证券交易

As a Credit expansion mode in securities market,There werea huge risks in Securities Credit Transactions,the core of establish Securities credit trading system is to Control the risk of credit transactions,and exert it's ascendency and active role.by compare and research Mature international credit trading system, this article put forward some relevant recommendations to develop Securities credit transactions on the basis of Learn from international experience and combine with the reality of our country.

证券信用交易作为信用在证券市场上扩张的一种方式也同时存在着巨大的风险，建立证券信用交易制度的核心和目的就是控制信用交易的风险，使其发挥优势和积极的作用。通过对国际上成熟信用交易制度的比较研究，在借鉴国际经验并结合我国实际的基础上，本文初步提出了几点我国开展证券信用交易的相关建议。关键词：证券信用交易证券信用交易制度融资融券

First of all, the evolutionary game model of this system is built, according to a population and determinately dynamic function in evolutionary game theory, and quilibrium structure and effect factors of the evolutionary system are analyzed. Next, the evolution quilibrium characteristics of investor behaviors in China's securities market are researched as a demonstration, and the reasons why noise traders become popular in the process of investor behavior evolution are explained, based on its evolutionary mechanism. Moreover, the influences of investor behavior evolution on share market's fluctuation are researched through setting up its noise trade model. When noise traders are dominant in securities market, price discovery function and resource configuration effect are also analyzed. Finally, when noise trade become popular, the shortage of some policies, such as, enlarging institution investor and short sale is explained, and some good suggestions are provided according to former research results.

首先，应用进化博弈论中的单群体确定性模仿者动态方程建立证券投资者行为的进化博弈模型，并对进化系统的均衡结构特征及其影响因素进行分析；其次，根据我国证券市场实际，对我国证券投资者行为进化的均衡结构进行实证分析，并从投资者行为进化的角度，解释我国证券投资者行为进化为噪声交易主导市场的原因；然后，通过建立股市波动的噪声交易模型，研究投资者行为的进化对股市波动的影响，并进一步分析我国噪声交易主导市场时对市场价格发现和资源配置功能的影响；最后，根据理论及实证的研究成果，分析噪声交易主导市场时大力发展机构投资者等制度作用的有限性，并进一步提出我国证券市场相机治理的政策建议。

According to the document, a securities company may only open one "small client trading and clearing capital dormant account" and one "client trading and clearing capital trading suspension account" in the bank signing the third-party deposit agreement.

中国证监会下发了《指导证券公司客户交易结算资金第三方存管内部工作指引（第3号）---与账户规范衔接》，要求一个证券公司只能在签订第三方存管协议的银行开立一个"客户交易结算资金小额休眠账户"和一个"客户交易结算资金中止交易账户"，分别用于汇总存放证券公司休眠资金账户对应的资金余额和不合格资金账户对应的资金余额。

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。

Therefore, transaction costs must be considered in security investment,furthermore,haling no consideration of transaction costs might lead to invalid portfolios.

在实际的投资中，无论是买进证券还是卖出证券，都要求投资者支付一定的交易费用，交易费用的支付会影响到投资者最终的收益，因此将交易费用考虑到证券投资组合模型中十分必要；不仅如此忽略交易费用还可能导致非有效的证券组合，而文[1]在证券投资理论研究中没有考虑交易费用。

The Securities and Exchange Commission is the most well-known and feared governing body in the financial world.

美国证券交易委员会是最广为人知的恐怕理事会在世界金融市场。

The trust would also need approval by the courts and the Securities and Exchange Commission.

信托基金也需要法院和证券交易委员会的批准。

The Securities and Exchange Commission is investigating why it did not take action against him until now.

美国证券交易委员会正在调查为什么直到现在才对麦道夫采取行动的原因。

The securities and exchange commission in the United States recently moved to protect 19 major financial stocks.

美国证券交易委员会最近对19家主要金融股票采取保护。

Having encouraged the development of high-speed markets, the Securities and Exchange Commission is now having second thoughts.

在促进市场高速发展的同时，证券交易委员会又冒出了第二种想法。

Do you know, i need you to come back

你知道吗，我需要你回来

Yang yinshu、Wang xiangsheng、Li decang,The first discovery of haemaphysalis conicinna.

1〕 杨银书，王祥生，李德昌。安徽省首次发现嗜群血蜱。