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Chinese wall
Chinese wall is a business term describing an information barrier within an organization that was erected to prevent exchanges or communication that could lead to conflicts of interest. For example, a Chinese wall may be erected to separate and isolate people who make investments from those who are privy to confidential information that could influence the investment decisions. Firms are generally required by law to safeguard insider information and ensure that improper trading does not occur.
== Etymology ==
The origin of the phrase is the Great Wall of China. The term was popularized in the United States following the stock market crash of 1929, when the U.S. government legislated information separation between investment bankers and brokerage firms, in order to limit the conflict of interest between objective company analysis and the desire for successful initial public offerings.〔(【引用サイトリンク】title=The Chinese Wall Protects Against Conflicts Of Interest )〕 Rather than prohibiting one company from engaging in both businesses, the government permitted the implementation of Chinese wall procedures.
A leading note on the subject published in 1980 in the ''University of Pennsylvania Law Review'' titled "The Chinese Wall Defense to Law-Firm Disqualification" perpetuated the use of the term.〔"The Chinese Wall Defense to Law-Firm Disqualification" (1980) 128 ''University of Pennsylvania Law Review''. 677〕〔
抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』
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