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The Australian Financial Markets Association

The Australian Financial arkets Association (AFA) is the leadin" industry

association promotin" e##iciency, inte"rity and pro#essionalism in Australia6s #inancial
markets and provides leadership in advancin" the interests o# all market participants*
These markets are an inte"ral #eature o# the economy and per#orm the vital #unction o#
#acilitatin" the e##icient use o# capital and mana"ement o# risk* arket participants
per#orm a ran"e o# important roles (ithin these markets, includin" #inancial
intermediation and market makin"*
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The dynamic #inancial markets in Australia re#lect many years o# innovation and
development, and are amon" the #astest "ro(in" and most sophisticated in Asia*
Australia6s #inancial markets collectively turned over more than 75$ trillion in 2001-
05* The ma-or markets in the Australian #inancial system include the capital markets
(shares and bonds), money market and derivatives market* There are also other
markets in the #inancial system that #acilitate the tradin" o# speci#ic #inancial products
such as electricity*
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AFA represents over 130 members, includin" Australian and international banks,
leadin" brokers, securities companies, state "overnment treasury corporations, #und
mana"ers, traders in electricity and other specialised markets and industry service
providers*
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AFA6s key mandate is to promote best practice in #inancial markets so they can
continue to ma/imise their contribution to the economic health o# Australia* 8ne o#
the key tasks (e per#orm to achieve this ob-ective is to ensure the sound mana"ement
o# Australia9s 740 trillion o##-e/chan"e or over-the-counter (8T') markets* :e
achieve this by promotin" e##ective sel#-re"ulation o# the 8T' markets throu"h
e##icient and ethical market practices, conventions and standard documentation*
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AFA9s market "overnance role is complemented by the development o# (idely-
accepted industry standards #or transactional processin"* This ensures that
operational aspects o# #inancial transactions, in particular con#irmation, settlement,
reconciliation and risk mana"ement processes are "lobally-reco"nised best practice*
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AFA reco"nises the importance o# e##icient re"ulation to inspire investor con#idence
in our markets, and in this re"ard plays a leadin" role in providin" industry input to
the "overnment and re"ulators on public policy matters relevant to the #inancial
markets* :e seek to ensure that "overnment re"ulation o# the #inancial sector is #irm
enou"h to inspire investor con#idence yet #le/ible enou"h to allo( the markets to
"ro( to their #ull potential*
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AFA encoura"es hi"h standards o# pro#essional conduct in #inancial markets by
deliverin" pro#essional development and accreditation pro"rams to improve
individual e/pertise in 8T' and e/chan"e-traded markets* AFA accords
accreditation, reco"nised by the markets re"ulator A%&', to individuals (ho achieve
the re)uired levels o# competence*
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&ntroduction
The purpose o# this source te/t is to noti#y readers o# the risk o# "roup buyin"
(ebsite* This source te/t is an in#ormative te/t that provides back"round kno(led"e
o# "roup buyin" and the problems that arise (ith "roup buyin" (ebsites* The
translation strate"ies and skills such as literal and liberal, ampli#ication, omission,
phonetic and enterprises description are adopted*
;*+,6 have been translated as ;ne"otiations6 in (hich ;,6has been omitted
#rom the translation te/t to meet the readin" lan"ua"e habit o# <n"lish* =honetic
translation have been used to translate ; -.6 into ;Ala6 as it remains the similar
accent o# the (ebsite name* :hereas a literal translation o# ; /6 into ;>eauty
?roup6, ;0/6into ;'ool ?roup6 and ;1/6into ;@et6s ?ather ?roup6 to "ive a better
understandin" to readers*
7L2 have been translated as ;#lourished6, a liberal translation strate"y, in (hich
the #our-character phrase is translated into a sin"le (ord that #ully e/press the (hole
meanin"* >y usin" enterprise description,;z346is translated into ;lo( barrier
o# entry into the industry6 a pro#essional term used in economics to re#er to lo(
obstacles to enter a "iven industry* This makes the translation more pro#essional*
Asin" liberal and ampli#ication translation strate"y, the #our-character phrase ;567
^6 is translated into ;massive con#usion6 to e/press the "eneral idea o# the source
lan"ua"e (ithout keepin" the ori"inal #orm in order to "ive better understandin" to
readers*
&n sentence 1, ampli#ication method has been used by addin" a connective (ord ;thus6
#or clarity and completeness in structure and meanin"* %imilarly, ampli#ication
method has been used to translate sentence 2 by addin" ;there is6 in the sentence* &n
sentence 3, usin" o# similarly has already described the meanin" o# ;89dlJ
:6, thus duplication is avoided by usin" omission translation skills*
Besources:
&s "roup buyin" really a "ood dealC (2012)* Betrieved #rom
http:,,(((*bbc*co*uk,ne(s,business-1232151$
?roup buyin" and daily deals (2012)* Betrieved #rom
http:,,(((*consumer*vic*"ov*au,businesses,#air-tradin",vouchers-"i#t-cards-and-lay-
bys,"roup-buyin"-and-daily-deals
?roup >uyin" </plained in Detail (2012)* Betrieved #rom
http:,,(((*"roupbuyin"e/perts*com,inde/*phpC
optionEcom3contentFvie(EarticleFidE1F&temidE3
Development o# online shoppin" plat#orms and "roup buyin" (ebsites in 'hina
(2012)* Betrieved #rom http:,,economists-pick-research*hktdc*com,business-
ne(s,article,<conomic-Forum,GHTD'-Besearch-Development-o#-online-shoppin"-
plat#orms-and-"roup-buyin"-(ebsites-in-'hina,e#,en,1,1I000000,1I04I<T1*htm
<-commerce (electronic commerce or <') (2012)* Betrieved #rom
http:,,searchcio*techtar"et*com,de#inition,e-commerce
<n"lish-'hinese 'hinese-<n"lish Dictionary
8/#ord >usiness <n"lish Dictionary #or @earners o# <n"lish
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(The Bisk o# ?roup >uyin" :ebsite)
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1) ?roup buyin" is a relatively ne( and developin" concept o# e-commerce
(electronic commerce) model, throu"h sel#-"rouped consumers, pro#essional "roup
buyin" (ebsite, business or"ani.ed "roup buyin" and more, it has improved
ne"otiations bet(een consumers and businesses, and has "ained a "reat amount o#
discounts, thus arousin" interest #rom consumers, manu#acturin" industry as (ell as
capital markets* The year 2010 is kno(n as the L"roup buyin" yearL #or online
shoppin", #rom >eauty ?roup (eituan) (ebsite to Ala ?roup (Alatuan) and then to
'ool ?roup (Hutuan)and @et6s ?ather ?roup (Muutuan), every (ebsite (ith the (ord
9"roup9 have #lourished then* %ince then, LGave you "rouped todayCL have become a
(ell-kno(n slo"an*
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?roup buyin" (ebsite may be thrivin" but "radually it has revealed to have some
problems:
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2) Firstly, there is #raud "roup buyin" (ebsites* ?roup buyin" as a #orm o# ne( and
developin" concept o# online shoppin", have a lo( barrier o# entry into the industry
and is pro"ressin" at rapid speed thus causin" massive con#usion (ithin the industry*
Takin" advanta"e o# consumers6 mentality o# Lbuyin" at a bar"ainL, #e( la(breakers
releases #ake "roup buyin" deals to s(indle people out o# their money once payment
have been made*
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%econdly, methods o# payment #or "roup buyin" (ebsites* 3) %imilar to online
shoppin", the development o# "roup buyin" (ebsites is also hindered by the methods
o# payment* 'urrently, most "roup buyin" (ebsites re)uires payment be#ore delivery
and this provides an opportunity #or #e( la(breakers*
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Thirdly, lack o# service or poor )uality o# product* @ookin" at the bi""er picture,
"roup shoppin" is actually a #orm o# marketin" tool, #re)uent consumers o# "roup
buyin" (ebsites have slo(ly reali.e the de#iciency o# "roup buyin"* For e/ample,
usin" the dinin" voucher bou"ht #rom "roup buyin" (ebsites (ould encounter
di##erent treatment #rom non-voucher customers such as poor service #rom the
attendant and smaller portion o# #oodN in the event that the deal is cancelled a#ter
payment is made, the "roup buyin" (ebsite (ould delay re#undin" the money*
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Accordin" to the problems listed above, "roup-buyin" industry needs #urther
improvement to their system to promote stron" development*
(http:,,(((*chinaecla(*com,blo",more*aspCnameEdabbyFidE5$0 Accessed on
14,11,2011)