英语翻译＋英语口译 -  2008年7月24日经济报道－审视“裸”卖空

ECONOMICS REPORT - 'Naked' Short Selling Gets a Close Eye
Thu, 24July 2008
This is the VOA Special English Economics Report.
经济报道－审视“裸”卖空
2008年7月24日
这是VOA特别英语的经济报道。
The Securities and Exchange Commission in the United States recently moved to protect nineteen major financial stocks. The agency gave an emergency order to restrict what is known as "naked" short selling of those stocks. This is a form of stock trading that is being blamed for sharp drops in the price of some financial stocks.
美国SEC(证券交易委员会)最近着手保护19家主要金融公司股票。SEC发布了一项紧急指令，限制这些股票的“裸”卖空。“裸”卖空是一种股票交易方式，被指为某些金融股票大幅下跌的罪魁祸首。
Short selling is a way to make money when a stock price falls. It involves borrowing shares of stock and then selling them in the hope that the stock will lose value. Later, the shares are purchased back and the loan is settled.
卖空是在股票价格下跌时赚钱的一种途径。卖空是先借股票，然后卖出，期望股票价格会下跌。然后，再买回股票，从而还清所借股票。
If the stock has lost value, the selling price will be greater than the purchase price. The difference is profit for the investor. If the stock price rises, the investor loses money.
如果股票价格下跌，那么卖出价格将远大于购买价格。差额是投资人的利润。如果股票价格上升，那么投资人亏钱。
Short selling is considered a necessary part of an efficiently operating market.
With naked short selling, however, trading takes place with shares that have not yet been borrowed -- and may never be. Naked shorting lets traders short sell large amounts of stock that may not be available to borrow in the market. Sometimes, lenders of securities tell several short sellers that they can borrow the same shares.
卖空是一个有效运营市场的必要部分。但是，对于裸卖空而言，交易却在尚未借来股票的情况下进行，也许从不需要借(股票)。裸卖空使交易者卖空市场上无法得到的大量股票。有时，证券借出人告诉几个卖空人，他们可以借到同一股票。
The chairman of the Securities and Exchange Commission, Christopher Cox, says naked short selling is not out of control. But he says the order was needed as a preventative step to help bring confidence back in financial markets. He says the goal is to stop naked shorting that is done abusively to drive down a stock price.
SEC主席克里斯托弗.考克斯说，裸卖空未失控。但他说，这一指令是防范措施，有助于金融市场信心的恢复。他说，其目的是阻止裸卖空的滥用，使股票价格下跌。
He said Thursday that the agency wants to extend what he called operational protections throughout the market.
他星期四说，SEC想扩大整个市场的操作保护。
The emergency order went into effect on Monday. The ending date is this coming Tuesday but it could be extended into August.
紧急指令在星期一生效。结束日期是下星期二，但可延长至8月。
The American Bankers Association has urged the commission to extend the restrictions to all publicly traded banks. It says protecting only a few big banks will cause short sellers to target smaller ones.
美国银行家协会敦促SEC将这种限制扩展到所有上市交易的银行。该协会说，只保护几家大银行将促使卖空者打击小银行。
The July fifteenth order covers seventeen international banks as well as the nation's two largest housing finance companies. Fannie Mae and Freddie Mac have lately been the main support for the troubled housing market. But their share prices have fallen sharply this year.
7月14日指令包括17家国际银行以及美国二家最大的房产金融公司(房利美和房地美)。房利美和房地美是最近倍受困扰房产市场的主要支撑力量，但是，他们的股票价格今年大幅下跌。
A housing rescue bill on its way to becoming law includes a plan that would let the Treasury invest in Fannie and Freddie if needed. The plan also includes a new regulatory agency with stronger controls over those two companies.
将立法的房产救助法案包括一项计划，如果需要，允许财政部可投资房利美和房地美。这一计划也包括一家新的、对这二家公司具有更强大控制的监管机构。
And that's the VOA Special English Economics Report, written by Mario Ritter. I'm Steve Ember.
这是由Mario Ritter编写的VOA特别英语的经济报道。我是Steve Ember。