The preceding paragraph shall not apply, when a securities company trades securities as a result of underwriting or participates in financial derivative transactions for risk hedging purposes.

证券公司因包销而买卖证券，或者为对冲风险参与金融衍生产品交易的，不受前款规定的限制。

youdao

Consumers had gorged themselves on cheap money and lax mortgage underwriting standards and the result was a record amount of debt.

FORBES: Double-Dip Yes, But Bullish Just The Same

As a result, there is a bipartisan "baseline" that goes some way towards underwriting the needed recapitalization.

CENTERFORSECURITYPOLICY: A Letter to the President