Ytlx19th johnson co . ny estabd 1963 capital usd 1 200 000 biz wholesale reliable in dealg wz us , tho accounts settlmt some times late . sug large trans by lc . rgs 你们19日电传收悉。纽约的约翰逊公司成立于1963年，注册资本120万美元，经营批发业务，在与我们的业务往来中很可靠，但有时结账稍迟。建议大宗交易凭信用证支付。谨致问候。
Every 10 thousand earnings appear in fund a large amount of trading or redemptive when , change the most apparently , and an average that changing yield nearly 7 days years is circumstance of beneficial of 7 days of adduction 每万份收益在基金出现大宗交易或者赎回的时候，变化得最明显，而近7日年化收益率则是7日内收益情况的一个平均值。
We can draw these conclusions through the analysis in the article : ( 1 ) the conflict between profitability and liquidity is the root of open - end funds liquidity risk ( 2 ) the security market in china is still developing with lots of speculators ( 3 ) the continious and stable development of security market is the precondition of open - end fund . most of open - end funds are in the type of stock , whose performance depends on stock market ( 4 ) so far , the merchanics in terms of block trade , processing trade , as well as derivatives of short sales and risk - hedging is still in progress , which restrict fund managers ' competence to control risk and increase their stress in dealing with liquidity risk ( 3 )证券市场持续稳定地发展是开放式基金得以长足发展的保障。现有的开放式基金绝大多数是股票型基金，其业绩依赖于股市向好，进而影响投资者是否持有基金的抉择。 ( 4 )目前我国证券市场在关于大宗交易、程序化交易、做空机制和规避风险的金融工具等方面的制度尚不健全，制约了基金管理人控制风险的能力，也加大了其面对流动性风险的压力。
By anaiyzing the attributes and mechanisms of the trading in the innovating stock market and 1 delineating the relationship between the target device of the securities trading system and the reguiation of the securities trading , the author held the view that that the measures of the regulation of the trading are means by which the conflict between twets of securities trading mechanisms can be coordinated and resolved 作者认为，交易监管措施是协调证券交易机制目标之间冲突的手段。最后，作者分别对各项交易监管措施如对做市商的监管、对电子通讯网络( ecns )的监管、对卖空交易的监管、对大宗交易的监管、市场稳定措施以及电子交易监管等进行了全面而系统的研究。
Further more , this paper expatiates a series of aspects of measures theoretically and empirically , aiming to bring forth a positive and effective preventive mechanism , in order to control manipulation at its initial stages . besides , the system of the chinese market manipulation ' s civil liabilities is far from enough to protect the investors " interests . therefore , this paper discusses constructive conditions and the methods for improving civil liabilities and class action procedure of manipulation 并且，笔者结合理论和实证两个层面论证了随着证券市场的变化，需要从信息披露、大宗交易、持股预警披露、基金行为规范以及中介机构和上市公司的操守责任几个方面着手，构建积极有效的证券预防机制，将市场操纵行为遏制在初期阶段，将其可能造成的损害降到最低限度；同时，构建完善的民事赔偿责任制度，亦是惩戒市场操纵行为人、保护投资者合法权益、维护证券市场有序运转的必由之路。
