场外交易

Auction is the one-way and competitive game. Alienator only offers the lowest price, while Consignee determine the acquisition price.

要约收购是一种典型的一对多的博奕，收购方决定单一价格，上市公司股东有选择权，而没有定价权；协议收购属于场外交易一对一的情况，通过谈判确定收购的最终价格；场内收购价格是证券交易所集中连续交易价格，收购者决定权为是否在当前价格收购；拍卖收购是是多对一、竞价形成、不完全单向的逆向收购行为，拍卖方提供收购底价权，多个竞价者通过竞价最终确定收购价格。

Compared with the traditional exchange,the ATS belongs to curb exchange with more objects and more promptly flow,and special rules and different type of legal relationship with clients.

它属于场外交易场所的范畴，与传统交易所相比，交易对象更广，交易流程更为便捷，交易规则特殊，同投资者之间的法律关系也不同。

The transaction law should include transference and circulation, the rules of market maker, transaction on exchange and curb exchange, the exchange of products depriving from bond, and etc.

中央政府债券市场交易法律制度需要从对转让和流通的法律规范、对做市商制度的法律规范、对场内和场外交易的法律规范、对债券衍生产品交易的法律规范等几个方面来构建。

This network is narrowing now, but its remains needs bring to sb's attention, must put curbstone develop produce trade normally platform comes up.

现在这个网络正在缩小，但它的残余需要引起注意，必须把场外交易的衍生产品放到正规交易平台上来。

Huo Xuewen expresses, next Beijing will be explored actively and development is mutiple level money market system, include to study the heavy goods such as oil trades the possibility that the market and carbolic bourse create in Beijing, do sth for sb ZhongGuanCun further share makes over a system to develop to superintend the curbstone market below to unite, make Beijing construction ceaselessly financing of national equity construction and capital management center.

霍学文表示，下一步北京市将积极探索和发展多层次金融市场体系，包括研究石油等大宗商品交易市场和碳交易所在北京设立的可能性，进一步把中关村代办股份转让系统发展为统一监管下的场外交易市场，不断把北京建设成为国家股权建设资金和资产治理中心。

To this, chinese manage capital carries out copartner Qian Xuefeng to suggest, landing formally do poineering work board before, might as well build a similar OTC (Over The Counter, curbstone market, trade adversary talks things over under the counter undertake trading man-to-manly) trade definitely platform, let an enterprise grow one year first on platform, it is mature to wait go up again, also can reduce the probability that retreat city as far as possible so.

对此，汉理资本执行合伙人钱学锋建议，在正式登陆创业板之前，不妨建立一个类似OTC（Over The Counter，场外交易市场，交易对手私下协商进行一对一的交易）的准交易平台，让企业在平台上先成长一年，等成熟了再上，这样也能尽可能降低退市概率。

By learning the experiences of foreign muture capital market,we can go into actions as follows to upgrade china's delisting system:First of all,we need to estabilish a multi-levels market system which involves main board market,second-board market,OTC market etc.Second,we need to further upgrade the delisting rules,elevate the delist standard and reinforce the capabilities to delist.

通过对国外成熟资本市场的经验借鉴，完善我国退市制度可以从以下几方面着手：一、建立包括主板市场、二板市场、场外交易市场及分散的柜台交易市场的多层级市场体系；二、进一步完善退市立法及完善退市标准和提高退市程序的可操作性；三、健全社会保障体系，有效保障投资者利益等等。

Invalid OTC Trade Date.

无效的场外交易交易日期

The stiffest competition for these exchanges comes from over-the-counter markets, which handle bespoke bilateral trades, often between banks.

对期货交易所而言，最有力的竞争来自场外交易市场。该市场的业务为双边定制型期货交易，交易双方通常是银行。

These include giving the Fed expanded powers to regulate market stability, combining the Office of Thrift Supervision and the Office of the Comptroller of the Currency to strengthen regulation by reducing duplication, centralising the scrutiny of mortgage origination, creating an optional federal insurance charter, beginning the process of integrating the Securities and Exchange Commission and Commodity Futures Trading Commission and continuing to improve arrangements for clearing and settling over-the-counter derivatives, including development of well regulated and prudently managed central clearing counterparties for OTC trades.

这些改革举措包括：扩大美联储的权力以监管市场稳定；合并美国储蓄管理局和美国货币监理署(Office of the Comptroller of the Currency)，通过减少重合来强化监管；集中对抵押贷款来源的审查；创建一个可选择的联邦保险宪章；启动整合证券交易委员会(Securities and Exchange Commission)和商品期货交易委员会(Commodity Futures Trading Commission)的程序；继续改进清算、结算场外衍生产品的安排，包括针对场外交易，发展得到充分监管和审慎管理的中央清算对手机构。

Breath, muscle contraction of the buttocks; arch body, as far as possible to hold his head, right leg straight towards the ceiling (peg-leg knee in order to avoid muscle tension).

呼气，收缩臀部肌肉；拱起身体，尽量抬起头来，右腿伸直朝向天花板（膝微屈，以避免肌肉紧张）。

The cost of moving grain food products was unchanged from May, but year over year are up 8%.

粮食产品的运输费用与5月份相比没有变化，但却比去年同期高8％。