂停或限制港交所之整体证券交易）；或香港税务或外汇管制有变或出现可能导致变动之事态发展，而将会或可能对本集团或本公司部份现有股东产生影响，而包销商合理认为上述情况：(1)会或将会或可能会对本集团整体之业务或财务状况或供股有重大不利影响；或(2)经已或将会或可能会对供股之成功或供股股份之认购数量有重大不利影响；或(3)令本公司进行供股变得不智或不宜时；或包销商得悉：任何事情或事件显示太平船务及本公司所作出之任何陈述、保证及承诺于作出时在任何方面属失实或构成误导或遭违反；或包销协议之任何其他订约方违反彼等各自根据包销协议或任何太平船务承诺函、购股权承诺或分包销函件之任何责任或承诺，而在此情况下，包销商可向本公司及太平船务发出通知即时终止包销协议。

The China Securities Regulatory Commission reported two cases of insider trading of the securities market.

11日，中国证券监督管理委员会报告的两个内幕证券市场的交易案。

According to figures last week, Galaxy Securities Shuangyushu Beijing business department bought a net 23,930,000 yuan; Haitong Securities in Hangzhou City West business department bought a net 20,310,000 yuan, respectively, among the first to buy 4 and 6; The capital markets have a "death squads trading board," the country's nine self-composed letter Shenzhen business department is also coming out the way the South China car deal standings, its turnover accounting for 11 of the top ten car buyers south of 5%.

据上周公布的数据，银河证券北京双榆树营业部净买入2393.0万元，海通杭州城市西部证券营业部购买了第一批购买4和6净额2031.0万元，分别；的资本市场有一个"死亡队买卖，"国家的9泰然信深圳营业部，也是未来的路南中国汽车交易榜上，其11十大汽车购买者的5％，南部占营业额。

The term "securities misrepresentation" in this dissertation includes the following behaviors in the activities of securities issuing and trading: false account, significant omission and misguiding statement.

根据对世界证券市场发达国家虚假陈述民事责任救济制度的比较分析，本文对我国证券虚假陈述侵权损害赔偿民事责任制度及其框架进行了研究设计。论文共分四部分。

But securities fraud in this thesis is limited in civil fraud, it means any misconducts in breach of the principle of fairness and good faith existing in the issuing, trading and other related activities of securities.

并对三者作了区分。而本文所指的证券欺诈仅限民事欺诈，指的是在证券发行、交易及相关活动中任何违反公平合理和诚信原则的行为。

The Internet is an opportunity tosecurities industries for the characteristics of Internet make it suitable to thedevelopment of securities industries,but these characteristics,with the advents ofinitial public offerings via Internet and alternative trading systems,are the challengesto the traditional securities law,the international regulatory cooperation on securitiesmarkets should be advanced to cope with them.

互联网的便捷、经济等特点适应了证券业发展的需要，为证券业带来了新的发展机遇，但是互联网上直接公开发行证券和另类交易系统的出现，以及互联网在证券业的其他应用，都向传统证券监管法律制度提出了挑战，对各个监管机关之间的国际合作提出了要求。

This document's discussion focuses on the fraud involved in the public explanation of securities, false descriptions, civil responsibility of insider trading and market manipulation as a research category, protection of common investors' rights as a basic value, the common types of violations in the analysis of securities market, the characteristics of civil responsibility, necessary components of various elements, the determination on the scope of compensation of loss, statute of limitation, and the relationship between the actual litigation and compensation.

2005年10月27日新修正通过之证券法更於第三章第四节即第73条以下规定民事赔偿责任，然证券民事责任之类型若依照证券违法行为发生之阶段为区分，则可分为证券发行市场之民事责任和证券交易市场之民事责任两大类，且其各类型范围甚广，惟本文仅以其中之证券诈欺中之公开说明书虚伪陈述、内幕交易及操纵市场之民事责任为研究范畴，并以保护社会公众投资者权益为基本价值，分析证券市场违法行为的一般态样、民事责任的性质、构成要件、损害赔偿范围的界定、诉讼时效、诉讼实务及赔偿主体间之合同关系进行讨论。

PrimeCredit fixed-income securities researcher Chang-jun said that the hippocampus of convertible bonds for example, the early redemption Back to the provisions of -"company's share price 30 consecutive trading day, at least 20 trading days is higher than the current price of 130% Convertible hippocampus shares have the right to the face value of 103% the redemption price of non-transfected hippocampus convertible shares ", that is, the hippocampus 120 convertible price even higher than 130 yuan, the listed companies out of concern ahead of the redemption, bond investors tend to choose large-scale Convertible.

安信固定收入证券研究员长军说，例如可转换债券海马，提早赎回回的规定-"公司的股价连续30个交易日，至少有20个交易日是比当前价格高出130 ％可转换海马的股价已到了103％，票面价值的赎回价格的非转染海马兑换股票"的权利，即，海马120可兑换的价格甚至高于130元的上市公司关注提前赎回，债券投资者倾向于选择大型敞篷车。

Based on practical experience in overseas markets, margin trading and securities lending business could double to enlarge the stock market's trading volume.

根据海外市场，保证金交易和证券贷款业务的实际经验可以扩大一倍，股市的交易量。

Some of them were ligated to the plasmid vector pCR 2.1 andsequenced,respectively.

将所获DNA片段克隆到pCR2.1载体进行测序，并与基因组数据库进行同源性比较。

Thinking since Google owns Blogger, I would be able to escalate this issue to the support team.

自谷歌的思考拥有Blogger的，我将能够缓解这一问题的支持团队。