(10) 除第(11)及(12)款另有規定外，凡證券交易商持有一間公司的股 份(在附表1指明的其中一類股份)的市值，及由該公司發行的合資格或特 別債務證券的市值，超過該證券交易商的25％速動資金價值─
" (10) Subject to subsections (11) and (12), where the aggregate of the market value of any shares in a company held by a securities dealer, which are of any description specified in Schedule 1, and the market value of qualifying or special debt securities issued by that company held by him, exceeds 25% in value of the liquid capital of the securities dealer-"
(a) 該等股份作為速動資產的價值，將會依照在附表7第Ⅲ部指明的百 分比數額進一步削減；及
(a) the value of the shares as liquid assets shall be further reduced by the amount specified in Part III of Schedule 7; and
(b) 該等合資格或特別債務證券作為速動資產的價值，將會依照在附 表7第Ⅲ部指明的百分比數額進一步削減。
(b) the value of the qualifying or special debt securities as liquid assets shall be further reduced by the amount specified in Part III of Schedule 7.
(11) 就計算證券交易商在第(10)款所指的速動資金時，不得計入憑藉 第(10)(a)及(b)款對速動資金所作的調整。
" (11) For the purposes of calculating the liquid capital of a securities dealer in subsection (10), no account shall be taken of the adjustments in the liquid capital by virtue of subsection (10)(a) and (b)."
(12) 就第(8)﹑(9)及(10)款及第10(w)條而言，證券交易商持有或賣 空的股份數目或合資格或特別債務證券的數額，必須是下列兩項的差別─
" (12) For the purposes of subsections (8), (9) and (10) and section 10(w), the number of shares or the amount of qualifying or special debt securities held, or short sold, by a securities dealer shall be taken as the difference between-"
(a) 下列的總數─
(a) the aggregate of-
(i) 由該證券交易商持有的股份數目或合資格或特別債務證券的數額 ；
(i) the number of shares or amount of qualifying or special debt securities held by him;
(ii) 該證券交易商須購買或認購的股份數目或合資格或特別債務證券 的數額；及
(ii) the number of shares or amount of qualifying or special debt securities which he is under an obligation to purchase or subscribe; and
(iii) 該證券交易商根據任何期權(該期權的行使價格低於該等股份或 合資格或特別債務證券的市值)有權購買或認購的股份數目或合資格或特 別債務證券的數額；及 (1995年第396號法律公告)
(iii) the number of shares or amount of qualifying or special debt securities which he is entitled to purchase or subscribe under any option where the strike price of the option is less than the market value of the shares or qualifying or special debt securities; and (L.N. 396 of 1995)
(b) 下列的總數─
(b) the aggregate of-
(i) 由該證券交易商賣空的股份數目或合資格或特別債務證券的數額 ；
(i) the number of shares or amount of qualifying or special debt securities short sold by him;
(ii) 該證券交易商須出售的股份數目或合資格或特別債務證券的數額 ；及
(ii) the number of shares or amount of qualifying or special debt securities which he is under an obligation to sell; and
(iii) 該證券交易商根據任何期權(該期權的行使價格高於該等股份或 合資格或特別債務證券的市值)有權出售的股份數目或合資格或特別債務 證券的數額。 (1995年第396號法律公告)
(iii) the number of shares or amount of qualifying or special debt securities which he is entitled to sell under any option where the strike price of the option is more than the market value of the shares or qualifying or special debt securities. (L.N. 396 of 1995)
(13) 凡證券交易商存放期權基礎股份在香港聯合交易所期權結算所有 限公司，以對應在聯交所買賣的期權的認購期權淡倉─
(13) Where a securities dealer deposits the underlying shares with The SEHK Options Clearing House Limited to cover a short call SEHK Traded Option-
(a) 如他是實益持有該等基礎股份的，則就該認購期權涉及的基礎股 份的數目與其持有的股份的數目相等的該部分而言，第9(l)及10(s)及(t) 條均不適用，而該證券交易商須以下列較低者計算其持有的基礎股份價值 ─
" (a) in case where he beneficially holds the underlying shares, to the extent that the number of the shares underlying the call option matches the number of the shares held, sections 9(l) and 10(s) and (t) shall not apply and he shall value his shares at the lower of-"
(i) 該等股份的市值乘以附表1第Ⅱ部指明的有關百分比；及
(i) the market value of the shares multiplied by the relevant percentage specified in Part II of Schedule 1; and
(ii) 該認購期權的行使價；及
(ii) the strike price of the call option; and
(b) 在任何其他情況下，就該認購期權涉及的基礎股份的數目與其存 放的股份的數目相等的該部分而言，第10(s)﹑(t)及(y)條均不適用，而 該證券交易商須將下列較高者列入其認可負債之內─
" (b) in any other case, to the extent that the number of the shares underlying the call option matches the number of the shares deposited, section 10(s), (t) and (y) shall not apply and he shall include the higher of the following in his ranking liabilities-"
(i) 該證券交易商就該在聯交所買賣的期權的認購期權淡倉的根據第 (16)款計算其須存放的保證金數額(猶如該認購期權淡倉是並沒有作出對 應安排的持倉)；及
(i) the amount of margin required to be deposited by the securities dealer as calculated in accordance with subsection (16) in respect of the short call SEHK Traded Option as if the position were not a covered position; and
(ii) 為獲得該等股份而向任何人士提供的任何抵押品(信用狀除外)的 經調整價值，超過該等基礎股份的經調整價值的數額。 (1995年第396號 法律公告)
(ii) the amount by which the adjusted value of the shares is exceeded by the adjusted value of any collateral (other than a letter of credit) provided to any person for obtaining the shares. (L.N. 396 of 1995)
(14) 凡證券交易商實益持有股份，並透過持有該等股份的在聯交所買 賣的期權的認沽期權好倉以對沖該等股份，如該認沽期權涉及的基礎股份 數目與該證券交易商持有的基礎股份數目相等，及該期權的市值並沒有與 該證券交易商持有的任何其他期權持倉量的應付保證金作對銷，則就該股 份數目相等的部分而言，該交易商可選擇不採用第9(l)及(zf)條作計算之 用，但須以下列較高者計算其股份的價值─
" (14) Where a securities dealer beneficially holds shares and hedges them by holding a put SEHK Traded Option on the same underlying shares, to the extent that the number of the shares underlying the put option matches the number of the shares held and the market value of the option has not been netted off with the margin requirement of any other options position of the securities dealer, he may elect so that section 9(l) and (zf) shall not apply and he shall value his shares at the higher of-"
(a) 該等基礎股份的市值乘以附表1第Ⅱ部指明的有關百分比；及
(a) the market value of shares multiplied by the relevant percentage specified in Part II of Schedule 1; and
(b) 該認沽期權的行使價。 (1995年第396號法律公告)
(b) the strike price of the put option. (L.N. 396 of 1995)
(15) 凡證券交易商本身為進行賣空而借入在聯合交易所上市的股份， 該交易商可選擇同時不採用第10(v)﹑(w)及(y)條作計算之用，但須將下 列較高者列為其認可負債─
" (15) Where a securities dealer borrows shares listed on the Unified Exchange for the purpose of short selling on his own account, the securities dealer may elect so that section 10(v), (w) and (y) shall not apply at the same time and he shall include the higher of the following in his ranking liabilities-"