(4) Deposit banks, designated commercial banks, asset management agencies, security exchanges, securities registration and clearing agencies of a securities firm

Self run securities accounts of the securities firm should be submitted to the stock exchange for filing within 3 trading days of account opening.

a transaction involving securities

Securities account opened by the securities firm for securities assets management customer should be submitted to stock exchange for filing within 3 trading days.

Article 76 A securities firm shall undertake real time monitoring on trading behaviors of its self operation accounts and portfolio management accounts.

36. The Bermuda Stock Exchange celebrated 26 years of securities trading in Bermuda during 1997.

Article 48 Securities lending and borrowing referred to in this article means that in the securities trading at the stock exchange or other securities trading places that have been approved by the State Council, securities firms lend capital or securities to customers for them to buy or sell securities based on the corresponding collaterals provided by the customers.

Securities brokers shall not handle securities subscription or trading for customers.

(3) Where a securities firm does not report its security self operation accounts or portfolio accounts of its clients to a security exchange for file according to provisions

1 Customers purchase of securities, settlement of securities trading or customers withdrawal

The designated commercial bank shall sign a customer trading settlement funds custody contract with the securities firm and its customer, setting forth matters such as the deposit and withdrawal, transfer and enquiries of the trading settlement funds, and shall open a general account of customer trading settlement funds for the securities firm according to the requirements of net amount settlement and delivery versus payment of securities trading.

Article 80 Where a securities firm entices its clients to conduct unnecessary security trading or uses assets of its clients to take unnecessary security trading in its dealing with portfolio management business, it shall be punished according to the provisions prescribed in Article 210 of the Securities Law of the People s Republic of China.

Fees on securities lending and reversible gold transactions

(4) Where any securities broker accepts entrustments of clients to handle such issues as securities subscription and trading.

This company is listed on the Paris stock exchange.

Article 5 By obeying national regulations, securities firms can issue, trade and sell securities financial products.

This imported statement contains investment transactions with no security. These transactions will be ignored.

(k) Financial contract means any spot, forward, future, option or swap transaction involving interest rates, commodities, currencies, equities, bonds, indices or any other financial instrument, any repurchase or securities lending transaction, and any other transaction similar to any transaction referred to above entered into in financial markets and any combination of the transactions mentioned above

The types of securities that can be lent to the customer by the securities firm and can be bought with the funds lent to the customer by the securities firm, the types and coefficient of the securities that can be used as deposit, the time limit for securities lending and borrowing, the minimum guarantee maintenance ratio and the time limit for making up the difference shall be determined by the stock exchange.

3 Engage in unnecessary securities trade by using customer s assets

Traded loans (borderline between securities and other financial instruments)

The deposit given by the customer, all the securities that have been purchased through securities lending and borrowing, and all the funds from the sales of securities are collaterals to the securities firm, and shall be deposit to the customer securities guarantee account or the customer funds guarantee account and credited to the customer s credit granting account.

Even the New York Stock Exchange was affected for a time.

Article 57 Where a securities firm carries out securities brokerage business, its customer s trading settlement funds shall be deposit in the designated commercial bank, and shall be managed separately in the name of each customer.

This settlement agreement on securities fraud charge released by the U.S. Securities and Exchange Commission (SEC) on Saturday would make investors relieved.

4 Trade between self run securities account and securities assets management account, or among different securities assets management accounts, and has no sufficient evidence proving that it has legally realized effective separation

(7) As regards reserve repo securities, it is required to make disclosure of the beginning balance, ending balance and the agreed reserve repo price at maturity of reserve repo securities at each trading place.

2 Customers payment of commission, expenses or taxes related to the securities trading

Article 32 A securities firm should establish information inquiring system to ensure customers inquiring entrustment record, trading record, securities and balance during business hours of the securities firm, as well as other information such as name, practice license of the business operator and securities broker of the securities firm, certificate number of securities broker, etc.

(3) Where a securities firm, an asset management agency, a securities registration and clearing agency use trading settlement funds, trust funds and funds and securities in secured accounts of clients in violation of provisions

The newest addition to the range of financial services was the Cayman Islands Stock Exchange, which opened on 2 January 1997.

Article 82 Where a securities firm conducts trading between its security self operation accounts and portfolio management accounts, or between different portfolio management accounts, and has no sufficient evidences to prove effective separation of these accounts is realized according to laws, it shall be punished according to the provisions prescribed in Article 220 of the Securities Law of the People s Republic of China.

After the listed company finishes the aforesaid public announcement and report, it can complete the securities registration formalities at the stock exchange and the securities registration and clearing company for the specified parties that have purchased the shares.

If the listed company and the dealing party retain securities service organs, they shall sign confidentiality agreement with the securities service organs immediately.

Article 30 Before the securities firm signs securities dealing entrustment, securities assets management, capital and securities financing contracts with customers, it should appoint specialist to introduce business rule and contract content to customers and let customer sign and confirm on risk disclosure letter.

Article 16 After the listed company signs the contract with the securities service organ, it shall not change the securities service organ without a legitimate reason.

A domestic brokerage analyst said that the Orient Securities in Hong Kong did not enjoy a good foundation. Only its capital management business is its strength. It has many inherent problems compared with Bank of China International and CITIC Securities, etc.

The hearings also led to passage of the Securities Act of 1933 and the Securities Exchange Act of 1934. Securities issuers and traders were required to release more information, and were subjected to higher transparency standards.

PARIS In the early phases of the financial crisis, it was fashionable to argue that the United States system of regulation needed a fundamental structural overhaul. Differences of opinion between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) had obstructed effective oversight of investment banks and derivatives trading (only the US believes that it makes sense to regulate securities and derivatives separately).

Bermuda is implementing a strategic plan to turn the Stock Exchange into a modern, fully electronic offshore exchange.

Early in 2005, the Government will analyse the feasibility of establishing an electronic stock exchange on St. Croix.

Securities can be used as the deposit.

It may be worth the effort to explore the possibility of establishing common subregional trading platforms under which local exchanges join forces to develop a trading and clearing system that allows investors to trade securities on a regional basis.

The decrease of transaction settlement fund balance in the securities market in July was smaller than that in June, while the net bank securities transfers stood at negative RMB 66.6 billion.

B. Business transaction or course of dealing