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In 1908 the Dock Board was authorized to issue negotiable bonds for the improvement of port facilities.
1908年港务局获得授权，可以发行可转让债权以改善码头设施。
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Some market makers, called authorized participants (APs), are allowed to interchange ETF shares for their underlying securities, corporate bonds in this case.
FORBES: Why We Don't Buy Corporate Bond ETFs
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