非分离交易：定义与影响

中文段落：

非分离交易，也称为不可分割交易，指的是在金融市场中，某些资产或金融产品的交易不能以单独的部分进行，而必须作为一个整体进行买卖。这种交易模式的特点在于其不可分割性，即投资者不能仅选择资产的一部分进行交易，而必须购买或卖出整个资产。

非分离交易通常出现在某些特定的金融产品中，如某些债券或股票。这些金融产品由于特定的发行条款或市场规则，要求必须以整体形式进行交易。此外，某些实物资产，如房产或艺术品，也可能采用非分离交易的方式，因为它们作为单一的实体，不能被简单地拆分成更小的部分。

非分离交易对投资者来说具有一定的限制。由于必须整体交易，投资者可能无法根据自己的投资策略灵活调整持有资产的数量。此外，当市场整体波动时，投资者可能面临较大的风险，因为整个资产的价值可能会大幅度变动。

然而，非分离交易也有其优点。它有助于维护市场的稳定性和公平性，防止投资者通过拆分资产进行过度投机或操纵市场。同时，对于某些具有特殊性质的资产，如长期债券或特定艺术品，非分离交易能够保护投资者的权益，确保他们获得完整的所有权和收益权。

英文段落：

Non-separable transactions, also known as indivisible transactions, refer to the practice in financial markets where certain assets or financial products cannot be traded in separate parts and must be bought or sold as a whole. This trading model is characterized by its indivisibility, meaning investors cannot choose to trade just a portion of an asset but must purchase or sell the entire asset.

Non-separable transactions are typically found in certain specialized financial products, such as certain bonds or stocks. These financial products, due to specific issuance terms or market rules, require trading in their entirety. Additionally, certain physical assets, such as real estate or art, may also employ non-separable transactions as they exist as single entities that cannot be easily split into smaller parts.

For investors, non-separable transactions present certain limitations. As assets must be traded in their entirety, investors may not be able to flexibly adjust the quantity of assets held based on their investment strategies. Furthermore, during market volatility, investors may face increased risk as the value of the entire asset may fluctuate significantly.

However, non-separable transactions also have their advantages. They contribute to market stability and fairness, preventing investors from engaging in excessive speculation or market manipulation through the splitting of assets. At the same time, for assets with special characteristics, such as long-term bonds or specific artworks, non-separable transactions protect investors' rights, ensuring they receive full ownership and entitlement to benefits.