Article 10. Taxable income derived by individuals shall include cash, physical objects and negotiable securities.

第十条个人取得的应纳税所得，包括现金、实物和有价证券。

youdao

Among potential problems with shorter settlement cycles were issues around securities lending, foreign exchange transaction and delivery of physical securities.

FORBES: Securities Settlement Cycle -- T+2 Gets Chatted Up But No Date

When looking at exchange-traded funds, one of the main platinum ETFs, the ETF Securities Physical Platinum Shares (NYSE ARCA: PPLT) has seen redemptions, too.

FORBES: FOCUS: Platinum Sees Physical Buying, But Price Outlook Is Hazy

When a trade was between customers of different firms it had to be settled by a physical transfer of paper securities.

FORBES: Occupy Wall Street - Forget Carried Interest - Here is How to Really Stick it to the Hedge Funds