銆€銆€瑾茬▼鎺ㄨ枽锛�鏈熻波寰炴キ(y猫)璩囨牸杓斿皫(d菐o)鍏ㄧ鍎�(y艒u)鎯犳姌鎵ｅ椁�銆€闁嬪績鑱氣€滄儬鈥濆椁� 鐒￠檺娆℃殺瀛�(xu茅)

銆€銆€鏈熻波寰炴キ(y猫)鍩虹(ch菙)鐭ヨ瓨(sh铆)涔嬮噾铻嶆湡璨ㄦ杩扮繏(x铆)椤屽尟绺�

銆€銆€澶氶爡(xi脿ng)閬告搰椤�(浠ヤ笅鍚勫皬椤岀郸鍑虹殑4鍊�(g猫)閬搁爡(xi脿ng)涓紝鑷冲皯鏈�2闋�(xi脿ng)绗﹀悎椤岀洰瑕佹眰锛岃珛(q菒ng)灏囩鍚堥鐩� 瑕佹眰閬搁爡(xi脿ng)鐨勪唬纰煎～鍏ユ嫭铏�(h脿o)鍏�(n猫i))

銆€銆€1.鑸囧晢鍝佹湡璨ㄧ浉姣旓紝閲戣瀺鏈熻波鐨勭壒榛�(di菐n)鍖呮嫭(銆€銆€)銆俒2010骞�3鏈堢湡椤宂

銆€銆€A.瀹规槗鐧�(f膩)鐢熼€煎€�(c膩ng)琛屾儏

銆€銆€B.鏈熻波濂楀埄鏇村鏄撻€�(j矛n)琛�

銆€銆€C.鍏ㄩ儴鍒╃敤鐝�(xi脿n)閲戜氦鍓�

銆€銆€D.浜ゅ壊渚垮埄

銆€銆€銆愯В鏋愩€戝晢鍝佹湡璨ㄥ悎绱勭殑妯�(bi膩o)鐨勭墿鏄湁褰㈢殑鍟嗗搧锛岃€岄噾铻嶆湡璨ㄥ悎绱勭殑妯�(bi膩o)鐨勭墿鍗绘槸鐒″舰鐨勯噾铻� 宸ュ叿鎴栭噾铻嶇敘(ch菐n)鍝�銆傞噾铻嶆湡璨ㄨ〃鐝�(xi脿n)鍑轰互涓嬬壒榛�(di菐n)锛氣憼閲戣瀺鏈熻波鐨勪氦鍓插叿鏈夋サ澶х殑渚垮埄鎬�; 鈶￠噾铻嶆湡璨ㄧ殑浜ゅ壊鍍�(ji脿)鏍肩洸鍗€(q奴)澶уぇ绺皬;鈶㈤噾铻嶆湡璨ㄤ腑鏈熺従(xi脿n)濂楀埄浜ゆ槗鏇村鏄撻€�(j矛n)琛�;鈶ｉ噾铻� 鏈熻波涓€煎€�(c膩ng)琛屾儏闆ｄ互鐧�(f膩)鐢熴€傛湁鐨勯噾铻嶆湡璨ㄩ€氶亷瀵�(sh铆)鐗╀氦鍓�銆�

銆€銆€2.閲戣瀺鏈熻波鍚堢磩鐨勬(bi膩o)鐨勫寘鎷�(銆€銆€)銆俒2009骞�11鏈堢湡椤宂

銆€銆€A.鑲＄エ鎸囨暩(sh霉)

銆€銆€B.澶栧尟

銆€銆€C.鍒╃巼宸ュ叿

銆€銆€D.鏈夊児(ji脿)璀夊埜

銆€銆€銆愯В鏋愩€戦噾铻嶆湡璨ㄦ槸鎸囦互閲戣瀺宸ュ叿鎴栭噾铻嶇敘(ch菐n)鍝佷綔鐐烘(bi膩o)鐨勭墿鐨勬湡璨ㄤ氦鏄撴柟寮�锛屽澶栧尟銆佸偟鍒�銆佽偂绁ㄦ寚鏁�(sh霉)绛夈€備富瑕侀噾铻嶆湡璨ㄦ湁澶栧尟鏈熻波銆佸埄鐜囨湡璨�銆佽偂鎸囨湡璨ㄥ拰鑲＄エ鏈熻波绛�銆�

銆€銆€3.鍦ㄤ笘鐣岄噾铻嶆湡璨ㄥ彶涓�锛岄€煎€�(c膩ng)琛屾儏杓冨皯鐧�(f膩)鐢熸槸鍥�?y脿n)?銆€銆€)銆�

銆€銆€A.寮�(qi谩ng)澶х殑鏈熺従(xi脿n)濂楀埄鍔涢噺鐨勫瓨鍦紝鏈�(hu矛)淇冧娇鏈熻波銆佺従(xi脿n)璨ㄥ児(ji脿)鏍艰定鍚�

銆€銆€B.鈥曚簺瀵�(sh铆)鏉肩従(xi脿n)閲戜氦鍓茬殑鏈熻波鍝佺ó锛屾湡璨ㄥ悎绱勭殑鏈€鍚庝氦鍓插児(ji脿)鑸囩従(xi脿n)璨ㄥ児(ji脿)寮�(qi谩ng)鍒舵敹鏂�

銆€銆€C.閲戣瀺鐝�(xi脿n)璨ㄥ競鍫�(ch菐ng)鏄竴鍊�(g猫)榫愬ぇ鐨勫競鍫�(ch菐ng)锛岃帄瀹跺緢闆ｆ搷绺�

銆€銆€D.閲戣瀺鐝�(xi脿n)璨ㄥ競鍫�(ch菐ng)鐩稿皪(du矛)浜庡晢鍝佺従(xi脿n)璨ㄥ競鍫�(ch菐ng)娴佸嫊(d貌ng)鎬у樊

銆€銆€銆愯В鏋愩€戦€煎€�(c膩ng)鏄寚浜ゆ槗鑰呭埄鐢ㄨ硣閲戞垨鎸佹湁鐝�(xi脿n)璨ㄥ劒(y艒u)鍕�(sh矛)锛屾帶鍒舵湡璨ㄤ氦鏄撻牠瀵告暩(sh霉)椤嶆垨澹熸柗鐝�(xi脿n)璨ㄥ彲 浜ゅ壊鍟嗗搧鐨勪緵绲�锛屼締閬�(d谩)鍒版搷绺辨湡璨ㄥ競鍫�(ch菐ng)鍍�(ji脿)鏍肩洰鐨勭殑浜ゆ槗琛岀偤锛屽叾鐩存帴鍚庢灉鏄娇鏈熻波甯傚牬(ch菐ng) 鍍�(ji脿)鏍煎毚(y谩n)閲嶅湴鑳岄洟鐝�(xi脿n)璨ㄥ競鍫�(ch菐ng)鐨勭湡瀵�(sh铆)渚涙眰鍍�(ji脿)鏍�銆傚湪涓栫晫閲戣瀺鏈熻波鍙蹭笂锛岄€煎€�(c膩ng)琛屾儏鍗昏純灏戠櫦(f膩)鐢�锛� 閫欐槸鍥�?y脿n)妞嬪淇抽箲璇侳(xi脿n)璨ㄥ競鍫�(ch菐ng)鏄竴鍊�(g猫)榫愬ぇ鐨勫競鍫�(ch菐ng)锛岃帄瀹舵搷绺变笉浜�;鈶″挤(qi谩ng)澶х殑鏈熺従(xi脿n)濂楀埄鍔涢噺 鐨勫瓨鍦�锛屾渻(hu矛)淇冧娇鏈熻波銆佺従(xi脿n)璨ㄥ児(ji脿)鏍艰定鍚�;鈶竴浜涘(sh铆)琛岀従(xi脿n)閲戜氦鍓茬殑閲戣瀺鏈熻波锛屾湡璨ㄥ悎绱勬渶鍚� 鐨勪氦鍓插児(ji脿)灏辨槸鐣�(d膩ng)鏅�(sh铆)鐨勭従(xi脿n)璨ㄥ児(ji脿)锛岄€欑瓑浜庢槸寤虹珛浜嗕竴鍊�(g猫)寮�(qi谩ng)鍒舵敹鏂傜殑淇濊瓑鍒跺害锛屽竟搴曟潨绲曚簡閫� 鍊�(c膩ng)琛屾儏鐧�(f膩)鐢熺殑鍙兘銆侱闋�(xi脿ng)灞簬閲戣瀺鏈熻波涓湡鐝�(xi脿n)濂楀埄浜ゆ槗(Arbitrage)鏇村鏄撻€�(j矛n)琛岀殑鍘熷洜銆�

銆€銆€4.閫氬父渚嗚锛岄噾铻嶆湡璨ㄥ彲鍒嗙偤(銆€銆€)銆�

銆€銆€A.榛冮噾鏈熻波

銆€銆€B.澶栧尟鏈熻波

銆€銆€C.鍒╃巼鏈熻波

銆€銆€D.鑲＄エ鎸囨暩(sh霉)鏈熻波

銆€銆€銆愯В鏋愩€戞牴鎿�(j霉)鏈熻波鍚堢磩妯�(bi膩o)鐨勭墿鐨勪笉鍚屾€ц唱(zh矛)锛岄€氬父灏囬噾铻嶆湡璨ㄥ垎鐐轰笁澶ч锛氬鍖湡璨�銆佸埄鐜� 鏈熻波鍜岃偂绁ㄦ寚鏁�(sh霉)鏈熻波(鍖呮嫭鑲＄エ鏈熻波)銆�

銆€銆€鏈熻波寰炴キ(y猫)鍩虹(ch菙)鐭ヨ瓨(sh铆)涔嬪児(ji脿)宸鍒╃繏(x铆)椤屽尟绺�

銆€銆€鏈熻波娉曞緥锛�鑰冭│澶х侗

銆€銆€鍩虹(ch菙)鐭ヨ瓨(sh铆)锛�姝峰勾鐪熼

銆€銆€瑾茬▼鎺ㄨ枽锛�鏈熻波寰炴キ(y猫)璩囨牸杓斿皫(d菐o)鍏ㄧ鍎�(y艒u)鎯犳姌鎵ｅ椁�銆€闁嬪績鑱氣€滄儬鈥濆椁� 鐒￠檺娆℃殺瀛�(xu茅)

銆€銆€鏈熻波寰炴キ(y猫)鍩虹(ch菙)鐭ヨ瓨(sh铆)涔嬮噾铻嶆湡璨ㄦ杩扮繏(x铆)椤屽尟绺�

銆€銆€5.涓嬪垪灞簬澶栧尟鏈熻波鐢�(ch菐n)鐢熻儗鏅殑鏈�(銆€銆€)銆�

銆€銆€A.鐢变簬澶氭缇庡厓鍗辨(j墨)锛屾渶绲傚皫(d菐o)鑷翠簡鍥哄畾鍖巼鍒剁殑宕╂桨

銆€銆€B.鍚勫湅(gu贸)缍�(j墨ng)婵�(j矛)鐧�(f膩)灞曟瑠(qu谩n)娉佷笉骞宠　鏄尟鐜囧嫊(d貌ng)钑╃殑鏍规湰鍘熷洜

銆€銆€C.鍦ㄦ诞鍕�(d貌ng)鍖巼鍒朵笅鍖巼娉㈠嫊(d貌ng)闋荤箒锛屽鍖ⅷ(f膿ng)闅�(xi菐n)澧炲ぇ

銆€銆€D.閲戣瀺鍟嗗搧鐨勬寔鏈夎€呴潰鑷ㄦ棩鐩婂毚(y谩n)閲嶇殑鍖巼棰�(f膿ng)闅�(xi菐n)

銆€銆€6.涓嬪垪閲戣瀺鏈熻波鍚堢磩涓紝鐢盋BOT鎺ㄥ嚭鐨勬湁(銆€銆€)銆�

銆€銆€A.鏀垮簻鍦�(gu贸)姘戞姷鎶煎崝(xi茅)鏈�(hu矛)鎶垫娂鎲戣瓑鏈熻波鍚堢磩

銆€銆€B.缇庡湅(gu贸)闀�(zh菐ng)鏈熷湅(gu贸)鍌垫湡璨ㄥ悎绱�

銆€銆€C.3鍊�(g猫)鏈堟瓙娲茬編鍏冨畾鏈熷瓨娆惧悎绱�

銆€銆€D.涓昏甯傚牬(ch菐ng)鎸囨暩(sh霉)(MMI)鏈熻波鍚堢磩

銆€銆€銆愯В鏋愩€慍闋�(xi脿ng)锛�3鍊�(g猫)鏈堟瓙娲茬編鍏冨畾鏈熷瓨娆惧悎绱勬槸1981骞�12鏈堢敱IMM鎺ㄥ嚭鐨勩€�

銆€銆€7.涓嬪垪闂�(gu膩n)浜庢瓙娲茬編鍏冪殑瑾硶锛屾纰虹殑鏈�(銆€銆€)銆�

銆€銆€A.姝愭床缇庡厓鏄瓨鏀句簬姝愭床鐨勯潪缇庡湅(gu贸)閵€琛屾垨缇庡湅(gu贸)閵€琛屽垎鏀(j墨)妲�(g貌u)鐨勭編鍏冨瓨娆�

銆€銆€B.IMM鎺ㄥ嚭鐨勬瓙娲茬編鍏冩湡璨ㄥ悎绱勪竴鐩存槸闈炲父娲昏簫鐨勫鍖湡璨ㄥ悎绱�

銆€銆€C.IMM鎺ㄥ嚭鐨勬瓙娲茬編鍏冩湡璨ㄥ悎绱勬槸缇庡湅(gu贸)棣栨?鐢ㄧ従(xi脿n)閲戜氦鍓茬殑鏈熻波鍚堢磩

銆€銆€D.姝愭床缇庡厓涔嬫墍浠ュ啝浠モ€滄瓙娲测€濆叐瀛�锛屾槸鍥�?y脿n)妯界暃璺楅躬浠庤穳W娲茶€屽凡

銆€銆€銆愯В鏋愩€戞瓙娲茬編鍏冩槸鎸囦竴鍒囧瓨鏀句簬缇庡湅(gu贸)澧冨鐨勯潪缇庡湅(gu贸)閵€琛屾垨缇庡湅(gu贸)閵€琛岃ō(sh猫)鍦ㄥ澶栫殑鍒嗘敮姗�(j墨)妲�(g貌u) 鐨勭編鍏冨瓨娆�;IMM鎺ㄥ嚭鐨勬瓙娲茬編鍏冩湡璨ㄥ悎绱勪竴鐩存槸闈�?锛涢挻S鐨勫埄鐜囨湡璨ㄥ搧绋�銆�

銆€銆€8.涓嬪垪灏�(du矛)鍟嗗搧鏈熻波鑸囬噾铻嶆湡璨ㄧ殑鎻忚堪锛屾纰虹殑鏈�(銆€銆€)銆�

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銆€銆€B.鍟嗗搧鏈熻波閫�(j矛n)琛屽(sh铆)鐗╀氦鍓叉檪(sh铆)锛屽瓨鍦ㄨ憲寰堝ぇ鐨勪氦鍓叉垚鏈�;閲戣瀺鏈熻波鐢变簬閮介噰鐢ㄧ従(xi脿n)閲戜氦鍓�锛�

銆€銆€涓嶅瓨鍦ㄩ亱(y霉n)杓告垚鏈拰鍏ュ韩(k霉)鍑哄韩(k霉)璨�(f猫i)锛屽彲浠ユ笡灏戜氦鍓叉垚鏈郸浜ゆ槗闆欐柟甯朵締鐨勬悕鑰�

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