因此，银行业走向了“开放式架构”，其中银行的主要作用是分销商而不是制造商，并且为基金管理者销售产品。
Hence there has been a move towards "open architecture", in which Banks act more as distributors than manufacturers and sell products from across the industry.
本月CFTC又发布了新季度的数据，数据显示投向交易型开放式指数基金(etf)、用于购买商品的资金不能与去年的物价飙升产生必然联系。
New quarterly data also released by the CFTC this month show that money flows to exchange-traded funds (ETFs) for commodities failed to correlate strongly with last year's price surge.
不仅他们从象对冲基金等备选资产种类的收入已经在下降，而且他们还面临将零售客户输给交易型开放式指数基金的惨淡前景。
Not only have their revenues from alternative asset classes such as hedge funds been declining, they also face the prospect of losing retail clients to ETFs.
然而，新的交易型开放式指数基金的特殊目的在于将铜从一个已经供不应求的市场里退出，使投资者和工业用户直接参与供应竞争。
Yet the express purpose of the new ETFs is to take copper off a market that is already tight, bringing investors and industrial consumers into direct competition for supplies.
你把钱存入帐户，好比是一个开放式股票基金，每年平均给你10%的现利。
You put the money into an account, like a stock mutual fund, that gives you 10% per year interest on average and presto.
《金融时报》解释称，这种风险在场外交易市场尤其普遍，而交易所开放式指数基金(etf)、外汇期权和多种大宗商品衍生品的通常进行场外交易。
The FT explains that this risk is particularly prevalent in over the counter markets, where ETFs, foreign exchange options and a number of commodity derivatives trade.
先锋，富达和Putnam Investments都有可转换开放式共同基金的，同时也有许多封闭式基金，包括一些基金在其净资产值以下。
Vanguard, Fidelity and Putnam all have open-end convertible mutual funds, and there are many closed-end funds, including some trading at discounts to their net asset values.
我们同意探索研究交易型开放式指数基金(etf)在对方国家相互上市的可能性。
We agree to explore the possibility of cross-cutting Exchange Trade Funds on our respective stock markets.
“下一个泡沫可能正在某些市场酝酿着，”Deka(德国最大的开放式基金提供商)的马提亚·丹纳(Matthias Danne)说。
"The next bubble may be under way in some markets," says Matthias Danne of Deka, the largest provider of open-ended property funds in Germany.
去年12月，监管层对新发行的开放式基金设立了上限，但是在2月份的大跌后上限被取消。
The issuance of new mutual-fund shares was capped in December, but the restrictions ended when share prices dropped in February.
第三章，通过不同的指标对开放式基金市场购买者群体进行细分，然后研究如何进行细分市场的选择和定位。
Chapter three, subdivide buyer's colony of open-ended fund market through different indexes, then study how to subdivide the choice and localization of the market.
此外，开放式基金的业绩持续性不强，过去表现好的基金并不意味着一定能在未来取得好的收益。
Besides, the weak sustainability of the funds shows that good performance of the past does not necessarily mean a high yield in the future.
开放式基金向大众出售股份，每一股代表对基金的标的资产所拥有的按比例分配所有权。
Open ended funds sell shares top the public and each share represents the allocating the ownership of the underlying assets of the funds according to the ratio.
目前我国开放式基金总体显示了专家理财的优势。
At present, China's exoteric funds show the advance of specialist financing on the whole.
本文阐述了我国目前大力发展开放式基金的必要性和发展前景。
This paper expounds the necessity of devoting great efforts to developing Open Fund at present and its future.
第二部分对开放式基金赎回的流动性风险加以分析。
Part two analyzes the liquidity risk of the open-ended fund about redemption.
开放式基金的赎回机制决定了其特殊的流动性风险。
The redemption mechanism of open-end funds determines its particular liquidity risk.
第二章对我国开放式基金的赎回风险进行特殊性分析。
Chapter two mainly analyses the specialty of our open-ended fund.
在现有的证券市场上的基金，包括封闭式基金和开放式基金，具有收益性功能和增值潜能的特点。
In the fund on existing security market, include enclosed fund and open mode fund, have the characteristic of profitability function and appreciation potential.
考虑到我国证券市场中现存的一些问题，又对我国开放式基金面临的赎回风险从三个大的方面进行了特殊性分析。
Considering some problems in our security market the paper analyses the specialty of the risk faced by our open-ended fund from three aspects.
对开放式基金而言，其治理机制的有效性是内生的。
As far as opened end fund is concerned, its endogenous governance mechanism is effectiveness.
但是正是因为开放式基金的可自由赎回性，这也对开放式基金风险管理提出了更高的要求。
But just because the investors can freely redeem the open-ended funds, this puts higher request to the risk management of open-ended fund too.
但是开放式基金管理公司缺乏对开放式基金的营销观念和营销策略。
But the management company of the open-funded funds lacks marketing idea and marketing tactics.
开放式基金的“开放式”运作方式，使其要随时面对投资者的申购和赎回，这使开放式基金的流动性风险不容忽视。
The "open operation way" of the open-ended fund, make it face the investors' applying of purchasing and redeeming at any time, this make its liquidity risk cant be ignored.
本文从我国证券市场实际情况出发，在借鉴国内外经验和研究成果的基础上，对中国开放式基金的流动性风险进行实证研究。
This paper aims to study the liquidity risk of open-end funds in China by empirical means on the basis of Chinese practice and foreign successful risk management experience.
本文运用2002年和2003年开放式基金的季度规模数据，对基金的赎回率进行实证分析。
Using a unique data set of fund scale from 2002 and 2003, this study empirically investigates the fund redemption behavior.
它不应该被开放式基金所取代，而应该继续保持自己的独立性，与开放式基金一起在证券市场上发挥作用。
Instead, closed fund should continue to keep its unique characteristic and play an improtant role with open fund in stock market.
而利用下期回报率对羊群行为的理性和非理性进行分析得出中国的开放式基金可能为假羊群行为的结论。
And from analyses of the rationality and irrationality of herd behavior by the next period return, the conclusion is that herd behavior in China's open funds may be not true.
而利用下期回报率对羊群行为的理性和非理性进行分析得出中国的开放式基金可能为假羊群行为的结论。
And from analyses of the rationality and irrationality of herd behavior by the next period return, the conclusion is that herd behavior in China's open funds may be not true.
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