而对于流动性差的证券，行政管理人要获取并验证这些证券价格的成本可能非常高。
And for illiquid securities, it can get very expensive for an administrator to go out and verify those prices.
但是如果有很好理性的话就该知道：所谓市场底部的判断已经出错过多次，而且莱曼揭露的非流动性的证券的实际值还有非常大的不确定性。
Perhaps with good reason. Market bottoms have already been incorrectly called several times, and there is massive uncertainty over the real value of Lehman's exposure to illiquid securities.
这种凯恩斯所谓的流动性偏好控制金融证券的价格进而控制利率。
This liquidity-preference, as Keynes called it, governed the price of financial securities and hence the rate of interest.
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.
更确切地说，该基金可以用最乐观的模型来对流动性资产定价，包括按揭证券和其它可交换的票据。
More specifically, the fund could use the most optimistic models to price its illiquid assets, which include mortgage-backed securities and other swaps.
官员争论说因为美国比其他国家依靠证券市场更多，依靠银行更少，他的危机更多的是因为流动性不足而不是无偿还能力。
Officials argue that because America relies more on securities markets and less on Banks than other countries, its crisis was rooted more in illiquidity than in insolvency.
在目前已经破灭的房地产泡沫背后，有着从追求高回报的海量全球流动性，到私人资产证券化的兴起等许多原因。
There were many reasons for the housing bubble that has now burst, from huge amounts of global liquidity seeking high returns to the rise of private-label securitisation.
其后，证券的筛选是基于一些诸如到期日和流动性的因素。
Then securities are selected based on factors such as maturity and liquidity.
但定期证券借贷安排却不同：它是一种以债券换债券的方式，而且目标锁定在那些现金交易以外市场，为它们提供流动性。
The TSLF is different: it is a bond-for-bond arrangement aimed explicitly at providing liquidity to markets beyond those where cash is traded.
定期证券借贷安排的规模引起人们开始关注，美联储在采取行动减少流动性危机的时候，却冒着很大的信贷风险。
The scale of the TSLF raises concerns that the Fed, in its attempt to reduce liquidity risk, is taking on too much credit risk.
在流动性更强的行业，关于证券的交易成本会有更详细的信息。
More liquid sectors will have more detailed information on security level transaction costs.
欧洲中央银行称，欧元区的银行在向中央银行获取流动资金时，将面临更加严格的对以资产为依托的证券作为附属担保品的评价标准。
The European Central Bank said it would tighten its rating standards for the asset-backed securities that euro-area banks use as collateral when seeking liquidity from the central bank.
许多证券缺乏流动性，且账面值还是初始的高价。
Many of these are illiquid and still booked at their original, inflated prices.
最近证券、大宗商品和其他风险性资产价格的上涨就是明显被流动性所驱动的。
Some recent rises in the prices of equities, commodities, and other risky assets is clearly liquidity-driven.
首先，解决抵押担保证券市场中的流动性问题。
First, address illiquidity in the market for mortgage-backed securities.
在证券交易方面，当市场关闭时再做交易会非常困难，并且流动资金也受限制，而其他的一些交易市场甚至没有提供这样的选择权。
Trading stocks when the markets are closed is often difficult and only offers limited liquidity, while some markets this may not even be an option.
经济衰退期间，加拿大银行削减了其基准利率(至0.25%)，注入了额外的流动资产，买下了全部的抵押借款有价证券。
During the recession the Bank of Canada cut its benchmark interest rate (to 0.25%), injected extra liquidity and bought up mortgage-backed securities.
顾名思义，证券化这一策略增加了市场的流动性，使得风险被分割出来后由最愿意的人承担。
The art of securitisation, as it is called, adds liquidity to the market and allows risks to be parcelled out to those most eager to bear them.
随着这些机构无法继续承担负担，它们不得不把抵押贷款相关证券在一个流动性不佳的市场上卖掉，进而使本已经低迷的价格进一步下跌。
As the entities couldn't bear the burden for long, they had to sell mortgage-linked securities into a hostile, illiquid market, pushing down already depressed prices.
而当投资者准备未来某时出卖手中证券的时候现今市场的流动性就会产生恶化现象，那么对于投资者来说就面临着市场流动性风险。
Since market liquidity may deteriorate when you need to sell in the future, investors face market liquidity risk as discussed above.
证券市场是一个信息流动的市场，充分的信息披露是保证证券市场效率的关键因素。
Securities market is an information mobile market, that full information disclosure is the key aspect to guarantee the securities market efficiency.
除了现金，典型的流动资产还包括短期投资，包括可交易证券、应收票据、应收账款、存货和预付费用。
In addition to cash, current assets typically include temporary investments in marketable securities, notes receivable, accounts receivable, merchandise inventory and prepaid expense.
到那时，信贷市场中的非流动性已开始影响美国国际集团已发行的对于那些次贷支持证券以外证券的保护。
By that time, the illiquidity in credit markets had begun to infect the protection AIG had written on securities other than those backed by subprime.
他说，大型金融机构的资金压力看起来已经有所减轻，并且包括抵住房抵押证券市场在内的一些市场看起来流动性更好了。
Funding pressures on large financial institutions seem to have eased somewhat, and some markets, including the market for mortgage-backed securities, appear to be more liquid, he said.
因此应收账款被划分为流动资产，在资产负债表中仪排在现金和短期有价证券之后。
Therefore, accounts receivable from customers are classified as current assets, appearing in the balance sheet immediately after cash and short-term investments in marketable securities.
做市商在多伦多证券交易所(TSX)的作用是增加流动性，同时在价格优先，时间优先的基础上保持订单驱动的连续拍卖市场。
The role of the market Maker on Toronto Stock Exchange (TSX) is to augment liquidity, while maintaining the primacy of an order-driven continuous auction market based on price-time priority.
做市商在多伦多证券交易所(TSX)的作用是增加流动性，同时在价格优先，时间优先的基础上保持订单驱动的连续拍卖市场。
The role of the market Maker on Toronto Stock Exchange (TSX) is to augment liquidity, while maintaining the primacy of an order-driven continuous auction market based on price-time priority.
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