首先，外界广泛报道，贝尔斯登旗下的对冲基金是在基于次级抵押贷款、评级较高的金融衍生证券上出现的亏损。
First, it has been widely reported that the Bear Stearns hedge funds lost money on highly rated derivative securities based on subprime mortgages.
虽然贝尔斯登还没有确认持有的是哪一类衍生证券，我们可以从这些基金几个月前致客户的信函中窥得一些特点。
Although Bear Stearns has not yet admitted which versions of these derivatives it held, one can glean some characteristics from letters the funds sent to investors months ago.
指买入或卖出一种衍生证券(如期权或期货)以对冲部分或全部所持其它证券风险的行为。
The purchase or sale of a derivative security (such as options or futures) in order to reduce or neutralize all or some portion of the risk of holding another security.
本文对衍生证券的定价理论进行了论述。
This paper summarizes the pricing theory of derivative securities.
准确地为金融衍生证券定价是金融交易市场规避风险的迫切需要。
To precisely price the financial derivative security is imperative necessity of avoiding the risk in the financial market.
作为一个历史悠久的美国较保守的借贷公司，它避开了最有害的房贷和其衍生证券。
Long one of America's more conservative lenders, it avoided the most noxious property loans and securities.
当市场是完备时，任意衍生证券的现值等于该证券未来收益折现值在等价鞅测度下的数学期望。
When the market is complete, the present value of any derivative security is equivalent to mathematical expectation of its underlying profit discount value under equivalent martingale measurement.
在伪蒙特卡罗模拟应用于金融衍生证券定价过程中，标准维纳过程的构造方法对模拟估计的效果具有十分重要的影响。
Methods for constructing standard Winner Process can have a very important influence on estimation result of Monte Carlo simulation in the course of pricing financial derivative securities.
对于美国次级债及其证券衍生品携带的风险，评级机构并未及时发出警告。
The ratings agencies failed to sound the alarm in time on the risks carried by U.S. subprime mortgages and the securitized and derivatives products based on them.
运营着最大期货交易市场的纽约泛欧证券交易所和美国芝加哥交易所集团正筹划着为场外信用衍生产品提供结算服务。
NYSE Euronext and CME Group, which runs the biggest futures exchange, are among those working on plans to offer over-the-counter clearing for credit derivatives.
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。
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.
不是金融衍生工具，不是抵押证券，甚至也不是工作保障，而是加密的电话线路。
Not derivatives, mortgage-backed securities or even job security. It's encrypted phone lines.
要求衍生品与合成证券进行登记简单而有效，但目前正在考虑的法案并没有纳入任何这类要求。
Requiring derivatives and synthetic securities to be registered would be simple and effective; yet the legislation currently under consideration contains no such requirement.
例如，当利息走势不好的时候，拥有大量固定利息证券和衍生产品的银行很可能会受到重挫。
A bank with a very large portfolio of fixed-interest securities and derivatives, for example, would lose a bundle if interest rates went the wrong way.
作为欧盟单一金融服务市场计划的一个重要因素，这项指令囊括了包括股票，债券和衍生工具在内的证券的批发和零售交易。
An important element of the EU's plan for a single market in financial services, the directive embraces both wholesale and retail trading in securities, including shares, bonds and derivatives.
监管者应该承担起一个任务，即了解衍生品与合成证券，如果无法充分评估它们的系统性风险，就拒绝让它们被创造出来。
It will be the task of regulators to understand derivatives and synthetic securities and refuse to allow their creation if they cannot fully evaluate their systemic risks.
国际金融公司想要管理基金，募集资本，交易证券，包括股份、债权和衍生品。
The global firms would like to manage funds, raise capital and trade securities, including shares, debt and derivatives.
这些证券可能包括股票、债券、共同基金或衍生工具如期权和期货。
These securities may include stocks, bonds, mutual funds, or derivatives such as options and futures.
这清楚地展示了衍生品与合成证券，如何被用来无中生有地创造虚有价值。
This is a clear demonstration of how derivatives and synthetic securities have been used to create imaginary value out of thin air.
包括各种权证在内，还存在着各种衍生的金融工具合约，它们与未来某天的证券价格、利率或汇率保持着某种联系。
As well as claims there are also derivative instruments-contracts relating to the prices of securities, interest rates or foreign exchange rates at some date in the future.
当披露衍生工具的持有量时，必须提供与衍生工具有关的参照证券(如有关的话)的数目、到期日及参考价。
Where holdings of derivatives are disclosed, the number of reference securities to which they relate (when relevant), the maturity date and the reference price must be given.
又比如资产支持证券的出现，就像其它金融衍生工具一样，迫使市场参与者更加重视信用风险。
For example the emergence of asset-backed securities, like other financial derivatives, forcing market participants to pay more attention to credit risk.
在传统证券业务中，佣金和服务费水平一直面临着压力，如同斯密所讲述的那样。但在结构性衍生品交易领域，情况却完全相反。
Whereas in traditional securities businesses, commissions and fees have been under pressure in a way that Smith would recognise, the opposite is true in structured derivatives trades.
衍生工具就是一种金融工具，其价值取决于基础工具的价格，比如货币、商品或有价证券。
A derivative is a financial instrument whose value depends on the price of an underlying instrument, such as currencies, commodities or securities.
许多大型银行都是金融市场的老手，包括衍生性金融产品及证券化资产市场。
Many large banking organizations are sophisticated participants in financial markets, including the markets for derivatives and securitized assets.
证券化使资产更易出售，而衍生品如果使用得当，能增加金融市场的灵活度。
Securitisation makes assets easier to sell. Derivatives, used well, increase financial flexibility.
证券化使资产更易出售，而衍生品如果使用得当，能增加金融市场的灵活度。
Securitisation makes assets easier to sell. Derivatives, used well, increase financial flexibility.
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