大宗交易制度

大宗交易制度：机构投资者的特殊安排

Block trading System : Special Arrangement of Institutional investors

本文最后对如何完善国内证券市场大宗交易制度提出了政策建议。

Finally the article proposes some policy advices to perfect the rules of large trade in the domestic security market .

对于大宗交易制度降低透明度引起的不公平，应以有效的监管予以弥补。

As for the unfairness arising from the transparency reduction by the system , effective supervision should be used to make up for it .

巨大的市场影响成本、搜寻成本和延迟成本，对于信息披露的特殊要求，使得机构投资者选择大宗交易制度。

Huge markets will influence , search for and defer the cost . Owing to the special demand to the information revealing , institutional investors have to choose bulk transfer system .

自深交所在2002年2月25日，上交所于2003年1月10日推出证券市场大宗交易制度以来，我国开始了对证券大宗交易的规范化和市场化探索。

Since the block trading system launched the Shenzhen Stock Exchange on February 25th , 2002 and the Shanghai Stock Exchange on January 10th , 2003 , China began to explore the standardization and marketization of block trading .