In the event that a stock exchange learns , when engaging in the monitoring described in the preceding paragraph , that there are situations of losses caused by mismanagement or losses resulting in deterioration of credit or sudden events , or material defects in the internal auditing operations for its members , securities brokers or securities dealers , the stock exchange shall conduct a special investigation and give proper assistance 证券交易所为前项之查察时，发现其会员或证券经纪商、证券自营商有经营不善，发生亏损信用难以维持，或遇有突发事件，或内部稽核作业有重大缺失者，应即为专案检查，并予辅导。
The influence of the application of securitiea online trading to the traditional stock swap is long and is big challenge to the securities managers " business , securities online trading is adopted widely in china , but some problems , such as thinking highly of trading and making light of service , too much repeat in this industry , the scale usually is too little , and the investment income is small , are still urgent problems that need to resolved by the securities managers 网上证券交易的应用对传统证券交易的影响是深远的，对证券经纪商的经营是个极大挑战。网上证券交易在我国得到广泛的应用，但出现的问题，如重交易轻服务、行业应用过分重复雷同、业务规模普遍偏小、投资效益低下等一直是摆在证券经纪商面前亟待解决的问题。
As to the microstructure of securities market , electronic trading mainly affects price formation mechanisms and transparency of information dissemination . as to the industrial organization arrangements , electronic trading affects the competetive enviroments among brokers , market - maker / specilaists and traditional exchanges . the fourth chapter studies the effects of electronic technologies on the liquidity of securities markets 电子交易对证券市场微观结构的影响，集中体现在价格的形成机制和交易信息的披露两大方面；电子交易对证券交易行业产业组织安排的影响，表现为随着电子交易的发展(尤其是另类交易系统的迅猛发展) ，证券经纪商、做市商专家以及传统的证券交易所开始面临全新的竞争格局。
Now , some investors have sued sd & c because of loss caused by their brokers ’ misappropriation . to answer this question , this dissertation focuses on the legal relations between investors , brokers and sd & c in stock integrate transactions , especially the legal status and risk of investors . the dissertation is divided into six chapters 本文将这些现实问题进行一定的抽象和深化,以投资者为中心对这些市场主体彼此之间的法律关系及其在证券经纪商支付不能情形下产生的主要权益冲突进行分析和论述,进而揭示投资者在整个证券集中交易法律关系结构中的地位与风险,并据此评价该法律关系结构的合理性。
In the securities business , brokers effect transactions for their customers , and finish the settlement with sd & c . if brokers misappropriate investors ’ securities to effect transactions , and then they become insolvent , do investors have the right to take back their asset from the securities settlement system or ask sd & c ( as csd ) for loss compensation 当前证券市场的一个突出问题是,证券经纪商挪用客户资产参与交易终致支付不能,在给投资者带来资产损失的同时也引发了证券结算风险,导致投资者与证券登记结算机构之间出现直接的权益冲突。
Article 11 in purchasing or selling listed or otc listed securities for the securities investment trust fund , unless otherwise provided by law , the securities investment trust enterprise shall authorize a securities broker to effect such transaction on a cash - and - delivery basis in the open securities market or otc market , and shall instruct the custodian institution to effect closing of such securities 第11条证券投资信?事业运用证券投资信?基金为上市或上柜有价证券投资，除法令另有规定外，应委?证券经纪商，在集中交易市场或证券商营业处所，为现款现货交易，并指示基金保管机构办理交割。
The other parts are as follows : chapter two analyzes the legal relations in securities registration and depository . sd & c affords investors with securities accounts , and has the authority according to the securities law and trading rules to affirm the fact that some investor has the entitlement to securities in his account 第三章以国债回购交易为例勾勒了无纸化证券集中交易的程序和模式,并对参与交易的主要市场主体即证券登记结算机构、证券经纪商与投资者彼此之间的法律关系进行了深入分析。
