broker-dealer

Broker-dealer 's full information disclosure to investors is an important component of security market .

证券商的信息披露制度是证券市场的一个重要的制度建设。

And the extent becomes bigger and bigger , the requirement to broker-dealer becomes increasingly strict .

适用范围不断扩展，对经纪-交易商的要求也日趋严格。

Without adequate cash to facilitate trades , a broker-dealer is doomed .

在交易缺乏足够现金支撑的情况下，经纪-交易商将难逃一劫。

Lehman Brothers Inc , the broker-dealer in New York , was a relatively simple company .

位于纽约的经纪交易所一雷曼兄弟公司曾是一家业务相对单一的公司。

Appropriate introduction means that the broker-dealer should introduce the possible loss in the way which can be understood by the investor well .

所谓适当说明，是指经纪-交易商要以投资者能够理解的方式向投资者说明最大可能的损失。

Such uncertainty is a killer for a broker-dealer .

对于一家经纪交易商来说，这种不确定性是致命的。

A pure investment bank is not a depository institution and it 's also & a pure investment bank is not a broker-dealer either .

一个真正的投行不是一个储蓄机构，当然一个真正的投行也不是证券公司-，或者发行公司。

Accounting treatments vary - HSBC carries its investments at cost , while broker-dealer Goldman Sachs must mark its position to market .

会计处理方法差别很大——汇丰（HSBC）按成本价计算投资，而经纪商兼交易商高盛（GoldmanSachs）必须按市价来记入其持有的股票头寸。

In2008 , the company withdrew its broker-dealer registrations .

2008年，这家公司撤销了券商登记。

The second is to scale back heavily , or abandon , their broker-dealer arms and become more like big hedge funds or private equity funds .

其次是大力缩减（或彻底放弃）其经纪自营业务，向大型对冲基金或私人股本基金的模式靠拢。

But , as a broker-dealer , Lehman was not subject to such regulation : the SEC did not have the tools .

但是作为一家经纪自营商，雷曼不受此类监管：美国证交会（SEC）没有相关监管手段。

Banks would be barred from owning and investing in private equity and hedge funds and would be forced to curtail many of their broker-dealer operations .

法则禁止银行持有和投资私募股权基金和对冲基金，并强制要求银行压缩大量经纪交易业务。

This is the problem I identified last week , with the most powerful broker-dealer on Wall Street having the same privileges as the most mundane commercial bank .

这就是我上周认识到的问题：华尔街最强大的经纪商拥有与最单调的商业银行同样的特权。

In a statement , Lehman said its filing for Chapter 11 in U.S. bankruptcy court will not affect its broker-dealer subsidiaries or other units .

雷曼兄弟银行在一份声明中说，他们根据破产法第11章向美国破产法庭申报破产，并不会影响到公司旗下各个经纪自营商子公司和任何子公司。

Complying with broker-dealer registration is costly , and opens up a depth of regulatory scrutiny to which private equity is unaccustomed .

注册为券商后将出现很高的合规成本，由此带来的深度监管也会让私募基金公司很不自在。

Morgan Stanley opened on Wall Street on Monday September 16 1935 and , 73 years later , almost to the day , the institution of the broker-dealer died .

1935年9月16日星期一，摩根士丹利（MorganStanley）在华尔街开业。73年后，几乎就在同一天，这种经纪自营制度走向了灭亡。

A broker-dealer should assume the civil liability for the loss of a investor if broker-dealer exercise no or wrong judgment on the suitability of a financial product .

如果没有进行该判断就将金融产品卖给投资者或者将本来对投资者不适当的产品误判为适当，在给投资者造成损失的情形下，则经纪-交易商应当承担赔偿损失的民事责任。

It is unable to replace this by seeking direct business from institutional investors , because US regulations prevent a recognised exchange from forming trading relationships with anyone except a registered broker-dealer .

从机构投资者那里寻找直接业务也无法取代，因为美国法规禁止获公认的交易所与任何人建立交易关系，注册经纪-交易商除外。

But in the broker-dealer world , confidence and perception are critical , and if enough people believe you 're going under , rightly or wrongly , the game is over – fast .

但在经纪交易商的世界中，信心和认知是至关重要的。如果有足够多的人认为你即将倒下无论这种看法是对还是错这场游戏就会飞速终结。

They could not conduct broker-dealer activities , make markets in derivatives or securities , trade securities or derivatives for either their own account or customers , or sponsor hedge or private equity funds .

它们不能从事经纪业务、充当衍生品或证券市场中的做市商、用自己或客户的账户交易证券与衍生品、或是发起对冲或私人股本基金。

Estimates of the shortfall have fluctuated since the broker-dealer filed for bankruptcy on October 31 after failing to douse fears over its exposure to European sovereign debt .

因无法平息市场对其在欧洲主权债券敞口上的担忧，这家经纪自营商于10月30日提出破产申请，此后资金缺口估值不断变化。

Included in the monetary penalties is a $ 200 million payment to the Securities and Exchange Commission to settle charges that UBS acted as an unregistered broker-dealer and investment adviser .

上述罚金包括了向美国证券交易委员会（SEC）支付的2亿美元，从而就瑞银从事未登记经纪自营商和投资顾问业务的诉讼达成和解。

If the banks fail to engineer satisfactory loopholes to protect their profitable broker-dealer operations , they will then face a daunting choice – to be or not to be a bank holding company .

如果这两家银行找不出法律的空子，保住赚钱的经纪交易业务，它们未来将面临一个无奈的选择&保留，还是放弃银行控股公司的身份。

What they 're really doing is just we 're facing this seize up of our financial system so we have banks that we 've just seen the failure of Bear Stearns which is actually a broker-dealer .

他们真正在做的只是，我们正处于金融体系失灵的阶段，所以我们有这种银行，我们刚刚目睹了经纪自营商，贝尔斯登的失败。

This , at its core , is questioning what was an unquestionable tenet of the financial markets , said Guy LeBas , chief fixed-income strategist at New York broker-dealer Janney Montgomery Scott .

从根本上说，这是在质疑金融市场的一个不容置疑的信条，纽约经纪商/自营商JanneyMontgomeryScott的首席固定收益策略师盖伊雷巴斯（GuyLeBas）表示。

The credit squeeze has been marked by ad hoc policies : the Fed had to invent a new facility so that it could lend to Bear Stearns , for example , because it is a broker-dealer rather than a commercial bank .

信贷危机以来，各国推出了多项特殊政策：例如，为了能够贷款给贝尔斯登，美联储不得不发明了一项新的信贷机制，因为贝尔斯登是一家券商，而非商业银行。

It also is a much-needed reputational boost for sharespost , which last May was charged by the SEC with engaging in securities transactions without first registering for the required broker-dealer license ( the two sides later settled for $ 100,000 ) .

去年5月，美国证券交易委员会（SEC）曾因SharesPost没有事先登记经纪许可就擅自进行证券交易提出控告（双方后来以10万美元达成和解）。

It also emerged that , contrary to Sir Allen 's assurances , at least $ 400,000 of SIB 's assets were exposed to Bernard Madoff , the US broker-dealer accused in December of perpetrating an alleged $ 50bn Ponzi scheme .

另有消息表明，与艾伦爵士的担保相反，斯坦福国际银行至少有40万美元的资产牵涉到伯纳德•马多夫（BernardMadoff），即去年12月被控构建了500亿美元庞氏骗局的美国券商。