单词 | Short selling |
释义 | 賣空 1. The contracting to deliver at some future time more of a particular stock than is actually held at the time of the contract. 2. A sale of an item by seller who does not own it but who believes that it can be acquired at a cost lower than the sale price before the due date for delivery. The ‘shorts’ are usually those who have sold in anticipation of a drop in prices, hoping to be able to buy the stock at lower price in time for delivery. Selling short can also occur in commodity markets. In respect of shares, traders receive the price at which they sell; on prices falling as anticipated the stock is bought and transferred to the investor who bought from them at a higher price. Short sellers may also borrow shares by arrangement to cover a shortfall in purchasing. 3. A sale of securities where at the time of the sale the seller does not have a presently exercisable and unconditional right to vest the securities in the purchaser of them; or the seller has a presently exercisable and unconditional right to vest the securities in the purchaser of them by virtue of having entered into a securities borrowing and lending agreement: Securities and Futures (Financial Resources) Rules (Cap 571N) r 2. A person is prohibited from selling securities to a buyer unless the person has, or believes on reasonable grounds to have, a presently exercisable and unconditional right to vest the securities in the buyer: Securities and Futures Ordinance (Cap 571) s 17. See also Arbitrage transaction. 1.訂定合約,於將來若干時間交付一個數目的特定股票,而該數目比合約訂定時所實際持有的數目為多。 2. 賣方賣出他沒有擁有的,但他相信可在應交付日前以低於合約售價獲得的物品。「賣空」一般由預料價格會下跌、而他希望可以較低的價格及時購入股票的人作出。賣空亦可發生於商品市場。就股票而言,買賣商收取他們賣出的價格;在價格如預期下跌時購入股票,然後轉讓給以較高價格向他們購入的投資者。為彌補購入的不足,賣空者亦可通過安排借入股票。 3. 就法規而言,賣空指一項證券售賣,而在作出該項售賣時,賣方沒有即時可行使而不附有任何條件的權利,以將該等證券轉歸於其買方名下;或賣方憑藉已訂立證券借貸協議而擁有即時可行使而不附有任何條件的權利,以將該等證券轉歸於其買方名下:《證券及期貨(財政資源)規則》(第579N章)第2條。除非任何人具有或他相信並有合理理由相信,他具有一項即時可行使而不附有條件的權利以將證券轉歸於購買人名下,否則不得向該名購買人賣空證券:《證券及期貨條例》(第571章)第170條。另見 Arbitrage transaction。 |
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