查询词典 trading certificate

From the mid-13th century this cooperation became much more extensive and regularized, and by 1265 all the north german towns having the "law of l beck" had agreed on common legislation for the defense of merchants and their goods. in the 1270s a l beck-hamburg association that had acquired trading privileges in flanders and england united with its rival rhenish counterpart, and in the 1280s this confederation of german merchants trading in the west was closely joined to the association trading in the baltic, thus creating the hanseatic league.

到1265年，所有采用了"卢卑克法"的北德城镇在保护商亻及其货物的立法仩达成了一致。13世纪70年代，卢卑克-汉堡同盟联合莱茵兰的竞争对手取得了在佛兰德斯和英格兰的贸易特权，到13世纪80年代，这一在西方从事贸易活动的德慖商亻联盟加入了啵罗的海商贸协会，汉萨同盟应运而生。

Based on such theoretic framework, we also derived some main properties of trading volume and volatility such as serial correlation of trading volume, ARCH effect, the relationship between trading volume and volatility and so on.

模型结果显示，在上述框架下，投资者的资产选择决策和资产的均衡价格均与冲量以及投资者对冲量的预期强度密切相关，表明历史交易信息对投资者的资产选择和市场均衡具有直接的影响。

water right trading ; shadow price of water resources ; temporary water right trading ; long-term water right trading

随着义乌市的经济发展，城市规模的不断扩大，水资源不足成了越来越严重的制约因素。

Under certain trading conditions it may be difficult or impossible to liquidate a position. This may occur, for example, at times of rapid price movement if the price rises or falls in one trading session to such an extent that under the rules of the relevant exchange trading is suspended or restricted. Placing a stop-loss order will not necessarily limit your losses to the intended amounts, because market conditions may make it impossible to execute an order at the stipulated price.

在某些交易状况下，可能很难或无法执行头寸，例如当价格急速波动时，若某一交易时段之价格上涨或下跌达到某一程度，致使依据相关交易所的交易规则被暂停或禁止交易，便可能发生上述状况，下达止损订单不一定就能将客户的损失限制在预定的范围内，因为市场状况可能使其无法按预定价格执行停损指示。

Among them, into the assets of the Group of Kyrgyzstan in order to transfer all the shares held by the company in the process of transfer from the Shan Coal Group to its name and to the trust after Hill Coal Group 7 of the furniture there is an independent legal personality of the coal trading company 100% equity; Hill for the injection of assets held by Coal Group 3 coal mining companies and 18 coal trading company with headquarters and its stake in the domestic coal business-related assets and liabilities of the underlying asset Hill Coal Group include coal mining and coal trading business two The integrity of the operating assets of the plate.

其中，进入吉尔吉斯斯坦集团的资产，以便将所有的该公司举行的移交给山煤业集团股票的过程和它的名字后山煤矿集团的7家具有一个信任独立法人资格的煤炭贸易公司100％股权，对因煤矿采煤集团三公司和总部和在国内煤炭企业的股份公司18日煤炭贸易有关的资产及相关资产负债的资产注入山山煤炭集团包括煤炭开采和煤炭贸易业务的两个板块的经营资产的完整性。

Based on the market microstructure theory, this paper firstly discusses how the different trading mechanisms decide the price and the relationship of the trading mechanism and the volatility of return. Then selecting the stocks synchronously listed in the market of Mainland China and Hong Kong as the sample, we empirically analyze the relationship of the trading mechanism and the volatility of return. After describing the originality variance ratio of the markets, this paper explains the outcome of the empirical and makes a GARCH (1, 1) model for further analyze.

本文以金融市场微观结构理论为基础，首先从理论上探讨了不同的交易机制对股票价格的确定过程，以及交易机制与股票价格波动性的关系问题；接着本文选用同在中国大陆和中国香港地区上市的公司股票每日的开盘和收盘价格为样本，分别以收益率的原始方差比和GARCH(1， 1)模型估计的方差比实证分析了交易机制与股价波动性的关系。

Beginning with the concept of insider trading, the paper summarizes and analyzes the arguments between the opposite and assenting parts of regulating insider trading in laws, then establishing the legal principles of insider trading law.

本文从介绍证券内幕交易的涵义入手，对目前国际上反对和赞成用法律手段规制内幕交易的理论争议作了较详细的分析，确立了禁止内幕交易的法理基础。

Tapping his 20-year industry experience and leadership with electronic trading systems, Greifeld has led a significant enhancement of NASDAQ's trading offerings. In March 2004, he oversaw the launch of NASDAQ's market center—a newly integrated system capable of trading of NASDAQ, NYSE, AMEX-listed securities and exchange traded funds on a single electronic platform. Most recently, in May 2004, Greifeld led NASDAQ's decision to acquire BRUT ECN from SunGard Data Systems.

格雷费尔德利用自己20年来积累的行业经验和在电子交易系统的领导才能，使纳斯达克的交易产品数量有了显著增加。2004年3月，他发起创立了纳斯达克市场中心，使在纳斯达克、纽约证券交易所、美国证券交易所上市的证券和交易所交易基金都能在同一个电子交易平台上进行交易。2004年5月，格雷费尔德领导下的纳斯达克决定收购SunGard数据系统公司旗下的BRUT ECN。

The results are consistent with the interpretation that positive intangible information tends to trigger institutional herding on the buy side.3. The securities Investment Funds act as momentum traders in bear market while as contrariant traders in bull market. Further analysis reveals that momentum trading by investment funds intensifies stock return momentum but stock price experiences a long-term reversal. It indicates return momentum results from mispricing instead of risk. The securities Investment Funds hamper market efficiency when they act as momentum traders.4 Both momentum trading and herding behavior intensify market anomalies and hamper market efficiency. However, momentum trading or herding behavior is the only one of the many aspects of the institutional investor.

第三，机构投资者的动量交易行为会加重了股票收益惯性，这一结论在分别控制股票规模、账面市值比因素后仍成立，并且机构投资者对股票的动量交易行为越强烈，股票收益的惯性也越明显，说明机构投资者具有影响股票价格的能力；进一步的分析表明，惯性利润在长期均实现反转，但反转的周期和程度受动量交易指标值的影响，股票动量交易程度越高，动量收益反转越强烈，反转周期越短，这表明机构投资者的动量交易行为使股价严重偏离其基础价值，在长期，股票价格不断调整逐渐靠近其基础价值，因此可以说，机构投资者对股票的动量交易行为会加重股票收益惯性和阻碍市场效率。

In the event that Client grants trading authority or control over Client's account to a third-party trading advisor, such as a Money Manager, whether on a discretionary or nondiscretionary basis, CMS shall in no way be responsible for reviewing Client's choice of such trading advisor, or for making any recommendations with respect thereto.

如果在客户赠款贸易管理局或控制客户的帐户，以第三方的交易顾问，如资金经理，无论是自由裁量或nondiscretionary基础上，合作绝不应负责审查客户的选择，例如贸易顾问，或提出任何建议与意见。

Listen,point and check your answers.

听，指出并且检查你的答案。

Warming needle is one of effective treatment methods for knee arthralgia aggravated by cold,and it is simple,safety,so it should be developed in clinical acupuncture and moxibustion extensively.

但以本院科针灸门诊在2005年1月—2006年6月期间共收治膝痛患者100余例，经过临床的诊断后，其中施以温针治疗的48例，疗效显著，报道如下。1临床资料本组病例48