证券交易3281429.ppt

小结 用保证金信贷购买是指从经纪人那里借钱以购买更多的证券。对投资者来说， 这种用保证金信贷购买的方式既增加了股价上升的潜在收益，又扩大了股价下跌的潜 在风险。如果保证金帐户中股权下降到所要求的水平之下，投资者将收到经纪人发出 的催缴保证金的通知。 Buying on margin means borrowing money from a broker in order to buy more securities. By buying securities on margin, an investor magnifies both the upside potential and the downside risk. If the equity in a margin account falls below the required maintenance level, the investor will get a margin call from the broker. 小结 卖空是指卖方出售并不属于自己的证券。卖空者通过经纪人借来证券出售，在任何时间都有可能被要求结算股票空头。卖空的现金合约总是保存在经纪人手中，经纪人通常要求卖空者在其帐户存入额外的现金或证券，作为卖空的保证金（抵押）。 Short selling is the practice of selling securities that the seller does not own. The short seller borrows the securities sold through a broker and may be required to cover the short position at any time on demand. The cash proceeds of a short sale are kept in escrow by the broker, and the broker usually requires that the short seller deposit additional cash or securities to serve as margin (collateral) for the short sale. 小结 证券交易受到证券与交易委员会的监管，同样也受到交易所的自我约束。目前 对许多涉及披露证券信息的重要规定存在着争议。有关熟悉内情人交易的规定禁止交 易者利用内部信息获利。 Securities trading is regulated by the Securities and Exchange Commission, as well as by self-regulation of the exchanges. Many of the important regulations have to do with full disclosure of relevant information concerning the securities in question. Insider trading rules also prohibit traders from attempting to profit from inside information. 小结 综合服务经纪人除了负责执行基本的买卖指令、证券保存、保证金贷款、促进 卖空之外，他们同时还为投资者提供信息、建议，甚至为投资者做出投资决策。而折 扣经纪人只提供基本的经纪人服务，但收费通常较低。 In addition to providing the basic services of executing buy and sell orders, holding securities for safekeeping, making margin loans, and facilitating short sales, full-service brokers offer investors information, advice, and even investment decisions. Discount brokers offer only the basic brokerage services but usually charge less. 小结 总交易成本包括佣金、交易者买卖报价价差及价格让步。 In Total trading costs consist of commission