After several decades of development , the tse market has become one of the most famous centralized trading markets in the world 我國的證券集中市場,經(jīng)過幾十年的發(fā)展,已成為全球知名的市場。
Article 95 a stock exchange is a non - profit legal person that provides a place for the centralized trading of securities at competing prices 第九十五條證券交易所是提供證券集中競價交易場所的不以營利為目的的法人。
Article 33 securities that are quoted and traded on stock exchanges shall be traded in the manner of public , centralized trading at competing prices 第三十三條證券在證券交易所掛牌交易,應(yīng)當(dāng)采用公開的集中競價交易方式。
Article 103 only securities firms that are qualified as members of a stock exchange may enter that stock exchange to participate in centralized trading at competing prices 第一百零三條進入證券交易所參與集中競價交易的,必須是具有證券交易所會員資格的證券公司。
Article 107 stock exchanges shall ensure fair centralized trading at competing prices , promptly announce quotations concerning the securities trading , compile securities market quotation tables for each day of trading , and announce the same 第一百零七條證券交易所應(yīng)當(dāng)為組織公平的集中競價交易提供保障,即時公布證券交易行情,并按交易日制作證券市場行情表,予以公布。
According to reformation course scheduling , the paper first introduces course ofdomestic electric power system innovation and the statuses of power transmissionfield in the different period , especially describes the basic circumstances of electricpower market innovation and power transmission field under electric power market . using experiences and lessons of domestic and overseas electric power market forreference , it analyses existing problems , puts forward the concept of powertransmission market and expounds its features and actualities . the research on powertransmission market mainly centralizes trade and management mode 本文按照改革進程的時序性,首先介紹了我國電力體制改革的歷程、各時期輸電領(lǐng)域的狀況,特別描述了電力市場改革的基本情況和電力市場條件下的輸電領(lǐng)域狀況。借鑒國內(nèi)外電力市場的經(jīng)驗和教訓(xùn),分析所存在的問題,提出了輸電市場的概念,并闡述了其特點和現(xiàn)狀。對輸電市場的研究主要集中在交易和管理模式兩方面。
Article 105 a securities firm shall , in accordance with the investors instructions and the rule of time precedence , declare orders and participate in centralized trading at competing prices at the stock exchange . a securities registration and clearing institution shall , on the basis of the transactions concluded and in accordance with the rules for clearing and settlement , effect the clearing and settlement of securities and funds and handle the procedures for registration of the change in ownership of the securities 第一百零五條證券公司根據(jù)投資者的委托,按照時間優(yōu)先的規(guī)則提出交易申報,參與證券交易所場內(nèi)的集中競價交易證券登記結(jié)算機構(gòu)根據(jù)成交結(jié)果,按照清算交割規(guī)則,進行證券和資金的清算交割,辦理證券的登記過戶手續(xù)。
The basement of repo is close restriction system , clearing time arrangement system , chair clearing system , term structure system and standard security system , all of which are quite complex . the repo in exchange market is much more complicated than it face to face , because the legal relationship has been changed , so the legal relationship of repo is very complex . in centralized trading system , between the investor who in repo trading and the security company is trust relationship 回購交易的制度基礎(chǔ)為封閉式約束制度、交易清算時間安排制度、主席位清算制度、期限結(jié)構(gòu)安排及標準券制度,以上制度具有相當(dāng)?shù)膹?fù)雜性,而集中交易市場中的國債回購又遠遠比一對一國債回購復(fù)雜,在許多方面改變了一對一國債回購的法律關(guān)系,因此,國債回購交易中,法律關(guān)系極為復(fù)雜。