Chinese wall 翻译成中文可以直译为 “中国墙”，也可以意译为“职能分隔制”。

在证券领域中，Chinese wall指证券商为防止敏感信息资料在同一机构不同部门之间传递所采取的措施，通常要将交易、基金管理和融资部门的各项职能相互隔开。

Chinese wall 的英文释义更具体：

The ethical barrier between different divisions of a financial (or other) institution to avoid conflict of interest. A Chinese Wall is said to exist, for example, between the corporate-advisory area and the brokering department of a financial services firm to separate those giving corporate advice on takeovers from those advising clients about buying shares. The "wall" is thrown up to prevent leaks of corporate inside information, which could influence the advice given to clients making investments, and allow staff to take advantage of facts that are not yet known to the general public.

Maintaining client confidentiality is crucial to any firm, but particularly large multiservice businesses. Where firms are providing a wide range of services, clients must be able to trust that information about themselves will not be exploited for the benefit of other clients with different interests. And that means clients must be able to trust in Chinese Walls. Some Wall Street scandals in recent years, however, have made some people doubt the effectiveness of Chinese Walls, as well placed executives of respectable firms have traded illegally on inside information for their own benefit.

中国墙（Chinese Wall）是证券法规中的专有用语，与我国的“内部防火墙”相似，是指证券公司建立有效的内部控制和隔离制度，防止研究部、投资部与交易部互泄信息，引致内部交易和操纵市场的行为，是解决证券市场无处不在的利益冲突的手段之一。之所以采用“Chinese Wall”的说法，意味这种内部控制与隔离像中国的长城一样坚固。

中国墙有两种功能：证券业务中的功能和证券法上的功能。在证券业务中，建起一道中国墙可以预防证券商一个部门的人员所拥有的内幕信息被另一个部门的人员滥用；在证券法规中，如果证券商内部设有严格的中国墙制度，而证券商遭受从事内幕交易或者违反对客户的受信义务的指控时，券商可以以中国墙制度来抗辩。预防性的功能已经被普遍接受，但是法律上的抗辩功能不同国家却有不同的解释。因为在英美法中，证券商和客户之间的关系主要靠代理制度来调整。代理法有两条基本的原则：代理人对本人负有诚信和完整忠诚的义务；同时代理人在代理过程中的获得的信息视为本人的知悉。因此原则上看，研究部门或者销售部门知悉的内幕信息都应该视为券商获得的信息，任何一个部门利用这些内部信息都违反了券商对客户负有的受信义务。然而严格按照代理法的规则虽然有利于保护客户的利益，但是却会严重损害券商的利益。为了保障证券市场的完整性，英美国家在不同程度上作为代理制度的例外，承认中国墙的抗辩功能。

【双语例句】

As regards the code of conduct of licensed persons, a set of compliance policies has been published and updated from time to time to provide guidance on matters such as employee dealings, ethics code, Chinese wall policy and etc. On a regular basis, audit and compliance surveillance checks on procedures of the Group’s core operations are conducted.

至于已注册人士之操守准则方面，我们已颁布一套经不时更新的监察政策，就雇员买卖、操守及职能分隔制度等事宜提供指引。我们会定期就集团核心业务的程序进行审核及监察。