billchoa/3036384256-COMP7607-data huggingface dataset:
user: Please translate the following sentence from English to Chinese: While there is no single magic formula to raise the corporate governance of every company, since different companies will require different processes due to thier unique operational models, I believe there is one common but important element that all management should note in raising their company’s corporate governance.

assistant: 雖然沒有可提升每家公司的企業管治的神奇公式，因爲不同的公司會按照其獨特的營運模式而需要採納不同的程序，但我相信若要提升企業管治，有一個共同而重要的元素是所有管理層成員必須注意的。
user: Please translate the following sentence from English to Chinese: 17. The Mainland has also benefited from this cross-border fund-raising, and some of these benefits have a significant impact on the longer-term development of its economy and capital markets. In particular, a Hong Kong listing helps raise the regulatory and corporate governance standards of a Mainland enterprise.

assistant: 17. 內地亦因上述跨境集資活動而受惠，而且好些益處亦對內地經濟和資本市場的長遠發展產生重大影響，特別是內地企業在香港上市，有助提高其監管及企業管治標準。
user: Please translate the following sentence from English to Chinese: Substandard applications will only delay the process and are liable to be rejected.

assistant: 質素差劣的申請文件只會拖慢進度，並極有可能被拒。
user: Please translate the following sentence from English to Chinese: But of course this does not mean that we can now sit back and be complacent.

assistant: 但當然，這並不表示我們可以鬆懈、自滿。
user: Please translate the following sentence from English to Chinese: Hong Kong’s close cooperation and partnership with the Mainland in developing various solutions for the reform and development of its financial markets date as far back as 1978 – the year when the Mainland began to implement its policy of “reform and opening-up”.

assistant: 在制訂各項有關內地金融市場改革和發展的方案方面，香港和內地緊密的合作伙伴關係可追溯至 1978 年–這一年，內地當局開始推行“改革開放＂政策。
user: Please translate the following sentence from English to Chinese: 16. In addition, Hong Kong last year ranked 2nd worldwide (after only London) in terms of total funds raised through IPOs, and Mainland enterprises accounted for almost 90% of the funds raised.

assistant: 16. 此外，按照去年首次公開招股的集資總額計算，香港在全球排名第二，僅次於倫敦，當中由內地企業籌集的資金幾乎佔集資額的 90%。
user: Please translate the following sentence from English to Chinese: In Hong Kong, we want the KFS to make good use of diagrams, charts, graphs or other illustrations where they may be helpful to investors.

assistant: 在香港的制度下，我們建議產品資料概要善用圖像、圖表或其他說明示例，務求幫助投資者認識產品。
user: Please translate the following sentence from English to Chinese: And we expect to see even more growth this year.

assistant: 我們預期今年會見到更大的增長。
user: Please translate the following sentence from English to Chinese: This is as true for London and New York as it is for Hong Kong.

assistant: 這些情況可能會在倫敦和紐約發生，亦同樣可能會在香港發生。
user: Please translate the following sentence from English to Chinese: The current state of Hong Kong’s asset management industry First, let us take a look at where we are in our asset management industry.

assistant: 香港資產管理業的現況讓我們先了解現時香港資產管理業的情況。
user: Please translate the following sentence from English to Chinese: It is a criminal offence under the Securities and Futures Ordinance to conduct “naked” short selling, a share disposal transaction involving a seller who neither owns nor has arranged to borrow the stock at the time of sale.

assistant: 根據《證券及期貨條例》，在無貨的情況下沽空，即賣方沽售股份時既無擁有亦無安排借入股票的行爲屬刑事罪行。
user: Please translate the following sentence from English to Chinese: It also identified areas of regulation that needed reform and proposed a Six-Point Plan to improve the market, which includes:

assistant: 報告亦識別出可能需要改革的監管範疇，並提出完善市場的六點方案，包括：
user: Please translate the following sentence from English to Chinese: My colleagues and I visit the Mainland regularly and meet senior officials of the various authorities.

assistant: 我及本會的同事會定期到訪內地會見不同機構的高層人員。
user: Please translate the following sentence from English to Chinese: I am confident that, as the pieces come together and the appropriate structure becomes more developed, we will eventually see securitisation of Mainland properties into REITs.

assistant: 我深信，隨著有關配套的融合和適當架構更趨成熟，我們最終將會見到內地物業證券化併成爲房地產基金。
user: Please translate the following sentence from English to Chinese: 9. This is just the beginning of the life of the sub-prime mortgage.

assistant: 9. 這只是次級按揭生命週期的開始。
user: Please translate the following sentence from English to Chinese: (a) Know your clients Good investment advisers always take the time to understand their clients, each with their unique financial situation, needs and concerns.

assistant: (a) 認識你的客戶 稱職的投資顧問總會花時間瞭解客戶，因爲每名客戶都擁有獨特的財務狀況、需要及關注。
user: Please translate the following sentence from English to Chinese: Have good corporate governance;

assistant: 實施良好的企業管治；
user: Please translate the following sentence from English to Chinese: Today every aspiring offshore RMB centre wishes to replicate Hong Kong’s success.

assistant: 現今，每個想要成爲離岸人民幣中心的地區，都希望能複製香港的成功。
user: Please translate the following sentence from English to Chinese: When that happens, subject to the resources available to the CSRC, fraud and offences under the securities legislation suspected to have been committed by Hong Kong-listed Mainland companies should be comparable to those conducted within Hong Kong’s territorial limits.

assistant: 屆時，視乎中國證監會可運用的資源而定，在香港上市的內地公司涉嫌犯有的證券法例所指的欺詐行爲及罪行，應該等同於在香港地域範圍內進行的欺詐行爲及罪行。
user: Please translate the following sentence from English to Chinese: But the journey has not been without a few bumps along the way.

assistant: 然而，整個發展進程也非風平浪靜。
user: Please translate the following sentence from English to Chinese: In this regard, we share the same goals as HKGCC in facilitating meaningful market development and maintaining the integrity and quality of Hong Kong’s markets.

assistant: 就此，我們與香港總商會有著相同的目標，就是致力促進市場的積極發展，並維持本港市場的廉潔穩健和質素。
user: Please translate the following sentence from English to Chinese: The unlicensed individuals who control the company might think that they can manage the firms without having to bear the consequences of their action.

assistant: 控制該公司的非持牌人或許以爲，他們可以管理公司而無須爲其行爲承擔任何後果。
user: Please translate the following sentence from English to Chinese: Last year, Hong Kong ranked second globally in terms of total funds raised in IPOs, surpassing New York, with Mainland enterprises accounting for almost 90% of funds raised.

assistant: 去年，首次公開招股的集資總額計算，香港在全球排名第二，超越紐約，當中由內地企業籌集的資金幾乎佔集資額的 90%
user: Please translate the following sentence from English to Chinese: For those of you who are parents here, I am sure you are familiar with this situation.

assistant: 對於在座當中爲人父母者，我相信你們對這種情況一定不感到陌生。
user: Please translate the following sentence from English to Chinese: The market innovation and technological breakthroughs in the size, scale and speed that we know today were not on the radar at that time.

assistant: 我們今天耳熟能詳的市場創新和科技突破，無論是在規模和發展速度方面而言，都非當年所能預見得到。
user: Please translate the following sentence from English to Chinese: This can be potentially misleading to consumers.

assistant: 這可能對消費者而言具誤導成分。
user: Please translate the following sentence from English to Chinese: We are reviewing these and considering ways we can enhance data collection to heighten risk assessment and the use of data analytics.

assistant: 我們正檢視有關申報表，及探討如何完善數據收集的方法，以加強風險評估及數據分析。
user: Please translate the following sentence from English to Chinese: And indeed, in April 2005, the China Securities Regulatory Commission (CSRC) announced a plan to convert the state-owned shares into tradable shares in phases, and to stop any new IPO activity immediately to support this share reform programme.

assistant: 事實上，中國證券監督管理委員會（中國證監會）在 2005 年 4 月公佈股權分置改革方案，分階段將國有股轉換爲流通股，並即時暫停一切新股上市活動，以配合改革方案。
user: Please translate the following sentence from English to Chinese: and o Ongoing obligations

assistant: 及 o 持續責任
user: Please translate the following sentence from English to Chinese: 36. 16.8% of the respondents have over 50% of their portfolios invested in warrants.

assistant: 36. 16.8%的回應者的投資組合內有超過 50%屬權證投資。
user: Please translate the following sentence from English to Chinese: After the implementation of this initiative, we noted significant improvements in the management transparency, terms of reference and accountability of the senior managers of some sizable licensed corporations, including certain Mainland-backed corporations. This not only greatly improves the governance of these corporations, it also increases the effectiveness of our daily supervision and enforcement work.

assistant: 措施實施後，我們注意到一些具規模的持牌公司，當中包括一些中資背景的公司，它們管理層的透明度、高管人員的職權範圍和問責性，均有明顯改善，不但令公司的管治水平大爲提升，亦令我們日常的監管及執法工作更爲有效。
user: Please translate the following sentence from English to Chinese: If you combine Hong Kong’s market with China however the figure is 80% - the same figure as for India.

assistant: 然而，假如將香港與中國市場的數字相加起來，結果是 80% —與印度的數字相同。
user: Please translate the following sentence from English to Chinese: These debt securities are known as collateralised debt obligations or CDOs.

assistant: 這些債務證券稱爲抵押債務證券或 CDO (Collateralized Debt Obligation)。
user: Please translate the following sentence from English to Chinese: In contrast Hong Kong listed companies seldom release similar information other than when they release their results.

assistant: 相反，香港的上市公司除了在規定發表業績的時間之外，很少會在其他時間發放類似的信息。
user: Please translate the following sentence from English to Chinese: It is probably a little unfair to zero in only on these funds, as the world markets have also fallen during the last quarter of 2007.

assistant: 鑑於全球市場在 2007 年最後一季均告下跌，將重點集中在這些基金之上可能有欠公允。
user: Please translate the following sentence from English to Chinese: In this connection, I’d like to emphasise that we look beyond the quantitative thresholds and assess each application qualitatively.

assistant: 就此，我要重申，我們不僅考慮可量化的準則，並會定性地評估每宗申請。
user: Please translate the following sentence from English to Chinese: You may be familiar with the products of the first H-share listings as this was Tsing Tao Brewery – maker of the famous Tsing Tao beer.

assistant: 你們可能對首家 H 股上市公司的產品十分熟悉，因爲該公司正是馳名的青島啤酒的生產商――青島啤酒股份有限公司。
user: Please translate the following sentence from English to Chinese: What did we do in the past year?

assistant: 我們去年取得哪些成果？
user: Please translate the following sentence from English to Chinese: The devil and the deep blue sea You may ask, “Are hedge funds really that dangerous?

assistant: 進退兩難 你或許會問： “對沖基金真的那麼危險嗎？
user: Please translate the following sentence from English to Chinese: Since 2007, Hong Kong investors have been offered a steady stream of RMB bonds – first the retail issuances by Mainland financial institutions, followed by the Mainland subsidiaries of several Hong Kong banks, then sovereign issues by the Ministry of Finance and since July 2010, a multitude of issuances offered at the institutional level by red chips, Hong Kong companies and international corporations.

assistant: 自 2007 年以來，市場陸續推出人民幣債券供香港投資者認購，先有內地金融機構來港發行零售債券，繼而有數家香港銀行透過內地的附屬公司推出人民幣債券，然後是中國財政部在香港發行國債。 自 2010 年 7 月貣，多家紅籌公司、香港企業和國際金融機構陸續推出人民幣債券供機構投資者認購。
user: Please translate the following sentence from English to Chinese: The principal objective was to put Hong Kong’s regulation on a par with international standards.

assistant: 這法例主要目的是提升香港的監管至國際水平。
user: Please translate the following sentence from English to Chinese: Licensing conditions may be imposed on firms going into the sandbox.

assistant: 凡進入沙盒的公司，均可能會被施加發牌條件。
user: Please translate the following sentence from English to Chinese: 3. Enforcement Besides the revision of regulations, the Commission also places emphasis on the enforcement of its regulatory regime, and is pleased to see that its efforts have been recognized, as evidenced by the results of the corporate governance studies mentioned above.

assistant: 3. 法規執行 除了修訂法規外，證監會亦著手加強其監管制度的實施，並且很高興看到其努力得到肯定，上述企業管治研究的結果就證明了這點。
user: Please translate the following sentence from English to Chinese: You have an important role to play, and your professional conduct in the marketplace would contribute greatly to the objective of protecting the interest of investors.

assistant: 在座各位在市場上擔當重要的角色，你們的專業操守對保障投資者利益至關重要。
user: Please translate the following sentence from English to Chinese: Amaranth appears to be another classic case of a young, overconfident and aggressive trader who was allowed to make huge and highly geared bets from his home.

assistant: Amaranth 事件似乎又是一宗涉及一名年輕、過分自信及冒進的交易員獲准在其家中進行鉅額及槓桿比率甚高的交易的典型個案。
user: Please translate the following sentence from English to Chinese: The high turnover of the Hong Kong stock market (daily turnover averaging $30 billion recently) and good business results of broker firms since 2003 provide a good foundation for implementing enhancement measures.

assistant: 香港股市自 2003 年以來交投蓬勃，最近每日成交更達到 3 百億元，經紀行業績良好，已爲施行改善措施立下良好基礎。
user: Please translate the following sentence from English to Chinese: As a result, a large number of UCITS funds were expeditiously migrated into the new UCITS III regime within a short space of time.

assistant: 正因如此，爲數不少的 UCITS基金都能在很短時間內成功過渡爲新制度下的UCITS III基金。
user: Please translate the following sentence from English to Chinese: (Translation) Annual Dinner of the Toy Manufacturers of Hong Kong Recent Developments in Global Financial Markets Eddy Fong Chairman Securities and Futures Commission 11 September 2007 Mr Samson Chan, President Distinguished Members, Ladies and Gentlemen, Introduction

assistant: 香港玩具廠商會週年晚宴 全球金融市場近期的發展 證券及期貨事務監察委員會主席方正 2007 年 9 月 11 日 陳明耀主席、各位會員、先生、女士： 引言
user: Please translate the following sentence from English to Chinese: We raised the question as to whether, and if so when, stakeholders felt that this sort of exit could be of benefit to investors.

assistant: 我們提出的問題是，相關各方認爲這項讓投資者選擇撤銷交易的建議，是否對投資者有利；
user: Please translate the following sentence from English to Chinese:  the first bond ETF in 2005;

assistant: 2005 年推出首隻債券 ETF；
user: Please translate the following sentence from English to Chinese: The Plan envisages a synergistic framework created through the different cities in the Pearl River Delta (PRD) region working together, with the common goal that the PRD region would become a primary economic engine and contributor to the country’s development.

assistant: 按照《珠三角發展規劃》，珠三角地區內多個城市將會合作建立具協同作用的架構，共同實現珠三角地區成爲刺激經濟增長的主要動力，爲國家發展作出貢獻。
user: Please translate the following sentence from English to Chinese: For a securities broker, its excess liquid capital was cut down by nearly 50% in just one day.

assistant: 對個別券商，速動資金盈餘一天減少近半。
user: Please translate the following sentence from English to Chinese: Such liquidity brings significant opportunities for both investors and asset managers.

assistant: 該等流動資金爲投資者及資產經理帶來重大的機遇。
user: Please translate the following sentence from English to Chinese: On these bases, we expect our revenue to increase by 42.4% from $512.9 million to $730.2 million.

assistant: 以此爲基礎，我們預期本會的收入將會由 5 億 1,290 萬元增至 7 億 3,020 萬元，增幅爲 42.4%。
user: Please translate the following sentence from English to Chinese: For those who are statistically-minded, the figures I have are 38% of the volume turnover and 25% of the value turnover, for the period from launch until the end of September 2009, with the W.I.S.E. CSI 300 China Tracker accounting for the lion’s share of this.

assistant: 根據統計，這三隻香港 ETF 由在臺灣上市至 2009 年 9 月底爲止這段期間，合共佔臺灣 ETF 交投量的 38%及成交額的 25%，當中標智滬深 300 中國指數基金佔最大比例。
user: Please translate the following sentence from English to Chinese: Let me circle back to Professor Schwab’s Fourth Industrial Revolution – the promise and peril theory.

assistant: 讓我重新返回 Schwab 教授的第四次工業革命──機遇與危機論。
user: Please translate the following sentence from English to Chinese: Educate investors.

assistant: 教育投資者。
user: Please translate the following sentence from English to Chinese: The directors Most, if not everyone, would agree that a company’s board of directors is responsible for the company’s corporate practices as it is up to the board to decide and establish suitable corporate governance values and practices into its business model.

assistant: 董事 大部分人（如非所有人）均會同意，公司的董事局對公司的企業管治常規水平負有責任，因爲董事局有權決定在其業務模式內建立適當的企業管治價值及常規。
user: Please translate the following sentence from English to Chinese: But the point to make here is, not willing to waste a moment, the managers who qualified for the RQFII quota worked zealously to meet all our public fund requirements immediately after Vice Premier Li’s visit.

assistant: 但重點是，符合 RQFII 資格的基金管理公司在李克強副總理訪港後，立即埋首工作，爭分奪秒，力求達到我們對零售基金的所有要求。
user: Please translate the following sentence from English to Chinese: There are normally two reactions.

assistant: 一般來說，會出現兩種反應。
user: Please translate the following sentence from English to Chinese: The SFC released its Consultation Paper in January 2005, which set out in full draft subsidiary legislation to implement statutory backing.

assistant: 證監會在 2005 年 1 月發表諮詢文件，詳列爲落實有關法定地位而制訂的附屬法例草擬本。
user: Please translate the following sentence from English to Chinese: Collecting this information in a standardised format will ensure that the SFC is up-to-date about the senior management of a corporation.

assistant: 以標準化的形式收集這些資料將確保證監會能獲得有關公司的高級管理層的最新資料。
user: Please translate the following sentence from English to Chinese: The use of swaps and other derivatives affect the risk characteristics of an ETF, and can limit transparency.

assistant: 若 ETF 採用掉期合約或其他衍生工具，其風險特點便可能會有所改變，透明度亦可能會受影響。
user: Please translate the following sentence from English to Chinese: As we give to the market more room for innovation, we must at the same time step up our investor education efforts so that investors understand what the regulator can do for them and what they must do for themselves, which is to understand their responsibilities and the risks when investing in new and complex products.

assistant: 我們爲市場提供更多空間以推動創新的同時，也必須加強投資者教育，讓投資者知道監管機構可以爲他們做些甚麼，以及他們須爲自己做些甚麼──作爲投資者，在投資複雜的新產品時，要了解自己的責任和產品的風險所在。
user: Please translate the following sentence from English to Chinese: First, I would like to extend my heartiest congratulations to the award recipients today.

assistant: 首先，我衷心祝賀今天每一位得獎者。
user: Please translate the following sentence from English to Chinese: As part of our daily regulatory duties, we supervise our intermediaries to ensure their full compliance of the various regulations both in letter and spirit.

assistant: 我們更在日常的監管工作中，督促中介人全面遵守各項規定的字面涵義以及整體精神。
user: Please translate the following sentence from English to Chinese: Hong Kong saw:

assistant: 香港先後於：
user: Please translate the following sentence from English to Chinese: That’s why the SFC has shifted to a front-loaded regulatory approach.

assistant: 這就是證監會轉而採用前置式監管方針的原因。
user: Please translate the following sentence from English to Chinese: As part of the listing process, companies are required to demonstrate to their sponsors that they have adequate procedures, systems and controls to comply with regulatory requirements, particularly those relating to disclosure obligations.

assistant: 在上市過程中，公司須向它們的保薦人證明其設有足夠的程序、系統和監控措施，確保其遵守各項監管規定，特別是關乎披露責任的規定。
user: Please translate the following sentence from English to Chinese: Lack of justification to illustrate suitability of advice;

assistant: 缺乏有效的管理層監督；
user: Please translate the following sentence from English to Chinese: We can see benefits derived from fostering the relationship between a company and a stakeholder.

assistant: 我們可以見到加強公司與利益相關者之間的關係能夠帶來若干好處。
user: Please translate the following sentence from English to Chinese: For instance, in November last year, it announced the setting up of the Silk Road Fund to improve infrastructure links across the region.

assistant: 例如，內地政府在去年 11 月宣佈設立絲路基金，以改善地區內的接駁基建。
user: Please translate the following sentence from English to Chinese: We have sent amendment rules to the Legislative Council this week to implement an adjustment to the position limit for H-shares index futures and options contracts.

assistant: 我們已於本週向立法會提呈規則修訂，以便落實調整 H 股指數期貨及期權合約的持倉限額。
user: Please translate the following sentence from English to Chinese: It is important for all parties – regulators, market operators, investment advisers, brokers and educators – to play a role in increasing the knowledge of our retail investors.

assistant: 要提升散戶投資者的投資知識，監管機構、市場營運機構、投資顧問、經紀及教育工作者都必須參與其中。
user: Please translate the following sentence from English to Chinese: Since May 1998, the SFC has initiated 57 listed company inspections. These have resulted in one referral to the Financial Secretary (for consideration of referring the matter to the Market Misconduct Tribunal), 18 referrals to the Police, 7 to the Stock Exchange and 4 to the ICAC plus one to the Hong Kong accountancy body.

assistant: 自 1998 年 5 月以來，證監會共對 57 家上市公司進行過視察行動，結果其中一項轉交財政司司長處理（以供考慮是否將事件轉介市場失當行爲審裁處審理）、18 項轉介警方、七項轉介聯交所、四項轉介廉政公署，另有一項轉介香港會計組織。
user: Please translate the following sentence from English to Chinese: 2. If you are a REIT manager licensed by us to manage a REIT, your licence will continue to be valid (and you will not need to be re-licensed) if your REIT expands operations into other markets or jurisdictions or different property types.

assistant: 2. 如果你是獲證監會發牌以管理房地產基金的房地產基金經理，而你的房地產基金的業務擴大至其他市場或司法管轄區或其他房地產類別，你的牌照將繼續有效而你亦無需再次申請發牌。
user: Please translate the following sentence from English to Chinese: We hope more and more investors would take advantage of this website.

assistant: 我們希望越來越多投資者會善用這個網站。
user: Please translate the following sentence from English to Chinese: Today, you have the passport.

assistant: 現在你們已有了通行證。
user: Please translate the following sentence from English to Chinese: I’ve been asked to speak about the new landscape in Hong Kong for investment products.

assistant: 今天我將應大會要求，談談香港在投資產品方面的最新發展。
user: Please translate the following sentence from English to Chinese: 43. Our financial markets will become increasingly complex. The products and services offered will also become increasingly sophisticated and diverse.

assistant: 43. 本港的金融市場將會變得愈來愈複雜，所推出的產品和服務亦會變得愈來愈先進和多元化。
user: Please translate the following sentence from English to Chinese: Trade settlement is no doubt a key component in the Mainland’s financial eco-system. Yet trade settlement alone cannot sustain a healthy need and desire by the outside world to hold RMB.

assistant: 貿易結算無疑是內地金融體系一個重要組成部分，但境外市場不會爲著貿易結算這單一理由而持續對人民幣產生合理的需求及投資意欲。
user: Please translate the following sentence from English to Chinese: The REIT market in Hong Kong offers investors a wide choice of properties, including retail properties, commercial properties in decentralised locations in Hong Kong, Grade A offices in Hong Kong, and properties in mainland China.

assistant: 香港的房地產基金市場爲投資者提供廣泛的房地產項目選擇，當中有零售物業、分散於香港不同地區的商業物業、香港的甲級寫字樓，以至內地的房地產等。
user: Please translate the following sentence from English to Chinese: Our upcoming discussion sessions would hopefully help clarify areas in which the industry has concerns.

assistant: 我們將會舉辦多場簡介會，幫助業界澄清關注的事宜。
user: Please translate the following sentence from English to Chinese: It also promises a better customer experience by tailoring products based on big data which reveals investors’ preferences or lowering costs by improving the efficiency of clearing and settlement in the back office.

assistant: 此外，金融科技可根據顯示投資者取向的大數據設計出專屬產品，或透過提高後勤辦事處的結算及交收效率來降低成本，從而提供更佳的客戶體驗。
user: Please translate the following sentence from English to Chinese: Are your investors asking for such information?

assistant: 你們的投資者有否要求索取該些資料？
user: Please translate the following sentence from English to Chinese: Separately, Deutsche Bank has just announced that it recently completed its first RMB bond offering in a RMB200 million self-led deal.

assistant: 此外，德意志銀行亦剛公佈已自行牽頭完成該行首宗人民幣債券發行，發債規模達人民幣 2 億元。
user: Please translate the following sentence from English to Chinese: Retail Hedge Funds Given hedge funds may provide absolute returns or returns with very low correlation to the stock market and there are in fact mutual funds adopting hedge funds like strategies, we believe that retail investors should not be excluded from such investment tools if they are well aware of the nature and related risks of hedge funds.

assistant: 零售對沖基金 鑑於對沖基金可能提供絕對回報或與股票市場相關性甚低的回報，且事實上，有互惠基金採用與對沖基金類似的投資策略，我們相信如果散戶非常清楚對沖基金的性質和有關風險，他們便不應被禁止買賣該些投資工具。
user: Please translate the following sentence from English to Chinese: Recently, there are rumours in the market that the Securities and Futures Commission (SFC) will not authorize synthetic exchange-traded funds (ETFs).

assistant: 最近市場傳言證監會將停止認可合成交易所買賣基金（ETF）。