第二章投资银行的本原业务

„1„2„„„“”“”„„„„3T+0„„5„„„„„1„2„BBBBB1000„3„4„1„2„3„4„„„„„„„„„„„1„Speculation„„IB„„„„„„„100251250(”(2)(3)„„”„„„„„„„„„„„2„„„“”3¾¾¾¾¾“”„„„„„„1„„„2„„(Demsetz1968)„„(Demsetz1968)SEC(1971)(BenstonandHagerman1974)(Garman1976)(Stoll1978)(CohenMaierSchwartzandWhitcombCMSW1981)—(HoandStoll198l1983)3„(Bagehot1-971)„„„1“”“”„2„“”„„„„„„„„„„„„„„„„„1„„„„„„2„——continuousdealermarket„„„„1„2„3„