证券

Bill broker"s system of our country has a lot of questions, mainly: Bill broker system law, regulation, management organization and functionare imperfect in construction; The current operation mode is backward, is difficult to meet the development of network economy and securities market; Besides, bill broker" s incentive mechanism, management system of inside and risk management are serious defect and insufficient.

我国证券经纪人制度建设目前存在许多问题，主要有：证券经纪人制度法律、法规和管理机构、职能建设不健全：现行运作模式落后，难以适应网络经济和证券市场的发展；同时，在证券经纪人激励机制、内部管理制度及风险管理方面均存在严重的缺陷和不足。

In to typical bill broker system go on foundation that analyse in depth at home and abroad this text, Point out bill broker system overall classification and domestic bill broker defects, bottlenecks of system of mode, Propose domestic bill broker ideal operation and relevant suggestions of system.0 F6 9 u!

本文在对海内外典型的证券经纪人制度进行了深入分析的基础上，指出证券经纪人制度模式的总体分类和国内证券经纪人制度的缺陷、瓶颈，并提出了国内证券经纪人制度的理想运作和有关建议。

In buying or selling transaction products outside a stock exchange, a securities company shall open a corresponding account pursuant to relevant provisions.

第十九条证券公司从事定向资产管理业务，买卖证券交易所的交易品种，应当使用客户的定向资产管理专用证券账户；买卖证券交易所以外的交易品种，应当按照有关规定开立相应账户。

Comparisons between market performance under auction mechanisms and that under market maker mechanisms are made in terms of liquidity, stability, efficiency and transparency. The comparative results show that certain price formation mechanics integrated with specific market environment can affect market performance. The results of the test that is used to verify the liquidity of security market in China indicate that current price formation mechanics can provide the securities market with better liquidity. But the fixation of the minimum changing price lowers the liquidity of the market factitiously and close call auction mechanisms result in increased price fluctuation and price manipulation. Through the analysis on the competitive strategy of securities market, the objects and principles of the design of price formation mechanisms are established.

本文推导出了竞价机制和市商机制下证券市场的均衡价格，结果表明不同的价格形成机制对资产的真实价格有着不同的反映；从证券市场的流动性、稳定性、有效性和透明度等四个方面分别对竞价机制和做市商机制下的市场绩效进行了比较分析，结果表明一定的价格形成机制和特定的市场环境相结合就会对市场绩效产生不同的影响；通过对我国证券市场的流动性进行实证检验，发现当前我国证券市场价格形成机制能够为市场提供较好的流动性，但固定的最小变动价位人为地降低了市场流动性，并且封闭式的开盘集合竞价导致价格波动加大和市场操纵。

Part Three: Dissertate the circumstances of current domestic hard-set securities consulting and brokerage business, and then analyze the main reasons. Discuss the necessity and probability of consulting business serving brokerage business, pointing out the difficulties and risk factors. Discuss the consulting business' four-hand transformation to be fit for new situations.

第三部分，首先对国内证券咨询业务和证券经纪业务均陷入困境的现状及原因进行了论述和分析，然后对证券咨询业务为经纪业务服务的必要性与可能性进行了探讨，指出了其中所存在的困难及风险因素，并对证券投资咨询业务为适应新形势所应进行的四方面转变进行了论述。

Thereby, it generalizes portfolio frontier curve from hyperbola to hyperboloid of two sheets. When there exists risk securities, it generalizes frontier from straight line to cone. Meanwhile it gives some corresponding conclusions.

从而把原模型中没有无风险证券时的前沿证券曲线从双曲线推广到双叶双曲面，把有无风险证券时的前沿证券曲线从直线推广到圆锥面，同时还得到了一系列相应结论。

Jobber 股票买卖经纪人 Stock exchanges in other countries have found different solutions to the problem of providing a continuous and free market in securities, with varying degrees of success.

6， 1992 为提供一个连续，自由的证券市场，其他国家的证券交易所已找到各种解决办法，并取得不同程度的成功。在英国，证券市场最基本的自由度是证券批发商所提供的。

September 12 to simulate the whole network test content GEM issuers, the Securities and Exchange GEM GEM non-trading securities, securities trading account for GEM access control and related the whole process of clearing operations, as well as unilateral listed bond trading business, will be simulate a trading day, 3 settlement days to run.

9月12日全网测试内容为模拟创业板证券发行、创业板证券交易、创业板证券非交易、证券账户创业板交易权限控制及相关的结算业务全过程，以及债券单边挂牌交易业务，将模拟1个交易日、3个结算日的运行。

Brokerage activities in the U.S. are regulated by the SEC, the NASD, and the exchanges on which they do business.

在美国，证券经纪公司的业务活动要遵循证券交易委员会，全美证券交易商协会和证券交易所的规定。

Brokerage activities in the U.S. are not regulated by the SEC, the NASD, and the exalters on which them do business.

在北美，证券经纪一自己一自己自己搞的业务聚会要遵循证券交易委员会，全美证券交易商协会和证券交易所的规定。

This one mode pays close attention to network credence foundation of the businessman very much.

这一模式非常关注商人的网络信用基础。

Cell morphology of bacterial ghost of Pasteurella multocida was observed by scanning electron microscopy and inactivation ratio was estimated by CFU analysi.

扫描电镜观察多杀性巴氏杆菌细菌幽灵和菌落形成单位评价遗传灭活率。