Traded privately, or "over the counter", by Banks, they seemed to prove that large, newfangled markets could function perfectly well with minimal regulation.
银行间进行私下交易，或者“场外交易”，似乎证明大型、新式的市场可以在最小化的管理下良好运转。
2
But there are plenty of examples where regulation could be counter-productive: a permanent ban on short-selling, for instance, would make markets more volatile.
但是大量的事实证明，监管也会产生适得其反的效果：例如，永久性地禁止空头卖跌会使得市场更加弱不禁风。
3
As co-integration test reflects regulation between international trades and real exchange rate, correction mechanism suggests certain counter-regulation effect on export and weak effect on import.