短线交易

1月22日，四家上市公司发布公告称，他们的独立董事宋常因涉嫌内幕交易和短线交易被证监会立案调查。

Four listed companies announced on Friday that their independent director Song Chang is under investigation1 by the China Securities Regulatory Commission for suspected insider trading and short-swing trading .

第一部分：短线交易收益归入制度的立法价值。

Part one : the legislative value of short-swing trading and profits returning .

位于新泽西州的短线交易公司SoldierCapitalLLC有26名成员，其负责人赫雷拉（AlexHerrera）一直在买卖AIG股票。

Alex Herrera , head of Soldier Capital LLC , a 26-member day-trading firm in Ramsey , N.J. , has been among those buying and selling AIG .

QFII的首批参与者并未建立起一个更具机构色彩的投资者基础，而是助长了作为内地股市交易特征的短线交易行为。

Rather than build a more institutional investor base , these first participants added to the shorter term trading behaviour that characterises mainland stock markets .

一家对手公司的交易员表示，这位摩根士丹利交易员涉足的是cdx指数信贷指数期权方面的短线交易。

A trader at a rival firm said the Morgan Stanley trader had been involved in short-term trading over credit index options on the CDX index .

佛瑞斯特与华尔街众多的交易员不同，他不做短线交易。

He 's not a day trader like many on Wall Street .

内部人短线交易利益归入制度研究

Research on the System of Disgorging Insiders ' Short-swing Profits

《中华人民共和国证券法》对短线交易归入制度的规定过于简单，可操作性不强。

The stipulation in Securities Law is too simple and not so practical .

主要依赖技术分析进行日内短线交易。

Basically , technical analysis is relied on for me as an intra-day trader .

而后文章又进一步对内幕交易与短线交易的关系作了辨析。

This part also discusses the relation between insider trading and the short-swing trading .

这提供了短线交易机会。

This provides short term trading opportunities .

对进行短线交易或高频交易的投资者来说，程序化交易非常具有吸引力。

Programming trading is very attractive to the short term trading or high frequency trading investor .

这些机构大多是长期投资者；我们不谈论人民币短线交易。

These are mostly long-term investors ; we 're not talking about short-term trading in renminbi .

有利于短线交易的雄性激素特征也可能成为长期投资的绊脚石。

The androgenic traits that benefit short-term trading may also prove a hindrance in long-term investing .

一些交易人尽力去“打赢市场”，猛烈进行当天的短线交易。

Some traders try to " win the market ", violent day for the short-term transactions .

证券市场中内部人短线交易不同于内幕交易。

The short-swing trading is different from the trade using the information of inside story in the securities market .

赋予中国证券监督管理委员会查处内部人短线交易的权力也是一种值得考虑的思路；

Third , conferring China Securities Regulatory Commission the right to deal with the insider short-swing trading is another possible solution .

禁止内幕交易是各国证券法的一贯立场，而内部人短线交易收益归入制度是禁止内幕交易的一种事前预防机制，所以有必要对该制度进行系统研究。

Preventing insider trading is a consistent stand in securities law of every country . Short-swing trading and profits returning system is a type of preventive mechanism in advance .

归入权依内部人短线交易而产生，对内部人短线交易之收益行使归入权旨在维护证券市场的公平性。

Resulting from insider 's temporary deal , enforcing the retuning right for insider 's profits obtained in his temporary deal aims at safeguarding the fairness of the securities market .

首先我们应该对短线交易中的许多关键问题有一个正确的选择，才能在司法实践中行之有效地打击短线交易行为。

We cannot effectively eliminate the practice of illegal short swing trading in law enforcement , until we can carry out a correct identification and selection in such a practice .

在美国证券法确立以来，短线交易归入权制度纷纷为其他国家和地区证券立法所借鉴。

Since liability for short-swing trading profits was set up in Securities Exchange Act of USA , it has been used for reference by many states or local security legislations .

最后针对在并购时如何有利于股东财富最大化的问题给上市公司提出一些建议，并对投资人利用并购主题进行短线交易给出一点建议。

Finally , propose some suggestions to the listed company on the issue that how to maximize shareholder 's wealth while merging , and provide some advise on stub trade to investor .

文章对规制内部人短线交易的必要性进行了剖析，分析了短线交易行为的构成要件，最后探讨了短线交易归入权行使的主体、期间以及所得收益的计算问题。

The thesis analyzes the necessity of regulating insiders ' short swing trading and its component condition , then discusses the subject , time period of the claiming for illegal profits and the calculation of the profits .

帆船基金之所以向银行支付大笔资金，原因在于该公司专注于短线交易策略，这使得其高级职员与华尔街交易员和销售人员联系紧密且频繁。在巅峰时代，帆船公司拥有约70亿美元资产。

Galleon , which had about $ 7bn in assets at its peak , paid large amounts to banks because it specialised in short-term trading strategies , which put its officials in close and frequent contact with Wall Street traders and salespeople .

在规范对象主体方面，应该将公司的董事、监事和经理包括进来，因为我国《公司法》第147条第2款的规定尚不能很好地规范这些主体从事短线交易的情形；

As to the regulated subjects in the insider short-swing trading , directors , supervisors and managers should all be included , as Article 147 ( 2 ) of China 's Corporate Law is unable to effectively regulate such subjects if short-swing trading occurs .

区分了内幕人与内幕交易人，重新认定内幕交易人的范围，比较内幕交易与其它近似行为，指出了短线交易与内幕交易的区别，明确了内幕交易的内涵与外延。

The short-swing trading is different from the trade using the information of inside story in the securities market . At the same time the writer compared the insider trading with other similar behaviors and pointed out the difference between insider trading and short-swing trading .

迄今为止，对于公司归入权，学界更多的是在证券法的框架中加以探讨，亦即对短线交易归入权展开研究，并提出了诸多合理的理论主张和立法建议。

So far , as to disgorgement of corporation , the academia has mostly researched into it within the bound of the securities law , namely , researched into the disgorgement of insider short-swing profits , and has brought forward lots of rational theoretical opinions and legislative proposals .

内部人短线交易不是法律禁止的违法行为，但内部人不能利用其优势地位为自己谋取利益，基于信义义务和代理法的基本原则，内部人从短线交易中获取的利益应归公司所有。

Although the insider short-swing trading is not banned by law , the insider should not gain profits by taking advantage of his position and even if he does , according to the fiduciary duty and principle of agency law , those profits should be recovered by the issuer .

这使得AIG普通股（截止周二价值62亿美元）在短线交易员之间交易最为活跃，这些交易员根据市场趋势买卖股票，相互做高风险的期权交易。

That has left AIG 's common shares -- $ 6.2 billion worth , as of Tuesday -- trading most actively between short-term traders , who buy and sell based on market momentum and bet against each other in risky options trades .

那么投资者能否通过这种短线投机的交易方式获益呢？在创业板市场上是不是交易越频繁，收益就越高呢？这是非常具有现实意义的问题，也是本文将要研究和探讨的问题。

So can the short-term speculative investors get returns through this mode ? Whether the more frequent transations , the higher income it will be ? These questions are full of practical significance , and this article is going to explore on these issues .