Several exchanges notched gains of more than 20 percent, and among Asia's major markets, only Japan and New Zealand ended the year with losses.

几个证券交易所涨幅都超过20%，在亚洲主要市场上，只有日本和新西兰股指下跌。

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Realizing the gains from a world of specialization requires occupational and territorial specialization on an unprecedented scale and in consequence the number of exchanges grows exponentially.

要从一个高度专业化的世界中有所斩获就要求职业和区域的高度专业化，由此带来的是交流的指数增长。

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Global markets rallied after Abu Dhabis move, with the biggest gains seen on the Dubai and Abu Dhabi exchanges, which jumped 10.4 per cent and 7.9 per cent respectively.

阿布扎比的救援举措宣布后，全球市场止跌回升。迪拜和阿布扎比股市涨幅最大，分别跃升10.4%和7.9%。

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But since exchanges are not subject to capital gains taxes, it is reasonable that they would not be included.

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The tax treatment on gains and losses is the same for both exchanges: 60% long-term, 40% short-term.

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Asian exchanges were mostly higher on the back of U.S. gains, with Japan's Nikkei Stock Average surging 2.4% to close at a 12-month high.

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