裸卖空

德国已出台了一项禁令，禁止裸卖空德国股票、欧元区政府债券和与这些债券挂钩的CDS。

Germany has announced a ban on naked short selling in German stocks , eurozone government bonds and credit default swaps linked to these bonds .

裸卖空往往是一种投机交易。

Naked short selling is often a speculative trade .

去年，德国出台了针对裸卖空（nakedshort-selling）的有限禁令，但引发了争议。

Last year Germany introduced a limited yet controversial ban on naked short-selling .

不透明的场外交易和“裸卖空行为”（nakedshort-selling）都会降低系统的稳定性。

Non-transparent over-the-counter trades and naked short-selling reduced the stability of the system .

但裸卖空遭到严格禁止。

But naked shorting was strictly forbidden .

裸卖空是指在售出股票时并未被安排借入股票的卖空操作。

A naked short seller has not arranged to borrow the stock at the time of sale .

在可能被滥用的裸卖空交易中，交易者卖出的是没有事先借入的股票。

In potentially abusive naked ' ' short sales , shares are sold without being borrowed first .

一位英国官员将德国单方面禁止裸卖空描述为“发疯了”。

The unilateral ban on naked short selling was described by one British official as " crackers " .

禁止裸卖空的中国规则（卖出自己并不拥有的股票）也引起问题。

Chinese rules banning naked short selling – selling shares without owning them first – are also causing problems .

对流动性不好的证券而言，限制裸卖空有一定道理，因为卖空操作可能操纵或扭曲价格。

There is a case for restricting it in illiquid securities , where shorting may manipulate or distort prices .

裸卖空是指投资者在市场上卖出尚未借入的股票。

Naked short selling is where an investors sells shares that they are yet to borrow as opposed to already borrowing .

在德国和法国，对所有股票的所谓裸卖空都遭到禁止，但其股市同样大幅下跌。

In Germany and France , where so-called naked short selling was banned on all stocks , shares have also slumped .

目前世界缺乏协调合作：德国单方面禁止裸卖空行为，而美国也在推进自己的金融部门改革。

Co-ordination is now lacking : Germany is banning naked short selling unilaterally and the US is pursuing its own financial sector reform .

这是因为其现有监管制度已经含有某些海外实施的措施，包括禁止“裸卖空”。

That was because its existing regulatory regime already contained some of the measures imposed overseas , including a ban on " naked " short-selling .

针对所谓的裸卖空（投资者出售自己既未买入也未借入的股票的操作）的禁令，也已经在意大利、德国与西班牙实行。

Bans on so-called naked shorting selling shares that an investor neither owns nor has borrowed are already in place in Italy , Germany and Spain .

日本是此次金融危机期间出台了大量交易规则（包括禁止裸卖空）的众多国家之一。

Japan was one of the many countries to impose a raft of trading rules during the financial crisis , which included a ban on naked short selling .

亚洲区域指标处于良好状态，市场信心看似已经悄悄返回市场，日本财政大臣中川昭一宣布禁止日本股票的裸卖空。

Asian regional indexes are well in the green , as market confidence seems to be creeping back into trading and Japan 's Finance Minister Nakagawa announcing a ban on naked shorts of Japanese stocks .

10年前，在1997-98年的亚洲金融危机爆发后，香港开始禁止裸卖空（即卖出自己并不持有也没有借入的股票和债券），此禁令迄今一直有效。

A decade ago , after the 1997-98 Asian financial crisis , Hong Kong outlawed naked shorting or selling shares and bonds that are neither owned nor borrowed and the ban has remained in force ever since .

但是，布鲁塞尔、巴黎以及其它欧盟国家首都的官员对德国的裸卖空禁令，几乎无意掩饰自己的惊讶与恼怒。所谓裸卖空，是指出售本身并不持有、也没有借入的股票和债券等证券。

But officials in Brussels , Paris and other EU capitals made little effort to disguise their surprise and irritation at the German move against naked shorting – selling securities such as shares and bonds that are not owned or are borrowed .

一位知情人士称，中国拟议中的试点计划不会允许“裸”卖空cds，也就是说将禁止交易员针对他们并不拥有的债券买入保险。

According to a person familiar with the matter , the planned Chinese pilot scheme would not allow " naked " CDs sales , when traders buy insurance on bonds they do not own .

包括日本和法国在内的其它国家，已禁止“裸”卖空交易（nakedshorting，事先未行借入就卖出股票，以期在此交易结算之前回购这些股票），而台湾则分阶段放宽了这一禁令。

Others , including Japan and France , have banned " naked " shorting , the practice of selling shares without first borrowing them , in the hope of buying them back before the first trade settles , while Taiwan has eased its ban in stages .