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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。

Trading onan electronic trading system differs from trading in the open outcry market.

在不同的平台中交易其都有他们不同的报价。

In 1983, I left Merrill Lynch to start a consulting firm, Trading Behavior Dynamics, where I presently develop and conduct seminars on trading psychology and act in the capacity of what is commonly referred to as a trading coach.

我在 1983 年离开了美林公司并创建了一个叫&交易行为动力&的咨询公司,我设计并主持研讨会,主要是讲交易心理方面的内容,我当时扮演的角色就是交易教练。

In 1983, I left Merrill Lynch to start a consulting firm, Trading Behavior Dynamics, where I presently develop and conduct seminars on trading psychology and act in the capacity of what is commonly referred to as a trading coach.

1983年我离开了美林,办了一个顾问公司叫&交易行为动力&,我设计了一个研讨会,我自己做交易教练,教别人交易心理。

In 1983, I left Merrill Lynch to start a consulting firm, Trading Behavior Dynamics, where I presently develop and conduct seminars on trading psychology and act in the capacity of what is commonly referred to as a trading coach.

H股神之路,股票论坛,股神之路股票论坛,股神之路论坛,最好的股票论坛1983年我离开了美林,办了一个顾问公司叫&交易行为动力&,我设计了一个研讨会,我自己做交易教练,教别人交易心理。

Customer agrees to pay MCT upon demand such charges, fees and costs as MCT may from time to time charge (including but not limited to, markups, spreads, brokerage charges, commissions, service fees, transfer fees and other charges); all applicable regulatory and self-regulatory fees or charges, if any;any applicable tax imposed on transactions in foreign currency contracts;all compensation of any introducing broker or trading advisor payable from the Account, which MCT shall promptly deduct from the Account and remit to such person;the amount of any trading losses in the Account;any debit balance or deficiency in the Account;interest on any debit balances or deficiencies in the Account, at the rate set forth in this Section3, together with costs and reasonable attorneys' fees incurred in collecting any such debit balance or deficiency; andany other amounts owed by Customer to MCT with respect to the Account or any transactions therein. All commissions, charges or fees of MCT or compensation to any introducing broker or trading advisor shall be set forth on the Fee Schedule monthly e-mailed.

顾客同意根据MCT要求支付:MCT一直收取的各种费用(包括但不只是,提价,点差,经纪人费用,佣金,服务费,调整费用和其他费用)如有可能使用的管理或自我调整的费用在外汇交易合约中的可能交易税费任何经纪人或者投资顾问的所有费用都将从账户中支付,MCT将及时从账户中扣除并支付给他们;因账户中的交易失败;账户中出现的借方差额或资金不足;账户中出现的借方差额或资金不足而产生的利息,或如第三节所述连同代理人合理的费用和经费都将一起从账户中扣除;客户在账户中或交易中对MCT的所有其他欠款;MCT的所有佣金,经费,费用以及经纪人或投资顾问的酬金都将直接设置并每月发送月结报告邮件。

Customer agrees to pay JST upon demand such charges, fees and costs as JST may from time to time charge (including but not limited to, markups, spreads, brokerage charges, commissions, service fees, transfer fees and other charges); all applicable regulatoryand self-regulatory fees or charges, if any; any applicable tax imposed on transactions in foreign currency contracts; all compensation of any introducing broker or trading advisor payable from the Account, which JST shall promptly deduct from the Account and remit to such person; the amountof any trading losses in the Account; any debit balance or deficiency in the Account; interest on any debit balances or deficiencies in the Account, at the rate set forth in this Section 3, together with costs and reasonable attorneys' fees incurred in collecting any such debit balance or deficiency;and any other amounts owed by Customer to JST with respect to the Account or any transactions therein. All commissions, charges or fees of JST or compensation to any introducing broker or trading advisor shall be set forth on the Fee Schedule monthly e-mailed.

顾客同意根据JST要求支付:JST一直收取的各种费用(包括但不只是,提价、点差、经纪人费用、佣金、服务费、调整费用和其他费用)如有可能使用的管理或自我调整的费用在外汇交易合约中的可能交易税费任何经纪人或者投资顾问的所有费用都将从账户中支付,JST将及时从账户中扣除并支付给他们;因账户中的交易失败;账户中出现的借方差额或资金不足;账户中出现的借方差额或资金不足而产生的利息,或如第三节所述连同代理人合理的费用和经费都将一起从账户中扣除;客户在账户中或交易中对JST的所有其他欠款;JST的所有佣金、经费、费用以及经纪人或投资顾问的酬金都将直接设置并每月发送月结报告邮件。

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