证券交易

Insider Dealing is an accompaniment to the securities market, but it hinders the healthy development of the securities market.

内幕交易是证券市场的伴生物，阻碍了证券市场的健康发展。

However, the pricing efficiencies of the American Stock Exchange, regional stock exchanges, and over-the-counter transactions are not

不过，美国证券交易所的定价效率，地区证券交易所，和柜台交易不那么严格。

In the following chapter the regulations of affiliated transaction in some developed countries and regions are introduced. In this part the requirement and standard for information disclosure in American law and Hong kong Stock Exchange are analyzed.

然后对证券市场发达国家和地区对关联交易规制的立法进行了研究，着重分析了美国法和香港联交所对关联交易信息披露的要求，并对关联交易信息披露所蕴涵的公平价值与效率价值做出了分析。

Derivatives also create a daisy-chain risk that is akin to the risk run by insurers or reinsurers that lay off much of their business with others. In both cases, huge receivables from many counterparties tend to build up over time.(At Gen Re Securities, we still have $6.5 billion of receivables, though we've been in a liquidation mode for nearly a year.) A participant may see himself as prudent, believing his large credit exposures to be diversified and therefore not dangerous. Under certain circumstances, though, an exogenous event that causes the receivable from Company A to go bad will also affect those from Companies B through Z. History teaches us that a crisis often causes problems to correlate in a manner undreamed of in more tranquil times.

衍生性金融商品交易也有可能造成骨牌效应的风险，这是因为许多保险业及再保业者习惯将风险分散给其它保险公司，在这类的情况下，钜额的应收款项将随着交易对象的日趋复杂而持续累积，(以通用再保证券来说，虽然已经经过将近一年的清算期，目前仍有高达65亿美元的应收款项流通在外)，交易的一方或许对于自己相当有信心，认为其钜额的信用风险已经经过适度的分散，因此不会发生任何危险，只有等到某种特殊状况下，一个外部事件导致 A 公司的应收帐款发生问题，从而影响 B 公司，乃至于一路到 Z 公司，历史教训告诉我们危机的发生往往是我们在太平盛世时所梦想不到一连串问题串连所导致的。

The need to meet this demand can then throw the company into a liquidity crisis that may, in some cases, trigger still more downgrades. It all becomes a spiral that can lead to a corporate meltdown. Derivatives also create a daisy-chain risk that is akin to the risk run by insurers or reinsurers that lay off much of their business with others. In both cases, huge receivables from many counterparties tend to build up over time.(At Gen Re Securities, we still have $6.5 billion of receivables, though we've been in a liquidation mode for nearly a year.) A participant may see himself as prudent, believing his large credit exposures to be diversified and therefore not dangerous. Under certain circumstances, though, an exogenous event that causes the receivable from Company A to go bad will also affect those from Companies B through Z. History teaches us that a crisis often causes problems to correlate in a manner undreamed of in more tranquil times.

衍生性金融商品交易也有可能造成骨牌效应的风险，这是因为许多保险业及再保业者习惯将风险分散给其它保险公司，在这类的情况下，钜额的应收款项将随着交易对象的日趋复杂而持续累积，(以通用再保证券来说，虽然已经经过将近一年的清算期，目前仍有高达 65 亿美元的应收款项流通在外)，交易的一方或许对于自己相当有信心，认为其钜额的信用风险已经经过适度的分散，因此不会发生任何危险，只有等到某种特殊状况下，一个外部事件导致 A 公司的应收帐款发生问题，从而影响 B 公司，乃至于一路到 Z 公司，历史教训告诉我们危机的发生往往是我们在太平盛世时所梦想不到一连串问题串连所导致的。

Beginning with the concept of insider trading, the paper summarizes and analyzes the arguments between the opposite and assenting parts of regulating insider trading in laws, then establishing the legal principles of insider trading law.

本文从介绍证券内幕交易的涵义入手，对目前国际上反对和赞成用法律手段规制内幕交易的理论争议作了较详细的分析，确立了禁止内幕交易的法理基础。

Its core is:(1) The creation of management model pays much attention to reforger on broking program and design on stratagem transmitting scheme;(2) To the reconstruction and creation of brokers' model, it emphasizes that we should reforge the organization form, management form, allocation system, risk control and "background support" in brokers' system;(3) The creation of technical and products developing service model focuses on networks exploration, eliminates "the bottle-neck"---the restriction to the deal on web, guarantees fast and stable realization in transaction function, and meanwhile, on the basis of creating famous-brand, setting up well-brand and enhancing their fame, makes great use of the cooperation between banks and stockjobbers, computer terminals in community, etc, and networks transaction clients' resources.

其核心内容是：管理模式的创新重在经纪业务流程再造和战略转型方案的设计；经纪人模式的重构与创新，重在重构证券经纪人制度的组织形式、管理形式和分配制度、风险控制以及后台支持方面的重新的设计；技术和产品开发服务模式的创新重在网络开发，消除网上交易瓶颈，确保交易功能快速稳定实现，同时在创名牌、树品牌、提高知名度的基础上转向出色运营和利用银证合作、社区终端站等形式，大力开发新的网上交易客户资源等。

"Goldman continued to run the show" despite being retained by both Archipelago and the NYSE as an adviser on the transaction without direct involvement in negotiations between the two, according to Higgins attorney James Sabella.

西晋斯的律师吉姆斯。萨布拉表示，＂高盛继续操控该项交易＂，尽管被收购电子交易机构和纽约证券交易所留作交易的顾问和没有直接卷入双方的谈判。

Haitong Securities in addition to the lifting of the ban have made many overseas stock trading, Yan Liuzhou Holdings to build the controlling shareholder of Hainan Huake Industry and Trade Company in November 10 the day of the lifting of the ban through the bulk of transactions and the secondary market for the transfer of shares a total of 1651.83 million shares sold; ST Songliao Second Run shareholders November 14 industrial stocks lifted the number of 2242.56 million shares traded in bulk on the 20th record shows that this part of the shares of all transactions in the bulk market has been transferred.

海通除了解禁证券取得了许多海外股票买卖，晏溜粥控股兴建11月10日的解禁日，海南华科工贸公司控股股东通过大部分的交易和二级市场的股份转让的1651830000出售股份总数；圣股东松辽第二轮工业类股11月14日解除了对大宗交易的20日的记录显示2242560000股数的这一部分所有交易的股票在市场上的大部分已转移。

And we understand that some of the first trial is expected to sprint qualification of the securities, according to its own characteristics have long pair of margin trading and securities lending business and understanding, develop their own pilot programs, they have been Securities and Futures Commission to make the starting line waiting for release.

我们认识到一审一些预计冲刺的证券从业资格的，根据自身特点有保证金交易和证券借贷业务和理解裤，发展自己的试点，他们有被证券及期货事务监察委员会，使起跑线等待释放。

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。