2008-7-30听写阅读

'Naked' Short Selling Gets a Close Eye(1/2)

密切关注“无卷买卖”
The Securities and Exchange Commission in the United States recently moved to protect nineteen major financial stocks. The agency gave an emergency order to restrict what is known as "naked" short selling of those stocks. This is a form of stock trading that is being blamed for sharp drops in the price of some financial stocks.
美国证券交易委员会近日采取行动以维持19家主要金融公司的股价。该机构发布了一项紧急措施以限制对这些股票进行所谓的“无卷买卖”。“无卷买卖”是导致一些金融股价格暴跌的原因。
Short selling is a way to make money when a stock price falls. It involves borrowing shares of stock and then selling them in the hope that the stock will lose value. Later, the shares are purchased back and the loan is settled.
卖空是一种在股价下跌时赚钱的方法。即，借入证券，当预期股价将会下跌时再卖出借入的证券，最后，再买回证券并且归还之前借入的证券。
If the stock has lost value, the selling price will be greater than the purchase price. The difference is profit for the investor. If the stock price rises, the investor loses money. Short selling is considered a necessary part of an efficiently operating market.
如果股市下跌，卖价将高于购买的价格。差额就是投资者的收益。如果股价上涨，投资者将赔钱。卖空被认为是有效操纵市场的必须部分之一。
With naked short selling, however, trading takes place with shares that have not yet been borrowed -- and may never be. Naked shorting lets traders short sell large amounts of stock that may not be available to borrow in the market. Sometimes, lenders of securities tell several short sellers that they can borrow the same shares.
但是，“无卷卖空”交易可能在证券还没借入，甚至永远不借入的情况下发生。“无卷卖空”使交易者可以短期内买入大量也许不会被借入市场的证券。有时，借出证券者告诉许多“卖空”投资者他们可以借到相同的证券。

Note:
卖空 [Shorting,Short selling]
定义：预期某只证券价格会下跌，通过先卖出借入的证券，待该证券价格下跌后再买回同时归还之前借入证券的盈利模式。
例如，投资者认为某只目前价格为10元的股票被严重高估，价格将跌倒5元，投资者就可以从券商先借入一定数量的该只股票并立刻卖出，拿到每股10元的现金，等到该股如预期跌到5元时再用手中一半的现金买回同等数量的股票归还给券商，剩下的5元现金（不考虑交易成本和支付给券商的利息）就是盈利。卖空策略使得投资者在看空时也可以盈利，有利于股票合理价格的形成。但卖空是一项相对复杂的技巧，而且风险巨大，如果股价不跌反涨，会产生巨额亏损。此外，卖空还要受到一些制度安排上的限制，如必须在约定时间内归还股票，即便股价会下跌，但如果是在还股期限之后，投资者也会遭受损失。目前A股还没有卖空制度，但随着券商融券业务的开展，这种每个成熟市场都存在的交易制度也会在国内出现。

GOSSIP:
不懂不懂，好多不懂啊~听得晕晕乎乎，连看中文我都不懂。问了老爸才终于明白这种股票买卖的方式。
于是我决定这两天的听写改成阅读，学习一些基本的财经词汇，高考如果考到也比较有底了。
话说这几天写阅读，最怕的就是这种专业技术的介绍了。
补习专业词汇，至少要看着眼熟吧。