{"id":653508,"date":"2024-11-27T02:39:39","date_gmt":"2024-11-27T01:39:39","guid":{"rendered":"https:\/\/dailynewshungary.com\/cn\/%e9%81%93%e5%85%b7%e5%85%ac%e5%8f%b8%e4%ba%a4%e6%98%93%e7%9a%84%e6%b3%95%e5%be%8b%e6%96%b9%e9%9d%a2\/"},"modified":"2024-11-27T02:39:39","modified_gmt":"2024-11-27T01:39:39","slug":"%e9%81%93%e5%85%b7%e5%85%ac%e5%8f%b8%e4%ba%a4%e6%98%93%e7%9a%84%e6%b3%95%e5%be%8b%e6%96%b9%e9%9d%a2","status":"publish","type":"post","link":"https:\/\/dailynewshungary.com\/cn\/%e9%81%93%e5%85%b7%e5%85%ac%e5%8f%b8%e4%ba%a4%e6%98%93%e7%9a%84%e6%b3%95%e5%be%8b%e6%96%b9%e9%9d%a2\/","title":{"rendered":"\u9053\u5177\u516c\u53f8\u4ea4\u6613\u7684\u6cd5\u5f8b\u65b9\u9762"},"content":{"rendered":"

\u8d5e\u52a9\u5185\u5bb9<\/span><\/i><\/b><\/p>\n

\u76d8(Proprietary trading)\u53c8\u79f0\u9053\u5177\u4ea4\u6613,\u662f\u91d1\u878d\u673a\u6784\u6216\u4ea4\u6613\u516c\u53f8\u5229\u7528\u81ea\u6709\u8d44\u672c\u800c\u975e\u5ba2\u6237\u8d44\u91d1\u4ece\u4e8b\u4ea4\u6613\u6d3b\u52a8\u7684\u505a\u6cd5,\u6d89\u53ca\u4e70\u5356\u80a1\u7968\u3001\u503a\u5238\u3001\u8d27\u5e01\u6216\u5546\u54c1\u7b49\u91d1\u878d\u5de5\u5177,\u610f\u56fe\u4e3a\u516c\u53f8\u83b7\u5229,\u4e00\u4e9b\u9ad8\u6760\u6746\u7387\u7684\u9886\u5148\u9053\u5177\u516c\u53f8\u53ef\u4ee5\u5927\u5e45\u653e\u5927\u9053\u5177\u4ea4\u6613\u7684\u6536\u76ca,\u540c\u65f6\u4e5f\u589e\u52a0\u91d1\u878d\u98ce\u9669,\u867d\u7136\u9053\u5177\u4ea4\u6613\u53ef\u4ee5\u662f\u4e00\u79cd\u5229\u6da6\u4e30\u539a\u7684\u5546\u4e1a\u7b56\u7565,\u4f46\u5fc5\u987b\u4e86\u89e3\u7ba1\u7406\u8fd9\u79cd\u505a\u6cd5\u7684\u6cd5\u5f8b\u65b9\u9762,\u4ee5\u786e\u4fdd\u5408\u89c4\u6027\u5e76\u51cf\u8f7b\u6f5c\u5728\u98ce\u9669\u3002<\/strong><\/p>\n

\u4e86\u89e3\u81ea\u8425\u4ea4\u6613<\/b><\/h2>\n

Zui\u7b80\u5355\u7684\u5f62\u5f0f,\u81ea\u8425\u4ea4\u6613\u662f\u6307\u4f01\u4e1a\u4ee5\u81ea\u5df1\u7684\u8d26\u6237\u4ea4\u6613\u4ea7\u751f\u5229\u6da6\u7684\u8fc7\u7a0b,\u9053\u5177\u4ea4\u6613\u5458\u4e0d\u662f\u4ee3\u8868\u5ba2\u6237\u6267\u884c\u4ea4\u6613,\u800c\u662f\u5728\u5e02\u573a\u4e0a\u91c7\u53d6\u6295\u673a\u6027\u5934\u5bf8,\u8fd9\u4e9b\u4ea4\u6613\u5458\u4f9d\u9760\u81ea\u5df1\u7684\u6280\u80fd\u3001\u4e13\u4e1a\u77e5\u8bc6\u548c\u5e02\u573a\u7814\u7a76\u6765\u53d1\u73b0\u673a\u4f1a,\u5229\u7528\u4ef7\u683c\u53d8\u52a8,\u9053\u5177\u4ea4\u6613\u5728\u5404\u79cd\u91d1\u878d\u5e02\u573a\u4e2d\u76db\u884c,\u5305\u62ec\u80a1\u7968\u3001\u503a\u5238\u3001\u884d\u751f\u54c1\u548c\u5916\u6c47\u3002<\/span><\/p>\n

\u4e13\u6709\u4ea4\u6613\u7684\u5b9a\u4e49\u548c\u57fa\u7840<\/b><\/h3>\n

\u4e1a(proprietal trading)\u53ef\u4ee5\u5b9a\u4e49\u4e3a\u91d1\u878d\u673a\u6784\u6216\u4ea4\u6613\u516c\u53f8\u5229\u7528\u81ea\u8eab\u8d44\u672c\u4ea4\u6613\u91d1\u878d\u5de5\u5177,\u76ee\u7684\u662f\u4ea7\u751f\u5229\u6da6\u7684\u884c\u4e3a,\u53c2\u4e0e\u9053\u5177\u4ea4\u6613\u7684\u4ea4\u6613\u8005\u5f80\u5f80\u662f\u5206\u6790\u5e02\u573a\u8d8b\u52bf\u7684\u9ad8\u6280\u80fd\u4e13\u4e1a\u4eba\u58eb, <\/span>\u7ecf\u6d4e\u6307\u6807<\/span><\/a>\u7684, \u7b49\u56e0\u7d20\u505a\u51fa\u660e\u667a\u7684\u4ea4\u6613\u51b3\u7b56, \u4e13\u6709\u4ea4\u6613\u53ef\u4ee5\u7528\u5404\u79cd\u7b56\u7565\u8fdb\u884c, \u5305\u62ec\u5957\u5229\u3001\u52a8\u91cf\u4ea4\u6613\u3001\u7edf\u8ba1\u5206\u6790\u3002<\/span><\/p>\n

\u9053\u5177\u516c\u53f8\u5728\u91d1\u878d\u5e02\u573a\u4e2d\u7684\u4f5c\u7528<\/b><\/h3>\n

\u53f8(Propriental trading firms),\u53c8\u79f0\u9053\u5177\u516c\u53f8,\u5728\u91d1\u878d\u5e02\u573a\u751f\u6001\u7cfb\u7edf\u4e2d\u626e\u6f14\u7740\u663e\u8457\u7684\u89d2\u8272,\u8fd9\u4e9b\u516c\u53f8\u96c7\u4f63\u6709\u624d\u534e\u7684\u4ea4\u6613\u5458,\u5e76\u4e3a\u4ed6\u4eec\u63d0\u4f9b\u5fc5\u8981\u7684\u8d44\u6e90\u3001\u6280\u672f\u548c\u8d44\u672c,\u4ece\u4e8b\u9053\u5177\u4ea4\u6613,\u9053\u5177\u516c\u53f8\u4fc3\u8fdb\u5e02\u573a\u6d41\u52a8\u6027,\u4e3a\u4ef7\u683c\u53d1\u73b0\u505a\u51fa\u8d21\u732e,\u5e76\u4f5c\u4e3a\u91d1\u878d\u5e02\u573a\u7684\u91cd\u8981\u53c2\u4e0e\u8005,\u4ed6\u4eec\u8fd8\u4e3a\u5bfb\u6c42\u91d1\u878d\u884c\u4e1a\u804c\u4e1a\u7684\u719f\u7ec3\u4ea4\u6613\u5458\u63d0\u4f9b\u5c31\u4e1a\u673a\u4f1a\u3002<\/span><\/p>\n

\u7ba1\u7406\u9053\u5177\u4ea4\u6613\u7684\u6cd5\u5f8b\u6846\u67b6<\/b><\/h2>\n

\u81ea\u8425\u4ea4\u6613\u987b\u9075\u5b88\u7efc\u5408\u89c4\u5b9a <\/span>\u6cd5\u5f8b\u6846\u67b6<\/span><\/a> \u4fdd\u91d1\u878d\u5e02\u573a\u7684\u516c\u5e73\u3001\u900f\u660e\u3001\u7a33\u5b9a,\u76d1\u7ba1\u673a\u6784\u548c\u6cd5\u5f8b\u89c4\u5b9a\u5728\u76d1\u7763\u548c\u89c4\u8303\u9053\u5177\u4ea4\u6613\u6d3b\u52a8\u7684\u8fdb\u884c\u65b9\u9762\u53d1\u6325\u7740\u81f3\u5173\u91cd\u8981\u7684\u4f5c\u7528\u3002<\/span><\/p>\n

\u76d1\u7ba1\u673a\u6784\u53ca\u5176\u4f5c\u7528<\/b><\/h3>\n

\u4f1a(SEC)\u3001\u82f1\u56fd\u91d1\u878d\u884c\u4e3a\u76d1\u7ba1\u5c40(FCA)\u548c\u6b27\u6d32\u8bc1\u5238\u5e02\u573a\u7ba1\u7406\u5c40(ESMA)\u7b49\u76d1\u7ba1\u673a\u6784,\u5bf9\u4ece\u4e8b\u9053\u5177\u4ea4\u6613\u7684\u91d1\u878d\u673a\u6784\u7684\u6d3b\u52a8\u8fdb\u884c\u76d1\u7ba1,\u8fd9\u4e9b\u76d1\u7ba1\u673a\u6784\u6709\u6743\u5f3a\u5236\u9075\u5b88\u9002\u7528\u7684\u6cd5\u5f8b,\u8fdb\u884c\u8c03\u67e5,\u5e76\u5bf9\u4e0d\u9075\u5b88\u89c4\u5b9a\u8fdb\u884c\u5904\u7f5a\u3002<\/span><\/p>\n

\u9053\u5177\u4ea4\u6613\u7684\u4e3b\u8981\u6cd5\u5f8b\u89c4\u5b9a<\/b><\/h3>\n

\u7ba1\u8f96\u9053\u5177\u4ea4\u6613\u7684\u6cd5\u5f8b\u89c4\u5b9a\u53ef\u80fd\u56e0\u53f8\u6cd5\u7ba1\u8f96\u533a\u800c\u5f02,\u4f46\u901a\u5e38\u6db5\u76d6\u8d44\u672c\u5145\u8db3\u7387\u3001\u98ce\u9669\u7ba1\u7406\u3001\u62a5\u544a\u8981\u6c42\u548c\u5185\u5e55\u4ea4\u6613\u7b49\u9886\u57df\u3002\u53c2\u4e0e\u9053\u5177\u4ea4\u6613\u7684\u91d1\u878d\u673a\u6784\u5fc5\u987b\u4fdd\u6301\u8db3\u591f\u7684\u8d44\u672c\u50a8\u5907,\u4ee5\u627f\u53d7\u6f5c\u5728\u635f\u5931\u5e76\u786e\u4fdd\u5e02\u573a\u7a33\u5b9a\u3002\u4ed6\u4eec\u8fd8\u6709\u4e49\u52a1\u5b9e\u65bd\u5065\u5168\u7684\u98ce\u9669\u7ba1\u7406\u7cfb\u7edf,\u5e76\u9075\u5b88\u4e3a\u76d1\u7ba1\u673a\u6784\u548c\u5e02\u573a\u53c2\u4e0e\u8005\u63d0\u4f9b\u900f\u660e\u5ea6\u7684\u62a5\u544a\u4e49\u52a1\u3002<\/span><\/p>\n

\u9053\u5177\u4ea4\u6613\u4e2d\u7684\u5408\u89c4\u6027\u548c\u98ce\u9669\u7ba1\u7406<\/b><\/h2>\n

\u5b88\u76d1\u7ba1\u8981\u6c42\u5bf9\u4e8e\u7ef4\u6301\u91d1\u878d\u5e02\u573a\u7684\u5b8c\u6574\u6027\u548c\u4fdd\u62a4\u6295\u8d44\u8005\u7684\u5229\u76ca\u5728\u9053\u5177\u4ea4\u6613\u4e2d\u81f3\u5173\u91cd\u8981,\u6709\u6548\u7684\u98ce\u9669\u7ba1\u7406\u7b56\u7565\u5bf9\u4e8e\u51cf\u8f7b\u4e0e\u9053\u5177\u4ea4\u6613\u6d3b\u52a8\u76f8\u5173\u7684\u6f5c\u5728\u98ce\u9669\u540c\u6837\u91cd\u8981\u3002<\/span><\/p>\n

Prop \u4ea4\u6613\u4e2d\u5408\u89c4\u6027\u7684\u91cd\u8981\u6027<\/b><\/h3>\n

\u9075\u5b88\u76d1\u7ba1\u8981\u6c42\u5bf9\u4e8e\u9053\u5177\u4ea4\u6613\u516c\u53f8\u7ef4\u6301\u5176\u8bb8\u53ef\u8bc1\u3001\u58f0\u8a89\u548c\u8fdb\u5165\u8d44\u672c\u5e02\u573a\u81f3\u5173\u91cd\u8981\u3002\u4e0d\u9075\u5b88\u89c4\u5b9a\u53ef\u80fd\u4f1a\u5bfc\u81f4\u4e25\u91cd\u540e\u679c,\u5305\u62ec\u7ecf\u6d4e\u5904\u7f5a\u3001\u58f0\u8a89\u635f\u5bb3,\u751a\u81f3\u6cd5\u5f8b\u8bc9\u8bbc\u3002\u5408\u89c4\u8ba1\u5212\u5e94\u5305\u62ec\u5f3a\u6709\u529b\u7684\u5185\u90e8\u63a7\u5236\u3001\u76d1\u63a7\u7cfb\u7edf\u548c\u57f9\u8bad,\u4ee5\u786e\u4fdd\u9075\u5b88\u9002\u7528\u7684\u6cd5\u5f8b\u548c\u6cd5\u89c4\u3002<\/span><\/p>\n

\u98ce\u9669\u7ba1\u7406\u7b56\u7565<\/b><\/h3>\n

Risk management\u5bf9\u9053\u5177\u4ea4\u6613\u516c\u53f8\u7684\u6210\u529f\u81f3\u5173\u91cd\u8981,\u56e0\u4e3a\u5b83\u6709\u52a9\u4e8e\u8bc6\u522b\u3001\u8bc4\u4f30\u548c\u63a7\u5236\u6f5c\u5728\u98ce\u9669,\u98ce\u9669\u7ba1\u7406\u7b56\u7565\u5e94\u5305\u62ec\u8bc6\u522b\u548c\u91cf\u5316\u5404\u7c7b\u98ce\u9669\u7684\u63aa\u65bd,\u5b9e\u65bd\u98ce\u9669\u7f13\u89e3\u6280\u672f,\u5e76\u5b9a\u671f\u76d1\u6d4b\u548c\u8bc4\u4f30\u98ce\u9669\u655e\u53e3,\u4ea4\u6613\u8005\u5e94\u9075\u5faa\u98ce\u9669\u7ba1\u7406\u534f\u8bae,\u4f8b\u5982\u8bbe\u5b9a\u98ce\u9669\u9650\u989d,\u5206\u6563\u6295\u8d44\u7ec4\u5408,\u4ee5\u53ca\u5229\u7528\u5bf9\u51b2\u6280\u672f\u6765\u9632\u6b62\u4e0d\u5229\u7684\u5e02\u573a\u6ce2\u52a8\u3002<\/span><\/p>\n

\u9053\u5177\u4ea4\u6613\u4e2d\u7684\u9053\u5fb7\u8003\u8651<\/b><\/h2>\n

\u867d\u7136\u9053\u5177\u4ea4\u6613\u53ef\u80fd\u662f\u4e00\u9879\u6709\u5229\u53ef\u56fe\u7684\u4e1a\u52a1,\u4f46\u89e3\u51b3\u8fd9\u4e2a\u95ee\u9898\u81f3\u5173\u91cd\u8981 <\/span>\u9053\u5fb7\u8003\u8651<\/span><\/a> \u5173\u8fd9\u79cd\u505a\u6cd5\u3002\u4ece\u4e8b\u9053\u5177\u4ea4\u6613\u7684\u4ea4\u6613\u5546\u548c\u516c\u53f8\u5fc5\u987b\u4f18\u5148\u8003\u8651\u9053\u5fb7\u884c\u4e3a,\u4ee5\u7ef4\u62a4\u5e02\u573a\u8bda\u4fe1\u5e76\u907f\u514d\u5229\u76ca\u51b2\u7a81\u3002<\/span><\/p>\n

\u6f5c\u5728\u7684\u9053\u5fb7\u56f0\u5883<\/b><\/h3>\n

Prop\u4ea4\u6613\u8005\u5728\u505a\u51fa\u4ea4\u6613\u51b3\u7b56\u65f6\u53ef\u80fd\u4f1a\u9762\u4e34\u9053\u5fb7\u56f0\u5883,\u8fd9\u4e9b\u56f0\u5883\u53ef\u80fd\u6e90\u4e8e\u6f5c\u5728\u7684\u5229\u76ca\u51b2\u7a81\u3001\u5185\u5e55\u4ea4\u6613\u3001\u5e02\u573a\u64cd\u7eb5\u6216\u4e0d\u516c\u5e73\u7684\u4ea4\u6613\u884c\u4e3a,\u4ea4\u6613\u8005\u5e94\u9075\u5b88\u9053\u5fb7\u6807\u51c6,\u62ab\u9732\u6f5c\u5728\u7684\u5229\u76ca\u51b2\u7a81,\u907f\u514d\u4ece\u4e8b\u53ef\u80fd\u635f\u5bb3\u5e02\u573a\u53c2\u4e0e\u8005\u6216\u635f\u5bb3\u5e02\u573a\u8bda\u4fe1\u7684\u4e0d\u9053\u5fb7\u884c\u4e3a\u3002<\/span><\/p>\n

\u4fc3\u8fdb\u9053\u5177\u4ea4\u6613\u7684\u9053\u5fb7\u5b9e\u8df5<\/b><\/h3>\n

(prop trading facilities),\u9053\u5177\u4ea4\u6613\u516c\u53f8\u5e94\u5efa\u7acb\u5f3a\u6709\u529b\u7684\u884c\u4e3a\u51c6\u5219,\u6982\u8ff0\u4ea4\u6613\u8005\u7684\u9884\u671f\u884c\u4e3a,\u516c\u53f8\u5e94\u63d0\u4f9b\u9053\u5fb7\u6807\u51c6\u65b9\u9762\u7684\u57f9\u8bad,\u9f13\u52b1\u5408\u89c4\u6587\u5316,\u5efa\u7acb\u4e3e\u62a5\u4e0d\u9053\u5fb7\u884c\u4e3a\u7684\u76d1\u7ba1\u673a\u6784,\u5e76\u901a\u8fc7\u6267\u884c\u6cd5\u89c4\u3001\u8fdb\u884c\u8c03\u67e5\u548c\u60e9\u7f5a\u8fdd\u53cd\u9053\u5fb7\u6807\u51c6\u7684\u884c\u4e3a,\u5728\u4fc3\u8fdb\u9053\u5fb7\u884c\u4e3a\u65b9\u9762\u53d1\u6325\u4f5c\u7528\u3002<\/span><\/p>\n

\u4e0d\u9075\u5b88\u89c4\u5b9a\u7684\u6cd5\u5f8b\u540e\u679c<\/b><\/h2>\n

\u4e0d\u9075\u5b88\u6cd5\u5f8b\u548c\u76d1\u7ba1\u8981\u6c42\u53ef\u80fd\u4f1a\u7ed9\u9053\u5177\u4ea4\u6613\u516c\u53f8\u5e26\u6765\u4e25\u91cd\u540e\u679c,\u5305\u62ec\u7ecf\u6d4e\u5904\u7f5a\u548c\u6cd5\u5f8b\u8bc9\u8bbc\u3002<\/span><\/p>\n

\u4e0d\u9075\u5b88\u89c4\u5b9a\u7684\u5904\u7f5a<\/b><\/h3>\n

(regulatory bodies)\u6709\u6743\u5bf9\u4e0d\u9075\u5b88\u9053\u5177\u4ea4\u6613\u6cd5\u89c4\u7684\u884c\u4e3a\u5904\u4ee5\u91cd\u5927\u7f5a\u6b3e,\u5904\u7f5a\u91d1\u989d\u53ef\u80fd\u4f1a\u6839\u636e\u8fdd\u89c4\u7684\u4e25\u91cd\u7a0b\u5ea6\u3001\u5bf9\u5e02\u573a\u7684\u5f71\u54cd\u4ee5\u53ca\u516c\u53f8\u7684\u5408\u89c4\u5386\u53f2\u800c\u6709\u6240\u4e0d\u540c,\u5c61\u72af\u8005\u6216\u53c2\u4e0e\u6b3a\u8bc8\u6d3b\u52a8\u7684\u4eba\u53ef\u80fd\u4f1a\u9762\u4e34\u66f4\u4e25\u5389\u7684\u5904\u7f5a,\u5305\u62ec\u6682\u505c\u6216\u540a\u9500\u6267\u7167\u3002<\/span><\/p>\n

\u6cd5\u5f8b\u8bc9\u8bbc\u53ca\u5176\u5f71\u54cd<\/b><\/h3>\n

(prop trading)\u89c4\u5b9a,\u9664\u4e86\u7ecf\u6d4e\u5904\u7f5a\u5916,\u4e0d\u9075\u5b88\u9053\u5177\u4ea4\u6613\u89c4\u5b9a\u8fd8\u53ef\u80fd\u5bfc\u81f4\u6cd5\u5f8b\u8bc9\u8bbc,\u4f8b\u5982\u6c11\u4e8b\u8bc9\u8bbc\u6216\u5211\u4e8b\u6307\u63a7,\u8fd9\u4e9b\u6cd5\u5f8b\u8bc9\u8bbc\u53ef\u80fd\u5bfc\u81f4\u58f0\u8a89\u53d7\u635f\u3001\u7ecf\u6d4e\u635f\u5931,\u751a\u81f3\u76d1\u7981,\u56e0\u6b64\u9053\u5177\u4ea4\u6613\u516c\u53f8\u5fc5\u987b\u4f18\u5148\u9075\u5b88,\u5e76\u5b9e\u65bd\u5f3a\u6709\u529b\u7684\u98ce\u9669\u7ba1\u7406\u548c\u9053\u5fb7\u5b9e\u8df5,\u4ee5\u907f\u514d\u6cd5\u5f8b\u540e\u679c,\u8fd9\u4e00\u70b9\u81f3\u5173\u91cd\u8981\u3002<\/span><\/p>\n

\n
Disclaimer: \u8d5e\u52a9\u6587\u7ae0\u7684\u4f5c\u8005(s)\u5bf9\u6240\u8868\u8fbe\u7684\u4efb\u4f55\u610f\u89c1\u6216\u6240\u63d0\u51fa\u7684\u8981\u7ea6\u8d1f\u5168\u90e8\u8d23\u4efb,\u8fd9\u4e9b\u610f\u89c1\u5e76\u4e0d\u4e00\u5b9a\u53cd\u6620\u5b98\u65b9\u7684\u7acb\u573a \u5308\u7259\u5229\u6bcf\u65e5\u65b0\u95fb<\/a>\u7684,\u800c\u7f16\u8f91\u4eba\u5458\u4e5f\u4e0d\u80fd\u5bf9\u5176\u771f\u5b9e\u6027\u8d1f\u8d23\u3002<\/em><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

\u8d5e\u52a9\u5185\u5bb9 \u76d8(Proprietary trading)\u53c8\u79f0\u9053\u5177\u4ea4\u6613,\u662f\u91d1\u878d\u673a\u6784\u6216\u4ea4\u6613\u516c\u53f8\u5229\u7528\u81ea\u6709\u8d44\u672c\u800c\u975e\u5ba2\u6237\u8d44\u91d1\u4ece\u4e8b\u4ea4\u6613\u6d3b\u52a8\u7684\u505a\u6cd5,\u6d89\u53ca\u4e70\u5356\u80a1\u7968\u3001\u503a\u5238\u3001\u8d27\u5e01\u6216\u5546\u54c1\u7b49\u91d1\u878d\u5de5\u5177,\u610f\u56fe\u4e3a\u516c\u53f8\u83b7\u5229,\u4e00\u4e9b\u9ad8\u6760\u6746\u7387\u7684\u9886\u5148\u9053\u5177\u516c\u53f8\u53ef\u4ee5\u5927\u5e45\u653e\u5927\u9053\u5177\u4ea4\u6613\u7684\u6536\u76ca,\u540c\u65f6\u4e5f\u589e\u52a0\u91d1\u878d\u98ce\u9669,\u867d\u7136\u9053\u5177\u4ea4\u6613\u53ef\u4ee5\u662f\u4e00\u79cd\u5229\u6da6\u4e30\u539a\u7684\u5546\u4e1a\u7b56\u7565,\u4f46\u5fc5\u987b\u4e86\u89e3\u7ba1\u7406\u8fd9\u79cd\u505a\u6cd5\u7684\u6cd5\u5f8b\u65b9\u9762,\u4ee5\u786e\u4fdd\u5408\u89c4\u6027\u5e76\u51cf\u8f7b\u6f5c\u5728\u98ce\u9669\u3002 \u4e86\u89e3\u81ea\u8425\u4ea4\u6613 Zui\u7b80\u5355\u7684\u5f62\u5f0f,\u81ea\u8425\u4ea4\u6613\u662f\u6307\u4f01\u4e1a\u4ee5\u81ea\u5df1\u7684\u8d26\u6237\u4ea4\u6613\u4ea7\u751f\u5229\u6da6\u7684\u8fc7\u7a0b,\u9053\u5177\u4ea4\u6613\u5458\u4e0d\u662f\u4ee3\u8868\u5ba2\u6237\u6267\u884c\u4ea4\u6613,\u800c\u662f\u5728\u5e02\u573a\u4e0a\u91c7\u53d6\u6295\u673a\u6027\u5934\u5bf8,\u8fd9\u4e9b\u4ea4\u6613\u5458\u4f9d\u9760\u81ea\u5df1\u7684\u6280\u80fd\u3001\u4e13\u4e1a\u77e5\u8bc6\u548c\u5e02\u573a\u7814\u7a76\u6765\u53d1\u73b0\u673a\u4f1a,\u5229\u7528\u4ef7\u683c\u53d8\u52a8,\u9053\u5177\u4ea4\u6613\u5728\u5404\u79cd\u91d1\u878d\u5e02\u573a\u4e2d\u76db\u884c,\u5305\u62ec\u80a1\u7968\u3001\u503a\u5238\u3001\u884d\u751f\u54c1\u548c\u5916\u6c47\u3002 \u4e13\u6709\u4ea4\u6613\u7684\u5b9a\u4e49\u548c\u57fa\u7840 \u4e1a(proprietal trading)\u53ef\u4ee5\u5b9a\u4e49\u4e3a\u91d1\u878d\u673a\u6784\u6216\u4ea4\u6613\u516c\u53f8\u5229\u7528\u81ea\u8eab\u8d44\u672c\u4ea4\u6613\u91d1\u878d\u5de5\u5177,\u76ee\u7684\u662f\u4ea7\u751f\u5229\u6da6\u7684\u884c\u4e3a,\u53c2\u4e0e\u9053\u5177\u4ea4\u6613\u7684\u4ea4\u6613\u8005\u5f80\u5f80\u662f\u5206\u6790\u5e02\u573a\u8d8b\u52bf\u7684\u9ad8\u6280\u80fd\u4e13\u4e1a\u4eba\u58eb, \u7ecf\u6d4e\u6307\u6807\u7684, \u7b49\u56e0\u7d20\u505a\u51fa\u660e\u667a\u7684\u4ea4\u6613\u51b3\u7b56, \u4e13\u6709\u4ea4\u6613\u53ef\u4ee5\u7528\u5404\u79cd\u7b56\u7565\u8fdb\u884c, \u5305\u62ec\u5957\u5229\u3001\u52a8\u91cf\u4ea4\u6613\u3001\u7edf\u8ba1\u5206\u6790\u3002 \u9053\u5177\u516c\u53f8\u5728\u91d1\u878d\u5e02\u573a\u4e2d\u7684\u4f5c\u7528 \u53f8(Propriental trading firms),\u53c8\u79f0\u9053\u5177\u516c\u53f8,\u5728\u91d1\u878d\u5e02\u573a\u751f\u6001\u7cfb\u7edf\u4e2d\u626e\u6f14\u7740\u663e\u8457\u7684\u89d2\u8272,\u8fd9\u4e9b\u516c\u53f8\u96c7\u4f63\u6709\u624d\u534e\u7684\u4ea4\u6613\u5458,\u5e76\u4e3a\u4ed6\u4eec\u63d0\u4f9b\u5fc5\u8981\u7684\u8d44\u6e90\u3001\u6280\u672f\u548c\u8d44\u672c,\u4ece\u4e8b\u9053\u5177\u4ea4\u6613,\u9053\u5177\u516c\u53f8\u4fc3\u8fdb\u5e02\u573a\u6d41\u52a8\u6027,\u4e3a\u4ef7\u683c\u53d1\u73b0\u505a\u51fa\u8d21\u732e,\u5e76\u4f5c\u4e3a\u91d1\u878d\u5e02\u573a\u7684\u91cd\u8981\u53c2\u4e0e\u8005,\u4ed6\u4eec\u8fd8\u4e3a\u5bfb\u6c42\u91d1\u878d\u884c\u4e1a\u804c\u4e1a\u7684\u719f\u7ec3\u4ea4\u6613\u5458\u63d0\u4f9b\u5c31\u4e1a\u673a\u4f1a\u3002 \u7ba1\u7406\u9053\u5177\u4ea4\u6613\u7684\u6cd5\u5f8b\u6846\u67b6 \u81ea\u8425\u4ea4\u6613\u987b\u9075\u5b88\u7efc\u5408\u89c4\u5b9a \u6cd5\u5f8b\u6846\u67b6 \u4fdd\u91d1\u878d\u5e02\u573a\u7684\u516c\u5e73\u3001\u900f\u660e\u3001\u7a33\u5b9a,\u76d1\u7ba1\u673a\u6784\u548c\u6cd5\u5f8b\u89c4\u5b9a\u5728\u76d1\u7763\u548c\u89c4\u8303\u9053\u5177\u4ea4\u6613\u6d3b\u52a8\u7684\u8fdb\u884c\u65b9\u9762\u53d1\u6325\u7740\u81f3\u5173\u91cd\u8981\u7684\u4f5c\u7528\u3002 \u76d1\u7ba1\u673a\u6784\u53ca\u5176\u4f5c\u7528 \u4f1a(SEC)\u3001\u82f1\u56fd\u91d1\u878d\u884c\u4e3a\u76d1\u7ba1\u5c40(FCA)\u548c\u6b27\u6d32\u8bc1\u5238\u5e02\u573a\u7ba1\u7406\u5c40(ESMA)\u7b49\u76d1\u7ba1\u673a\u6784,\u5bf9\u4ece\u4e8b\u9053\u5177\u4ea4\u6613\u7684\u91d1\u878d\u673a\u6784\u7684\u6d3b\u52a8\u8fdb\u884c\u76d1\u7ba1,\u8fd9\u4e9b\u76d1\u7ba1\u673a\u6784\u6709\u6743\u5f3a\u5236\u9075\u5b88\u9002\u7528\u7684\u6cd5\u5f8b,\u8fdb\u884c\u8c03\u67e5,\u5e76\u5bf9\u4e0d\u9075\u5b88\u89c4\u5b9a\u8fdb\u884c\u5904\u7f5a\u3002 \u9053\u5177\u4ea4\u6613\u7684\u4e3b\u8981\u6cd5\u5f8b\u89c4\u5b9a \u7ba1\u8f96\u9053\u5177\u4ea4\u6613\u7684\u6cd5\u5f8b\u89c4\u5b9a\u53ef\u80fd\u56e0\u53f8\u6cd5\u7ba1\u8f96\u533a\u800c\u5f02,\u4f46\u901a\u5e38\u6db5\u76d6\u8d44\u672c\u5145\u8db3\u7387\u3001\u98ce\u9669\u7ba1\u7406\u3001\u62a5\u544a\u8981\u6c42\u548c\u5185\u5e55\u4ea4\u6613\u7b49\u9886\u57df\u3002\u53c2\u4e0e\u9053\u5177\u4ea4\u6613\u7684\u91d1\u878d\u673a\u6784\u5fc5\u987b\u4fdd\u6301\u8db3\u591f\u7684\u8d44\u672c\u50a8\u5907,\u4ee5\u627f\u53d7\u6f5c\u5728\u635f\u5931\u5e76\u786e\u4fdd\u5e02\u573a\u7a33\u5b9a\u3002\u4ed6\u4eec\u8fd8\u6709\u4e49\u52a1\u5b9e\u65bd\u5065\u5168\u7684\u98ce\u9669\u7ba1\u7406\u7cfb\u7edf,\u5e76\u9075\u5b88\u4e3a\u76d1\u7ba1\u673a\u6784\u548c\u5e02\u573a\u53c2\u4e0e\u8005\u63d0\u4f9b\u900f\u660e\u5ea6\u7684\u62a5\u544a\u4e49\u52a1\u3002 \u9053\u5177\u4ea4\u6613\u4e2d\u7684\u5408\u89c4\u6027\u548c\u98ce\u9669\u7ba1\u7406 \u5b88\u76d1\u7ba1\u8981\u6c42\u5bf9\u4e8e\u7ef4\u6301\u91d1\u878d\u5e02\u573a\u7684\u5b8c\u6574\u6027\u548c\u4fdd\u62a4\u6295\u8d44\u8005\u7684\u5229\u76ca\u5728\u9053\u5177\u4ea4\u6613\u4e2d\u81f3\u5173\u91cd\u8981,\u6709\u6548\u7684\u98ce\u9669\u7ba1\u7406\u7b56\u7565\u5bf9\u4e8e\u51cf\u8f7b\u4e0e\u9053\u5177\u4ea4\u6613\u6d3b\u52a8\u76f8\u5173\u7684\u6f5c\u5728\u98ce\u9669\u540c\u6837\u91cd\u8981\u3002 Prop \u4ea4\u6613\u4e2d\u5408\u89c4\u6027\u7684\u91cd\u8981\u6027 \u9075\u5b88\u76d1\u7ba1\u8981\u6c42\u5bf9\u4e8e\u9053\u5177\u4ea4\u6613\u516c\u53f8\u7ef4\u6301\u5176\u8bb8\u53ef\u8bc1\u3001\u58f0\u8a89\u548c\u8fdb\u5165\u8d44\u672c\u5e02\u573a\u81f3\u5173\u91cd\u8981\u3002\u4e0d\u9075\u5b88\u89c4\u5b9a\u53ef\u80fd\u4f1a\u5bfc\u81f4\u4e25\u91cd\u540e\u679c,\u5305\u62ec\u7ecf\u6d4e\u5904\u7f5a\u3001\u58f0\u8a89\u635f\u5bb3,\u751a\u81f3\u6cd5\u5f8b\u8bc9\u8bbc\u3002\u5408\u89c4\u8ba1\u5212\u5e94\u5305\u62ec\u5f3a\u6709\u529b\u7684\u5185\u90e8\u63a7\u5236\u3001\u76d1\u63a7\u7cfb\u7edf\u548c\u57f9\u8bad,\u4ee5\u786e\u4fdd\u9075\u5b88\u9002\u7528\u7684\u6cd5\u5f8b\u548c\u6cd5\u89c4\u3002 \u98ce\u9669\u7ba1\u7406\u7b56\u7565 Risk 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