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Securities 证券

Securities  证 券

 

A security or financial instrument is a tradable asset of any kind. Securities are broadly categorized into:

证券或金融工具是一种可以交易的任何资产。证券大致上可分为:

  • debt securities (such as banknotes, bonds and debentures),
  • equity securities, e.g., common stocks; and,
  • derivative contracts, such as forwards, futures, options and swaps.
  • 债务证券 (如钞票,债券和债权证),
  • 股权证券,例如普通股票;以及
  • 衍生品合约,有远期,期货,期权和掉期。

The company or other entity issuing the security is called the issuer. A country’s regulatory structure determines what qualifies as a security. For example, private investment pools may have some features of securities, but they may not be registered or regulated as such if they meet various restrictions.

公司或其他发行证券的个体就叫做发行人。一个国家的监管结构决定了证券的资格,比如说,私人投资池或许会有一些证券的特点,但是他们可能不注册或不受监管,除非他们符合一些管制要求。

Securities may be represented by a certificate or, more typically, “non-certificated”, that is in electronic or “book entry” only form. Certificates may be bearer, meaning they entitle the holder to rights under the security merely by holding the security, or registered, meaning they entitle the holder to rights only if he appears on a security register maintained by the issuer or an intermediary. They include shares of corporate stock or mutual funds, bonds issued by corporations or governmental agencies, stock options or other options, limited partnership units, and various other formal investment instruments that are negotiable and fungible.

证券的形式可以是一纸证书,或者是更典型的“无凭证”,就只是电子或“帐面纪录”的形式。证书可以是相等于(不记名)持票人,意思就是只需持有证券的证书就等于持有该证券的股权;也可以是注册记名的,意思是说如果持有人能出现在发行人或中介机构掌管的证券登记处就算是拥有证券的权益。这些证券包括公司股票或共同基金,企业或政府机构发行的债券,股票期权或其他期权,有限合伙单位以及其他可转让可互换对销的正规投资工具。

 

Contents  目录

1. Classification  分类

1.1 New capital  新资本

1.2 Repackaging  重新包装

1.3 Type of holder  持有人类型

1.3.1 Investment  投资

1.3.2 Collateral  抵押品

2. Debt and equity  债务与股权

2.1 Debt  债务

2.2 Equity  股权

2.3 Hybrid  混合

3. The securities markets  证券市场

3.1 Primary and secondary market  初级与二级市场

3.2 Public offer and private placement  公开招股和私募配售

3.3 Listing and OTC dealing  上市与场外交易

3.4 Market  市场

4. Physical nature of securities  证券的实体本质

4.1 Certificated securities  凭证证券

4.2 DRS securities  直接登记系统证券

4.2.1 Bearer securities  不记名证券

4.2.2 Registered securities  记名证券

4.3 Non-certificated securities and global certificates

无凭证证券和全球通用凭证

4.3.1 Non-certificated securities  无凭证证券

4.3.2 Global certificates, book entry interests, depositories

全球通用凭证,帐纪录利益,存管处

4.3.3 Other depositories: Euroclear and Clearstream

其他存管处:欧洲结算系统与结算流

4.4 Divided and undivided security  已分与未分证券

4.5 Fungible and non-fungible security  可互换与不可互换证券

5. Regulation  监管

6. See also  另见

7. Notes  注

8. Glossaries  术语录

 

Classification  分类

Securities may be classified according to many categories or classification systems:

证券可以根据许多类别或级别系统来分类:

  • Currency of denomination
  • Ownership rights
  • Terms to maturity
  • Degree of liquidity
  • Income payments
  • Tax treatment
  • Credit rating
  • Industrial sector or “industry”. (“Sector” often refers to a higher level or broader category, such as Consumer Discretionary, whereas “industry” often refers to a lower level classification, such as Consumer Appliances. See Industry for a discussion of some classification systems.)
  • Region or country (such as country of incorporation, country of principal sales/market of its products or services, or country in which the principal securities exchange where it trades is located)
  • Market capitalization
  • State (typically for municipal or “tax-free” bonds in the U.S.)
  • 货币面值
  • 所有权
  • 期满期限
  • 套现程度
  • 收入支付
  • 税务处理
  • 信贷评级
  • 行业业界或“行业”(“业界”通常都指更高水平或更广泛的范畴,如“非必需消费品”,而“行业”通常都指较低层次的级别,如“家用电器”。见“行业”一文讨论的一些级别系统)
  • 区域或国家 (如公司注册国,产品与服务的原销售/市场国,或者原证券在交易所买卖的国家)
  • 市值
  • 州 (典型如美国的市政府或“免税”债券)

New capital  新资本

Securities are the traditional way that commercial enterprises raise new capital. These may be an attractive alternative to bank loans depending on their pricing and market demand for particular characteristics. Another disadvantage of bank loans as a source of financing is that the bank may seek a measure of protection against default by the borrower via extensive financial covenants. Through securities, capital is provided by investors who purchase the securities upon their initial issuance. In a similar way, a government may issue securities to when it needs to increase government debt.

证券是商业企业筹集新资本的传统做法,这些证券比起银行贷款更有吸引力,要看证券的定价与市场对某些特质的需求。银行贷款这个融资源的坏处是,银行为了保护自己避免借款人违约而附加一些融资契约。证券的资金是由投资者在首次发行时购买证券筹集而来,同样的,政府在需要举债时也可以发行证券来增加国库的钱。

Repackaging  重新包装

In recent decades, securities have been issued to repackage existing assets. In a traditional securitization, a financial institution may wish to remove assets from its balance sheet to achieve regulatory capital efficiencies (the informal ratio of output divided by capital expenditure) or to accelerate its receipt of cash flow from the original assets. Alternatively, an intermediary may wish to make a profit by acquiring financial assets and repackaging them in a way more attractive to investors. In other words, a basket of assets is typically contributed or placed into a separate legal entity such as a trust or SPV, which subsequently issues shares of equity interest to investors. This allows the sponsor entity to more easily raise capital for these assets as opposed to finding buyers to purchase directly such assets.

最近几十年来,人们都发行证券来重新包装现有资产。传统的证券化做法是金融机构可以把资产移出资产负债表达致监管资本的效率(销项除以资本开支的非正式比例)或者加速从现有资产中收取现金。另一方面,中介机构也可以收购金融资产重新包装到能够吸引投资者们投资去赚钱。换句话说,一篮子资产通常都会献出或置放在分隔开来的法人个体如信托或特定目的载具(SPV),再发行权益的股份给投资者。这么做的话,赞助个体可以更轻易地为这些资产凑集资金,相对于到处找买家直接购买这些资产。

Type of holder  持有人类型

Investors in securities may be retail, i.e. members of the public investing other than by way of business. The greatest part of investment, in terms of volume, is wholesale, i.e. by financial institutions acting on their own account, or on behalf of clients. Important institutional investors include investment banks, insurance companies, pension funds and other managed funds.

证券的投资者可以是零售散户,也就是公众的个人投资而不是商家的名义。投资的绝大部分,以量来算是批发的,也就是金融机构用自己的钱或代替客户群去投资。主要的机构投资者包括投资银行,保险公司,养老基金和其他管理基金。

Investment  投资

The traditional economic function of the purchase of securities is investment, with the view to receiving income and/or achieving capital gain. Debt securities generally offer a higher rate of interest than bank deposits, and equities may offer the prospect of capital growth. Equity investment may also offer control of the business of the issuer. Debt holdings may also offer some measure of control to the investor if the company is a fledgling start-up or an old giant undergoing ‘restructuring’. In these cases, if interest payments are missed, the creditors may take control of the company and liquidate it to recover some of their investment.

购买证券的传统经济功能就是投资来获取收入亦或得到资本收益。债务证券的利息通常都比银行存款来得高,而且股权也可能提供资金增长的前景,股权投资或许还可以控制发行人的商务。如果公司只是刚起步的新手或进行“重组”的老巨头,持有债权也提供投资者一些控制公司的途径。在这些情况下,如果拖欠利息没还,债权人可以取得公司的控制权,然后变现去收回一些他们的投资。

Collateral  抵押品

The last decade has seen an enormous growth in the use of securities as collateral. Purchasing securities with borrowed money secured by other securities or cash itself is called “buying on margin”. Where A is owed a debt or other obligation by B, A may require B to deliver property rights in securities to A, either at inception (transfer of title) or only in default (non-transfer-of-title institutional). For institutional loans, property rights are not transferred but nevertheless enable A to satisfy its claims in the event that B fails to make good on its obligations to A or otherwise becomes insolvent. Collateral arrangements are divided into two broad categories, namely security interests and outright collateral transfers. Commonly, commercial banks, investment banks, government agencies and other institutional investors such as mutual funds are significant collateral takers as well as providers. In addition, private parties may utilize stocks or other securities as collateral for portfolio loans in securities lending scenarios.

过去十年拿证券当抵押品的做法很风行,用其他证券担保借钱或者用现金去买证券就叫做“保证金买入”。如果B欠A的债或者欠其他证券,A可以要求B转交证券的产权给A,不是在起始日(产权转让)时就是在违约(机构的非产权转让)的时候。机构贷款的产权虽然不会转让,但还是让A可以在B无法履行对A的承诺或者无力偿债时申索成功。抵押安排可分为两大类,就是证券利益与直接转移抵押品。普遍的是,商业银行,投资银行,政府机构和其他机构投资者如共同基金都是主要的承押人也是抵押人。此外,私户方可以拿股票或其他证券当投资组合的抵押品去借贷证券。

On the consumer level, loans against securities have grown into three distinct groups over the last decade:

1) Standard Institutional Loans, generally offering low loan-to-value with very strict call and coverage regimens, akin to standard margin loans;

2) Transfer-of-Title (ToT) Loans, typically provided by private parties where borrower ownership is completely extinguished save for the rights provided in the loan contract; and

3) Non-Transfer-of-Title Credit Line facilities where shares are not sold and they serve as assets in a standard lien-type line of cash credit.

Of the three, transfer-of-title loans have fallen into the very high-risk category as the number of providers has dwindled as regulators have launched an industry-wide crackdown on transfer-of-title structures where the private lender may sell or sell short the securities to fund the loan. (See sell short). Institutionally managed consumer securities-based loans, on the other hand, draw loan funds from the financial resources of the lending institution, not from the sale of the securities.

对消费者来说,过去三十年的证券贷款已经成长为三大类:

1)标准机构贷款,通常都提供低贷款与估值比率,有严格的追讨与权益保障规则,类似标准的保证金贷款;

2)产权转让(ToT)贷款,典型的是由私户方提供,借款人的产权拥有权完全转手,只剩下贷款合同里注明的权益,以及

3)非产权转让信贷额度融资工具,不卖股票,只当成是标准留置权类现金信贷额的资产。

这三种里面的产权转让贷款是高风险类,由于私家贷款人可以卖或卖空证券来资助贷款,监管机构就对这类贷款展开全面的的打压,导致供应户大量减少。(见“卖空”一文)。机构管理的消费者证券贷款在另一方面也从贷款机构的金融资源吸收贷款资金,而不是卖证券去得到资金。

 

Debt and equity  债务与股权

Securities are traditionally divided into debt securities and equities (see also derivatives).

传统的证券可分为债务证券和股权两种(另见衍生品一文)。

Debt  债务

Debt securities may be called debentures, bonds, deposits, notes or commercial paper depending on their maturity and certain other characteristics. The holder of a debt security is typically entitled to the payment of principal and interest, together with other contractual rights under the terms of the issue, such as the right to receive certain information. Debt securities are generally issued for a fixed term and redeemable by the issuer at the end of that term. Debt securities may be protected by collateral or may be unsecured, and, if they are unsecured, may be contractually “senior” to other unsecured debt meaning their holders would have a priority in a bankruptcy of the issuer. Debt that is not senior is “subordinated”.

债务证券业可以称作债权证,债券,存管券,票据或商业本票,根据各自的履约期和其他特定的特征而定。债务证券持有人通常都有权收取本金加利息,加上发行条款赋予的其他合约权利如获取某些讯息的权限。一般的债务证券都以固定期限发行,发行人可以在期满时赎回。债务证券可以有抵押品的保障或者不保障,如果是不担保的,可以立约比其他不担保债务“上级”,意思是说债权人在发行人破产时有申索的优先权,不是上级的债务就是“次级”的。

Corporate bonds represent the debt of commercial or industrial entities. Debentures have a long maturity, typically at least ten years, whereas notes have a shorter maturity. Commercial paper is a simple form of debt security that essentially represents a post-dated check with a maturity of not more than 270 days.

企业债券是工商个体的债务,债券证的履约期长,典型的至少十年,票据的履约期就短。商业本票是简单的证券债务,最基本的就是兑现期不超过270天的远期支票(期票)。

Money market instruments are short term debt instruments that may have characteristics of deposit accounts, such as certificates of deposit, Accelerated Return Notes (ARN), and certain bills of exchange. They are highly liquid and are sometimes referred to as “near cash”. Commercial paper is also often highly liquid.

货币市场的工具就是短期债务的工具,会有一些存款账户的特点,例如存单,加速回报票(ARN)以及某些汇票,都很容易变现(高度流通),也称为“准货币”(类现金)。商业本票也都是高度流通的。

Euro debt securities are securities issued internationally outside their domestic market in a denomination different from that of the issuer’s domicile. They include eurobonds and euronotes. Eurobonds are characteristically underwritten, and not secured, and interest is paid gross. A euronote may take the form of euro-commercial paper (ECP) or euro-certificates of deposit.

欧债证券是在他们的国内市场外在国际间发行的证券,面值跟发行人的注册地不同。欧洲债券的特点是承销但不担保,利息以毛额(总计)来算。欧洲票据的形式可以是欧洲商业票据(ECP)或欧洲存单。

Government bonds are medium or long term debt securities issued by sovereign governments or their agencies. Typically they carry a lower rate of interest than corporate bonds, and serve as a source of finance for governments. U.S. federal government bonds are called treasuries. Because of their liquidity and perceived low risk, treasuries are used to manage the money supply in the open market operations of non-US central banks.

政府债券是中长期的债务证券,由主权政府或其附属机构发行,一般上,利息都比企业债券还低,被政府当成是融资来源之一。美国联邦政府的债券也叫国库券(国债),由于容易变现,被认为风险低,国库券就用来控制在非美国央行的公开市场上运作的的货币供应。

Sub-sovereign government bonds, known in the U.S. as municipal bonds, represent the debt of state, provincial, territorial, municipal or other governmental units other than sovereign governments.

次主权政府债券在美国通称为市政债券,是除了主权政府以外,属于州,省,领地,市政府以及其他政府单位的债务。

Supranational bonds represent the debt of international organizations such as the World Bank, the International Monetary Fund, regional multilateral development banks and others.

超国家债券就是国际机构的债务,例如世界银行,国际货币基金组织,区域多边开发银行及其他。

Equity  股权

An equity security is a share of equity interest in an entity such as the capital stock of a company, trust or partnership. The most common form of equity interest is common stock, although preferred equity is also a form of capital stock. The holder of an equity is a shareholder, owning a share, or fractional part of the issuer. Unlike debt securities, which typically require regular payments (interest) to the holder, equity securities are not entitled to any payment. In bankruptcy, they share only in the residual interest of the issuer after all obligations have been paid out to creditors. However, equity generally entitles the holder to a pro rata portion of control of the company, meaning that a holder of a majority of the equity is usually entitled to control the issuer. Equity also enjoys the right to profits and capital gain, whereas holders of debt securities receive only interest and repayment of principal regardless of how well the issuer performs financially. Furthermore, debt securities do not have voting rights outside of bankruptcy. In other words, equity holders are entitled to the “upside” of the business and to control the business.

股权债券是某个个体的股权利益(权益)的股份,例如一家公司,信托或合伙关系的股本,最普遍的权益就是普通股,虽然优先股权也是一种股本。股权持有人就是股东,拥有股份或发行人的部分股份。跟债务证券不同的是,这种证券通常都要定期支付(利息)给持有人,而债务证券就没有这种权益。破产时,他们只能分到到发行人履约清还欠债权人的所有债务后的剩余利益。不过,股权也赋予持有人按比例控制公司的权益,也就是说股权的大户通常都有权控制发行人。股权也享有利润与资本收益的利益,而债务证券持有人只能收取本金加利息,不论发行人的财务业绩表现如何。此外,债务证券在公司破产后没有投票权,换句话说,股权持有人享有“上行”的业务以及控制运作中的业务。

Hybrid  混合型

Hybrid securities combine some of the characteristics of both debt and equity securities.

混合证券结合了债务和股权证券的一些特点。

Preference shares form an intermediate class of security between equities and debt. If the issuer is liquidated, they carry the right to receive interest and/or a return of capital in priority to ordinary shareholders. However, from a legal perspective, they are capital stock and therefore may entitle holders to some degree of control depending on whether they contain voting rights.

优先股形成了介于股权和债务之间的一种中间级别的证券。如果发行人被清盘,这类证券有权比普通股东优先分到利息亦或资本回报,然而,从法律观点来看,它们是股本,持有人就有权控制到某个程度,要看是否有附投票权。

Convertibles are bonds or preferred stock that can be converted, at the election of the holder of the convertibles, into the common stock of the issuing company. The convertibility, however, may be forced if the convertible is a callable bond, and the issuer calls the bond. The bondholder has about 1 month to convert it, or the company will call the bond by giving the holder the call price, which may be less than the value of the converted stock. This is referred to as a forced conversion.

可兑换品是可以转换的债券或优先股,从可兑换品持有人手上转换成发行公司的普通股。不过,如果是可召回的可兑换品,发行人也召回债券,可兑换性可能是强行的。债券持有人有大约一个月时间可以兑换,或者该公司会开出召回价给持有人去召回债券,价格可以少过兑换股票的价值,这就是所谓的强行转换。

Equity warrants are options issued by the company that allow the holder of the warrant to purchase a specific number of shares at a specified price within a specified time. They are often issued together with bonds or existing equities, and are, sometimes, detachable from them and separately tradable. When the holder of the warrant exercises it, he pays the money directly to the company, and the company issues new shares to the holder.

股权认股权证是公司发行的期权,权证持有人可以用指定价格在指定时间内购买一定数量的股份,通常都跟债券或现有股权一起发行,有时候也分隔出来另行买卖。当权证持有人行使期权,就直接付钱给该公司,该公司就发行新股给持有人。

Warrants, like other convertible securities, increases the number of shares outstanding, and are always accounted for in financial reports as fully diluted earnings per share, which assumes that all warrants and convertibles will be exercised.

权证也跟其他可兑换证券一样会增加流通股份的数量,一直都会在财务报告中审计为全面摊薄每股盈利,假设全部权证和可兑换品都完成交易。

 

The securities markets  证券市场

Primary and secondary market  初级与二级市场

Public securities markets are either primary or secondary markets. In the primary market, the money for the securities is received by the issuer of the securities from investors, typically in an initial public offering (IPO). In the secondary market, the securities are simply assets held by one investor selling them to another investor, with the money going from one investor to the other.

公共证券市场不是初级市场就是二级市场。在初级市场中,证券的钱是由证券发行人向投资者收取,在首次公开招股(IPO)时更是如此。在二级市场中,证券就只是一名投资者所持有的资产卖给另一名投资者,一名投资者交钱给另一名投资者。

An initial public offering is when a company issues public stock newly to investors, called an “IPO” for short. A company can later issue more new shares, or issue shares that have been previously registered in a shelf registration. These later new issues are also sold in the primary market, but they are not considered to be an IPO but are often called a “secondary offering”. Issuers usually retain investment banks to assist them in administering the IPO, obtaining SEC (or other regulatory body) approval of the offering filing, and selling the new issue. When the investment bank buys the entire new issue from the issuer at a discount to resell it at a mark-up, it is called a firm commitment underwriting. However, if the investment bank considers the risk too great for an underwriting, it may only assent to a best effort agreement, where the investment bank will simply do its best to sell the new issue.

首次公开招股是一家公司公开发行新股给投资者,简称IPO。过后这家公司还可以再发行更多新股,或者发行之前缓行注册的股份,这些随后而来的新股也在初级市场上出售,但不算是IPO,通称为“二级发行”。发行人通常都会委任投资银行协助他们处理IPO的行政工作,招股书获得证券管理委员会(SEC或其他监管机构)的批准,才能发售新股。投资银行跟发行人以折价买下所有新发行股份再加码转售的做法就叫做承诺包销。然而,如果投资银行认为包销的风险太大,就可能只接受尽力承销协议,投资银行就只是努力销售新发行股份罢了。

For the primary market to thrive, there must be a secondary market, or aftermarket that provides liquidity for the investment security—where holders of securities can sell them to other investors for cash. Otherwise, few people would purchase primary issues, and, thus, companies and governments would be restricted in raising equity capital (money) for their operations. Organized exchanges constitute the main secondary markets. Many smaller issues and most debt securities trade in the decentralized, dealer-based over-the-counter markets.

初级市场要蓬勃发展就少不了二级市场,或者盘後交易市场,提供投资证券的流通性,证券持有人可以卖给其他投资者换取现金,否则很少人要买初次发行的股份,这样的话,公司和政府要筹集股权资本来资助业务就会很局限。有组织的交易活动构成了主要的二级市场,众多较小型的发行以及大部分的债务证券都是分化的,在以经销商为主的场外交易市场里买卖。

In Europe, the principal trade organization for securities dealers is the International Capital Market Association. In the U.S., the principal trade organization for securities dealers is the Securities Industry and Financial Markets Association, which is the result of the merger of the Securities Industry Association and the Bond Market Association. The Financial Information Services Division of the Software and Information Industry Association (FISD/SIIA) represents a round-table of market data industry firms, referring to them as Consumers, Exchanges, and Vendors.In india the equivalent organisation is the securities exchange board of india(SEBI).

欧洲的主要证券经销商们的交易机构就是国际资本市场协会。美国的证券经销商们的交易机构是证券业与金融市场协会,是证券业协会和债券市场协会合并的结果。软件与信息产业协会的金融信息服务部(FISD/SIIA)是市场数据业者们的圆桌组织,业者们有消费者,交易所和供应商。印度的相等机构是印度证券交易局(SEBI)。

Public offer and private placement  公开招股与私募配售

In the primary markets, securities may be offered to the public in a public offer. Alternatively, they may be offered privately to a limited number of qualified persons in a private placement. Sometimes a combination of the two is used. The distinction between the two is important to securities regulation and company law. Privately placed securities are not publicly tradable and may only be bought and sold by sophisticated qualified investors. As a result, the secondary market is not nearly as liquid as it is for public (registered) securities.

证券可以在初级市场上公开招股卖给公众,或者也可以私下招募只卖给限量的合格人士,有时候也会两者兼行。这两者的差别在证券监管规则与公司法中是重点。私募证券不公开交易,只限经验老到合格的投资者去买卖,结果二级市场就不像公共(记名)证券那么流通。

Another category, sovereign bonds, is generally sold by auction to a specialized class of dealers.

另一个类别的主权债券通常都是通过拍卖方式卖给专业级别的经销商们。

Listing and OTC dealing  上市与场外交易

Securities are often listed in a stock exchange, an organized and officially recognized market on which securities can be bought and sold. Issuers may seek listings for their securities to attract investors, by ensuring there is a liquid and regulated market that investors can buy and sell securities in.

证券都在交易所挂牌,这是个有组织和官方认可买卖证券的市场。发行人要挂牌卖证券以便吸引投资者,确保这个投资者们买卖证券的市场流通也受到监管。

Growth in informal electronic trading systems has challenged the traditional business of stock exchanges. Large volumes of securities are also bought and sold “over the counter” (OTC). OTC dealing involves buyers and sellers dealing with each other by telephone or electronically on the basis of prices that are displayed electronically, usually by commercial information vendors such as SuperDerivatives, Reuters and Bloomberg.

非正式电子交易系统的成长挑战了传统的交易所经营方式,大量的证券也可以在“场外”(OTC柜台)交易。OTC交易就是买家和卖家用电话或电子报价在电子平台上交易,一般上都由商业信息供应商经营,例如超级衍生品,路透社和彭博社。

There are also eurosecurities, which are securities that are issued outside their domestic market into more than one jurisdiction. They are generally listed on the Luxembourg Stock Exchange or admitted to listing in London. The reasons for listing eurobonds include regulatory and tax considerations, as well as the investment restrictions.

还有欧洲证券,在他们的国内市场外超过一个法律管制区发行,通常都在卢森堡交易所或者伦敦交易所挂牌上市。欧洲债券挂牌的理由有考虑到监管与税务的条件,还有投资的限制。

Market  市场

London is the centre of the eurosecurities markets. There was a huge rise in the eurosecurities market in London in the early 1980s. Settlement of trades in eurosecurities is currently effected through two European computerized clearing/depositories called Euroclear (in Belgium) and Clearstream (formerly Cedelbank) in Luxembourg.

伦敦是欧洲债券市场的中心,在80年代初期伦敦的欧洲债券市场大量兴起。目前的欧洲证券交易结算是通过欧洲两家电脑化结算/存托处进行,称为欧洲结算系统(在比利时)以及位于卢森堡的欧洲结算流系统(前身为Cedelbank–世达库:世达国际结算系统或欧洲货币市场结算系统)。

The main market for Eurobonds is the EuroMTS, owned by Borsa Italiana and Euronext. There are ramp up market in Emergent countries, but it is growing slowly.

欧洲债券的主要市场是米兰股票交易所(Borsa Italiana)和泛欧交易所(Euronext)拥有的欧洲做股(预估供股应市)(EuroMTS),这是一个新兴国家的爬升市场,但成长速度缓慢。

 

Physical nature of securities  证券的实体本质

Certificated securities  凭证证券

Securities that are represented in paper (physical) form are called certificated securities. They may be bearer or registered.

证券的纸张(实体)形式就叫做凭证证券,可以是不记名(持票)或记名(注册)的。

DRS securities  直接登记系统(DRS)证券

Securities may also be held in the Direct Registration System (DRS), which is a method of recording shares of stock in book-entry form. Book-entry means the company’s transfer agent maintains the shares on the owner’s behalf without the need for physical share certificates. Shares held in un-certificated book-entry form have the same rights and privileges as shares held in certificated form.

证券业可以借由直接登记系统(DRS)去持有,这是一种在帐面上纪录股票股份的方法,帐面纪录是公司的转让代理代替证券拥有人保管股票的做法,不需要实体的股票证书。不登记账面纪录的股份跟记名(注册)股票一样享有同样的权益。

Bearer securities  不记名证券

Bearer securities are completely negotiable and entitle the holder to the rights under the security (e.g. to payment if it is a debt security, and voting if it is an equity security). They are transferred by delivering the instrument from person to person. In some cases, transfer is by endorsement, or signing the back of the instrument, and delivery.

不记名证券完全可以转让,持有人也享有证券应得的权益(比如说,如果是债务证券就可以收到股息,如果是股权证券就有投票权),由一人把证券证书交付给另一人去转让,有些时候要靠背书或者在证券证书背后签名去转让。

Regulatory and fiscal authorities sometimes regard bearer securities negatively, as they may be used to facilitate the evasion of regulatory restrictions and tax. In the United Kingdom, for example, the issue of bearer securities was heavily restricted firstly by the Exchange Control Act 1947 until 1953. Bearer securities are very rare in the United States because of the negative tax implications they may have to the issuer and holder.

监管与财政当局有时候会认为不记名证券有负面作用,因为它们可以被用来逃税以及避开监管的管制。例子如英国发行的不记名证券就是从1947年起到1953年受到交易管制法令的严格限制。美国的不记名证券则很少见,因为对发行人和持有人来说都有负面的税务问题。

Registered securities  记名证券

In the case of registered securities, certificates bearing the name of the holder are issued, but these merely represent the securities. A person does not automatically acquire legal ownership by having possession of the certificate. Instead, the issuer (or its appointed agent) maintains a register in which details of the holder of the securities are entered and updated as appropriate. A transfer of registered securities is effected by amending the register.

以记名证券来说,发出的证书上有持有人的名字,但也只是一纸证券,手持证书不等于这个人就自动获得法定的拥有权,反而是发行人(或其委任代理)所保管的登记记录输入还更新持有人的详细资料的才算数。记名证券一转让,登记记录也跟着更新资料。

Non-certificated securities and global certificates  无凭证证券与全球通用凭证

Modern practice has developed to eliminate both the need for certificates and maintenance of a complete security register by the issuer. There are two general ways this has been accomplished.

现代的做法已经发展到不需要证书也不需要由发行人保存完整的证券登记,用两个普遍的做法去办。

Non-certificated securities  无凭证证券

In some jurisdictions, such as France, it is possible for issuers of that jurisdiction to maintain a legal record of their securities electronically.

在一些法制管辖范围内如法国,该法制区裡的发行人就可以用电子方式来保存证券的法定记录。

In the United States, the current “official” version of Article 8 of the Uniform Commercial Code permits non-certificated securities. However, the “official” UCC is a mere draft that must be enacted individually by each U.S. state. Though all 50 states (as well as the District of Columbia and the U.S. Virgin Islands) have enacted some form of Article 8, many of them still appear to use older versions of Article 8, including some that did not permit non-certificated securities.

美国目前的“官方版本”之“统一商业准则”(UCC)第八章允许无凭证证券,然而,“官方”的UCC只是一个草拟法案,还需每一个州政府去个别立法。虽然全部50个州(包括哥伦比亚特区以及美国维尔京群岛)都有订立类似第八章的法令,很多似乎还在沿用旧版的第八章,还有一些仍旧不准许无凭证证券。

Global certificates, book entry interests, depositories  全球通用凭证,帐面纪录利益,存管处

To facilitate the electronic transfer of interests in securities without dealing with inconsistent versions of Article 8, a system has developed whereby issuers deposit a single global certificate representing all the outstanding securities of a class or series with a universal depository. This depository is called The Depository Trust Company, or DTC. DTC’s parent, Depository Trust & Clearing Corporation (DTCC), is a non-profit cooperative owned by approximately thirty of the largest Wall Street players that typically act as brokers or dealers in securities. These thirty banks are called the DTC participants. DTC, through a legal nominee, owns each of the global securities on behalf of all the DTC participants.

为了促进证券利益的电子转让,不必受制于不一致的第八章版本,就发展出一套系统让发行人存寄单一的全球通用证书来表示所有某个级别或系列的流通证券都有一个通用的存管处。这个存管处就叫做存管信托公司(DTC),其母公司是存管信托与结算法团(DTCC),是一个非牟利合作社,由大约30家华尔街最大的业者所拥有,成员都是典型的受委托证券经纪人或经销商。这30家银行被称为DTC参与者,DTC也用合法代名人的名义代替所有DTC参与者拥有每一份全球证券。

All securities traded through DTC are in fact held, in electronic form, on the books of various intermediaries between the ultimate owner, e.g. a retail investor, and the DTC participants. For example, Mr. Smith may hold 100 shares of Coca Cola, Inc. in his brokerage account at local broker Jones & Co. brokers. In turn, Jones & Co. may hold 1000 shares of Coca Cola on behalf of Mr. Smith and nine other customers. These 1000 shares are held by Jones & Co. in an account with Goldman Sachs, a DTC participant, or in an account at another DTC participant. Goldman Sachs in turn may hold millions of Coca Cola shares on its books on behalf of hundreds of brokers similar to Jones & Co. Each day, the DTC participants settle their accounts with the other DTC participants and adjust the number of shares held on their books for the benefit of customers like Jones & Co. Ownership of securities in this fashion is called beneficial ownership. Each intermediary holds on behalf of someone beneath him in the chain. The ultimate owner is called the beneficial owner. This is also referred to as owning in “Street name”.

所有通过DTC交易的证券其实都是电子化的,记录在最终拥有人的中介机构之间,拥有人如零售投资者以及DTC参与者。举例说,史密斯先生在他的当地经纪人琼斯经纪行的账户中持有可口可乐公司的100股,而琼斯经纪行也可能持有属于史密斯先生和另外9位客户的可口可乐公司的1000股,琼斯经纪行也在高盛这个DTC参与者那裡持有这1000股的账户,或者在另一个DTC参与者那里有开账户。高盛的帐面上有好几千万属于好几百家类似琼斯经纪行的可口可乐股份,这种拥有证券的方式就叫实益拥有权,每一个中介机构都代替其他人持股形成一条链,最终拥有人就叫实益拥有人,也常被称为“街名”(待转名)拥有法。

Among brokerages and mutual fund companies, a large amount of mutual fund share transactions take place among intermediaries as opposed to shares being sold and redeemed directly with the transfer agent of the fund. Most of these intermediaries such as brokerage firms clear the shares electronically through the National Securities Clearing Corp. or “NSCC”, a subsidiary of DTCC.

在众多券商和共同基金公司当中,大部分共同基金的股票是通过中介机构在交易,相对于直接由基金的转让代理去卖和赎回的股票。大部分这类中介机构如券商是借由国家证券结算法团(NSCC)这个存管信托与结算法团(DTCC)的子公司用电子方式在结算股票。

Other depositories: Euroclear and Clearstream  其他存管处:欧洲结算系统与结算流

Besides DTC, two other large securities depositories exist, both in Europe: Euroclear and Clearstream.

除了存管信托与结算处(DTC)以外,另外两大证券存管处也在欧洲,分别是:欧洲结算系统以及结算流系统。

Divided and undivided security  已分与未分证券

The terms “divided” and “undivided” relate to the proprietary nature of a security.

“已分”与“未分”这个术语是指证券的所有权性质。

Each divided security constitutes a separate asset, which is legally distinct from each other security in the same issue. Pre-electronic bearer securities were divided. Each instrument constitutes the separate covenant of the issuer and is a separate debt.

每一个已分证券都有分隔的资产,在同一次发行中的每一个证券都有法律上的不同点。电子化之前的不记名证券都是已分的,每一个证书都有发行人的个别契约,也都是个别债务。

With undivided securities, the entire issue makes up one single asset, with each of the securities being a fractional part of this undivided whole. Shares in the secondary markets are always undivided. The issuer owes only one set of obligations to shareholders under its memorandum, articles of association and company law. A share represents an undivided fractional part of the issuing company. Registered debt securities also have this undivided nature.

未分证券的整个发行就形成了单一的资产,每一个证券都是整体未分证券裡的一小部分。二级市场的股份一直都是未分的,发行人只欠股东一套其组织大纲与章程和公司法要求的法律责任,一支股票就是发行公司未分的一小部分,而记名债务证券业就有这个未分的本质。

Fungible and non-fungible security  可互换与不可互换证券

The terms “fungible” and “non-fungible” are a feature of assets.

“互换”与“不可互换”这个术语是资产的特色之一。

If an asset is fungible, this means that if such an asset is lent, or placed with a custodian, it is customary for the borrower or custodian to be obliged at the end of the loan or custody arrangement to return assets equivalent to the original asset, rather than the specific identical asset. In other words, the redelivery of fungibles is equivalent and not in specie. In other words, if an owner of 100 shares of IBM transfers custody of those shares to another party to hold for a purpose, at the end of the arrangement, the holder need simply provide the owner with 100 shares of IBM identical to those received. Cash is also an example of a fungible asset. The exact currency notes received need not be segregated and returned to the owner.

如果一个资产是可互换的,就表示如果这个资产借出或者存寄在托管人手上,惯例就是借入人或托管人有责任要在贷款到期时或者根据托管安排退还相等于原资产的资产,而不是指定的相同资产。换句话说,重新交付的可互换品是相等的而不是以实物或硬币代替。也就是说,如果一名拥有IBM一百股的持有人转让这些托管的股票给另一人为某个目的而持有,这个安排的最后一步是持有人只需提供IBM一百股的拥有人跟他所收到的相同股票就行了。现金也是可互换资产的一个例子,收到的确切货币票据不需要分隔开来以便退还给拥有人。

Undivided securities are always fungible by logical necessity. Divided securities may or may not be fungible, depending on market practice. The clear trend is towards fungible arrangements.

未分证券一直都是可互换的,有其合理的必要,已分的证券可以是或者不是可互换的,悉视市场的做法,明显的趋势就是倾向于可互换的安排。

 

Regulation  監管

In the US, the public offer and sale of securities must be either registered pursuant to a registration statement that is filed with the U.S. Securities and Exchange Commission (SEC) or are offered and sold pursuant to an exemption therefrom. Dealing in securities is regulated by both federal authorities (SEC) and state securities departments. In addition, the brokerage industry is supposedly self policed by Self Regulatory Organizations (SROs), such as the Financial Industry Regulatory Authority (FINRA), formerly the National Association of Securities Dealers (or NASD) or the MSRB.

在美国,公开招股与出售证券必须向美国的证券交易委员会(SEC)提呈注册声明书注册存档,或者之后豁免再注册就可以要约和出售。证券的交易由联邦当局(SEC)和州政府的证券部门监管。此外,券商行业也应该由多个“自我监管组织”(SROs)来自我监督,例如美国金融业监管局(FINRA),前身是全国(全美)证券交易商协会(NASD或MSRB)。

With respect to investment schemes that do not fall within the traditional categories of securities listed in the definition of a security (Sec. 2(a)(1) of the 33 act and Sec. 3(a)(10) of the 34 act) the US Courts have developed a broad definition for securities that must then be registered with the SEC. When determining if there is an “investment contract” that must be registered the courts look for an investment of money, a common enterprise and expectation of profits to come primarily from the efforts of others. See SEC v. W.J. Howey Co. and SEC v. Turner.”

对于那些法律释义中(第33法令第2条(a)(1)以及第34法令第3条(a)(10))不属于传统的证券分类的投资方案,美国法院为这些证券定下更广泛的定义,要求都必须到美国证券交易委员会注册。如果要判断某一张“投资合约”是否需要注册,法院要看到资金的投入,共同的企业和追求利润的动机主要都是来自他人的努力。见SEC诉W.J.Howey以及SEC诉Turner的案例。

 

See also  参阅

  • Commercial Law  商业法
  • Finance  财务 / 融资
  • Financial markets  金融市场
  • Financial regulation  金融监管
  • History of private equity and venture capital  私募股本与创业资金的历史
  • List of finance topics  财务主题列表
  • Securities lending  证券借贷
  • Securities regulation in the United States  美国的证券监管
  • Settlement (finance)  结算 (财务)
  • Single-stock futures  个股期货
  • Stock market data systems  股票市场数据系统
  • T2S  双目标证券 (泛欧证券结算系统)
  • Toxic security  有毒证券 (套牢必亏卖不出)
  • Trading account assets  交易账户资产

 

Notes 

The United States Securities Exchange Act of 1934 defines a security as: “Any note, stock, treasury stock, bond, debenture, certificate of interest or participation in any profit-sharing agreement or in any oil, gas, or other mineral royalty or lease, any collateral trust certificate, preorganization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit, for a security, any put, call, straddle, option, or group or index of securities (including any interest therein or based on the value thereof), or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency, or in general, any instrument commonly known as a “security”; or any certificate of interest or participation in, temporary or interim certificate for, receipt for, or warrant or right to subscribe to or purchase, any of the foregoing; but shall not include currency or any note, draft, bill of exchange, or banker’s acceptance which has a maturity at the time of issuance of not exceeding nine months, exclusive of days of grace, or any renewal thereof the maturity of which is likewise limited.”

1934年美国证券交易法定义的证券是:“任何票据(单子),股票,库存股,债券,债券证,利益证书,或参与任何利润分享协议,或参与了石油,天然气或其他矿产开采权,或租约,任何抵押信托证书,筹组前证书,或订购,可转让股份,投资合同,投票信托证书,存单,以证券,任何认沽(卖权),认购(买权),跨式(马鞍)权证,期权,或组别(组合),或证券指数(包括内附的任何利息或者以价值计息),或任何认沽(卖出)期权,认购(买入)期权,跨式权证,期权,或特权的形式进入国家级证券交易所,跟外币有关,或一般的任何金融工具都通称为“证券”;或任何利益证书,或有参与,得到暂时或临时证书,得到收据,或权证(凭单),或订购权或购买任何前述的金融工具;但不应包括货币或任何票据,凭票,汇票,或银行承兑汇票,发出时的履约(有效)期不超过九个月,不包括宽限期,或任何期满之后的更新期,也一样受到限制。”

 

Glossaries  术语录

Financial markets  金融市場

Public market  公開市場

  • Exchange  交易所
  • Securities  證券

Bond market  債券市場

  • Bond valuation  債券股價
  • Corporate bond  企業債券
  • Fixed income  固定收益
  • Government bond  政府債券
  • High-yield debt  高收益債券
  • Municipal bond  市府債券

Stock market  股票市場

  • Common stock  普通股
  • Preferred stock  優先股
  • Registered share  記名股票
  • Stock  股票
  • Stock certificate  股票證書
  • Stock exchange  股票交易所
  • Voting share   投票份額

Derivatives market  衍生品市場

  • Credit derivative  信貸衍生品
  • Futures exchange  期貨交易所
  • Hybrid security  混合證券
  • Securitization  證券化

Over-the-counter  場外

  • Forwards  遠期
  • Options  期權
  • Spot market  現貨市場
  • Swaps  掉期

Foreign exchange  外匯

  • Currency  貨幣
  • Exchange rate  匯率

Other markets  其他市場

  • Commodity market  商品市場
  • Money market  貨幣市場
  • Reinsurance market  再保市場
  • Real estate market  房地產市場

Practical trading  實際買賣

  • Clearing house  結算所
  • Financial market participants  金融市場參與者
  • Financial regulation  金融監管條例

Finance series  金融系列

  • Banks and banking  銀行與銀行事務
  • Corporate finance  企業融資
  • Personal finance 個人理財
  • Public finance  公共財政

—— END ——

 

Source > Wikipedia at http://en.wikipedia.org/wiki/Securities

Translated by > BlogHost — hkTan

Word Count > approx.4380 words in English

 

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