（d） pay the amount due on settlement day;
（e） arrange for the transfer of ownership to be entered inthe share register
of the company concerned, and for them to is-sue a new share certificate.
（2） Jobbers. It is jobbers who make the market in shares bytheir willingness
ither to buy or to sell at any time. Jobbers takeup positions o,n the floor of the Exchange in informal groups spe-cializing in certain kinds of shares, and when approached by abroker each member of the group quotes a double price, one orbuying
and one for selling, before being told which he may becalled upon to do. He aturally hopes to make a profit out of thedifference between these prices, called the “jobbers turn”,butthere is no guarantee that he will do so. A jobber who misjudgesthe trend of the market and puts his prices too high will onlymake bargains with brokers wishing to sell, whereas one whopitches his prices too low will only attract buying brokers; as hewants to finish the account period with buying and selling con-tracts in balance, he may well have to adjust his prices so
that inthe end he is forced to sell shares for less than he agreed to payfor them,
or buy in shares for more than he contracted to sell
Tbere are now approximately 3 500 members of the StockExchange, of whom bout 500 are jobbers organized into no morethan about 30 firms. The marked ontraction in the number ofjobbing firms in recent years reflects the growing difficulty of raising sufficient capital to finance their operations. For the same reason, the Stock Exchange Council is now prepared to abandon ite traditional rulethat no firm should seek the protection of limited liability for its members.[4]
Stock exchange council
Finally，one of the most useful functions performed by the Stock Exchange is the general supervision which the Council ex—ercises over the business ethics of quoted companies． In many wavs the council’S code of conduct is more exacting than company laW itself。and any breach of its rules would be penal—ized by the withdrawal of quotation rights．[5]
注 释
[1] the Stock Excha“g——证券交易所。西方国家的证券交易所多为以会员协会形式成立的非营利机构。它只限于会员参与证券买卖。会员可分为经纪人和自营商两种。前者是代客买卖·收取佣金，后者是自行买卖·
自负盈亏。
[2]The existence……provision of capital·
为企业资产提供资金的市场的存在是工商业绝大部分依靠私人来源取得资金的经济的一个基本特征。
[3]……but…………order，
但必须按买卖委托单上写明的要求行事。
[4]For the same……its members．
基于同样原因（指股票自营商无充分资金保证其业务的进行），证券交易委员会现在正准备取消证券公司无须为其会员提供一定资产保证的规定。
[5]any breach……rights．
任何对章程的违反都将以取消上市资格作为处罚·
思考题
1．简述商人在股票交易所的基本作用。
2．为什么说一旦一个有组织的证券市场形成，政府通过发行长期债券来借贷较容易?
3．什么是“股票经纪人的盈利?
4．一个股票经纪人对市场价格的判断是怎样影响交易商的?
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