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.
IKB可能仅仅是个案，但许多德国银行，尤其是批发银行，已被引流分化为信贷资产证券，哪怕他们否认存在太多的次级部分。
IKB may be a special case, but many German Banks, particularly the wholesale Landesbanks, have been tempted to diversify into CDOs, though they deny much subprime exposure.
摩根大通和苏格兰皇家银行准备放掉各自在熊士坦证券和荷兰银行批发业务部门(wholesale arm不知道有没有翻对)的员工。
JPMorgan Chase and Royal Bank of Scotland are set to shed jobs at Bear Stearns and ABN AMRO's wholesale arm respectively.
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