证券清算

成交以后，证券清算机构对买卖双方应收和应付的证券以及资金进行核定计算，进行清算；

After bargain , the securities clearance agency checks and calculates the receivable and payable securities of both parties as well as the capital , and carries on the settlement ;

利用龙卡进行证券交易清算及其技术实现方案的探讨

On the liquidation of stock transaction with long card and the implementation scheme in technology

股票或证券交易清算公司

Stock exchange clearing house

本文主要是想通过武汉证券破产清算案中反映出的个性和共性问题，并结合自己实际参与该项破产案件的感悟体会，尽量提出自己的一些原创性的见解。

This article is mainly wants through the Wuhan Securities bankruptcy case in reflecting the personality and common problems , combined with their own actual participation in the bankruptcy case feeling experience , try to put forward some original views .

随着它们持有的证券贬值，清算银行有责任要求贷款人提供更多抵押品，以避免亏损。

As the value of the securities they hold falls , clearing banks have an obligation to demand more collateral to avoid losses .

事实上，证券公司破产清算与一般企业的破产清算存在很大不同，这就需要对二者的区别加以分析。

In fact , the security company liquidation is so different from the enterprise liquidation . This requires to analyze the difference between them .

我国在证券公司破产清算中投资者保护方面的理论研究相对薄弱，大多都是借鉴国外相对成熟的机制。

The theory in the field is relatively weak in our country , it is to necessary to use relatively mature mechanism of abroad for reference mostly .

投资者是证券公司破产清算程序中的一个特殊主体，也是一个非常重要的主体。

But the research of bankruptcy of security companies in china is still in exploration . The investor is a peculiar main body in security company liquidation procedure .

具体分为以下四个部分：第一部分，通过对我国证券公司破产清算中投资者保护基本问题的分析，提出本文所要论述的主要方向。

This article has the following four parts : Part ⅰ, submit main direction needed to be discussed by analyzing basic issues of the investor protects in security company liquidation our country .

处于金融危机核心的数千亿美元复杂证券正在进行清算，从而使银行、保险公司及其它投资者能够将有毒资产从资产负债表中清理出去。

Hundreds of billions of dollars ' worth of the complex securities at the heart of the financial crisis are being liquidated , enabling banks , insurance companies and other investors to clear toxic assets from their books .

一些证券公司因关闭清算而退出历史舞台，一些证券公司重组完成后将不复存在。

Some securities companies withdraw from the history after close and liquidation , some securities companies disappear after reformation .

证券交易资金交割清算，必须以实际买卖证券的交易清单为依据。

Delivery for liquidation settlementof securities transactions shall be based on the delivery lists of actual purchases and sales of securities .

本文尝试对债权直接出售或置换、实物处置、并购重组、债转股、证券化及破产清算等处置情况下的评估方法进行探讨。

The authors discussed the appraisal approaches under the different disposals such as direct sale , exchange , disposal in kind , merge acquisition , debt restructuring , debt conversion , securitisation of debt , bankrupts liquidation .

（四）证券交易所上市证券交易的清算和交收；

Settlement and entrustment of stocks listed on stock exchanges ;

我国的破产法是对中国企业破产的一部基本法律，其中并未对证券公司等金融机构的破产清算程序作出特别规定，这在实践中不利于证券公司破产清算程序的开展。

Bankruptcy law of our country is a fundamental law of Chinese business failures , which does not make special regulation of the liquidation procedure waiting for banking institution . This is harmful for security company to cany out liquidation procedure in practice .

现代证券市场的正常运转需要证券交易、证券登记、证券清算和证券托管机构的存在。

The normal operation of modern securities market needs the securities transaction , registration , clearance and depository agencies .

同时，由于我国证券市场形成的时间不长，法律法规仍不完善，在证券公司破产清算中投资者保护方面还显得比较薄弱。

At the same time , bond market builds before long in our country , laws and statutes does not still improved and perfect , investor protection aspect appears comparatively weak in security company liquidation .