场外交易的市场

The establishment of a modern over-the-counter market is an unavoidable way of building a multi-level stock market system in China.

设立现代场外交易市场是中国建立多层次股票市场体系的必由之路。

Brokers, dealers in the over-the-counter market, and even the stock exchanges themselves must register with the SEC.

场外市场上的经纪人和商人，甚至股票交易所本身都必须在证券交易委员会那里登记。

In fact, the ETF products due to lower transaction costs, liquidity, and therefore tend to become over-the-counter market the channel funds quickly.

事实上，ETF产品，由于降低交易成本，流动性，因此往往成为了场外市场的渠道，资金迅速。

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。

"OTC" market share from phone-in three new board, the pay-day power struggle

"场外交易"，从电话市场份额，在三名新的董事会，薪酬天的权力斗争

The advanced disclosure regime is the foundation for the development of the OTC markets and the unlisted public companies.

完善的信息披露制度是证券场外交易市场与非上市公众公司发展的基本前提。

Especially cash-strapped developers are forced to borrow from the domestic curb market at annual interest rates as high as 40%. But the maturity periods of such loans are usually measured in days, so the pressure on the borrower to repay blunts their usefulness.

尤为要紧的是，资金短缺的开发商不得不在股票证券场外交易市场中借入利率高达40%的贷款，而这类贷款的还款周期一般都以日为计算单位，因此借方还款的压力会降低贷款的利用率。

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

因为这些交易所而进行的最激烈的竞争来自于银行间的预订办理双边贸易的场外交易市场。

Because the original design of our imagination is the direction to the development of market maker in the form of participation in the market, because the Shanghai Gold Exchange is still no clear blueprint for the development of some new out, I expect the Shanghai Gold Exchange, even though he has not been for gold futures, but he still has many talents Potential, he used the original nation's largest cash trading platform that advantage, I suggest he should, as markets like London, the development arm of a road through the market maker in OTC transactions done, so we originally domestic gold investment companies can legally participate in the open market, so we have two domestic gold market coexist, is a futures market, is a spot market, the original investment in gold companies, I think now it is in transition towards services, information of this transition.

因为原来我们设计的想像的发展方向就是以做市商的形式参与这个市场，因为现在上海黄金交易所目前还没有明确的一些新的发展蓝图出来，我预计上海黄金交易所这次尽管他没有争取得到黄金期货，但是他还是有很多优势的，他利用原来国内最大的现货交易平台这个优势，我建议他应该像伦敦市场似的，以发展做市商为一个路子，通过做市商的参与做场外的交易，这样的话我们国内原先黄金投资公司就可以合法公开参与这个市场，这样的话我们国内就有两个黄金市场并存，一个是期货市场，一个是现货市场，对原来的黄金投资公司来说我觉得现在要转型的话应该是朝服务、资讯这块转型。

There are a couple of characteristics of the OTC markets that are important to recognise.

识别场外交易市场的若干特征非常重要。

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。