场外交易的

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。

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

LME copper traded at $7,439 a ton, up 3.4% on the previous afternoon kerb.

伦敦金属交易所铜的交易价格为每吨7，439美元，比前一个下午的场外交易价格上涨了3.4%。

A huge portion of this bond market transaction generally takes place in the over-the-counter market.

这个债券市场交易的很大一部分，一般发生在场外交易市场。

Hu Yue Yu pointed out that the financial crisis due to over-the-counter financial derivatives market trading mechanism caused by the defects.

胡吁遏于指出，由于金融危机对场外市场的金融衍生品交易交易机制的缺陷造成的。

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。

Plunder melds and run with this jewel!

掠夺melds和运行与此宝石！

My dream is to be a crazy growing tree and extend at the edge between the city and the forest.

此刻，也许正是在通往天国的路上，我体验着这白色的晕旋。