如果投资者基于这些事件发生在布里特尼和爱丽斯两人身上的机率进行证券交易,那就会有各种各样的价格,因为相关性的变动如此之多。
If investors were trading securities based on the chances of these things happening to both Alice and Britney, the prices would be all over the place, because the correlations vary so much.
德瓦尔还注意到,在期货交易中不必结清所有款项,而证券交易就必须这么做,以增加交易的可控制性。
He notes that futures exchanges do not have to pool the clearing of their trades, as stock exchanges do, which gives them added control.
现在的问题是,考虑到东欧证券交易的进一步联合是板上钉钉的事,那么,流动性将何去何从?
The question now, given that there is bound to be further consolidation of equity trading in eastern Europe, is where that liquidity will go.
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