The term "elephants" is a slang for large institutions that have the funds to make high-volume trades. Examples of elephants are professionally managed entities like mutual funds, pension plans, banks and insurance companies.

“大象”指有资本进行大额交易的大型机构。这一类机构多是由专业人员管理的，比如，共同基金，养老金计划，银行以及保险公司。

Elephants deal refers to an extremely large business deal between large institutions, typically worth more than ￡20 million.

“大象交易”就是指这样的大型机构之间进行的超大额的商业交易，通常交易价值要超过2000万英镑（约合人民币1.85亿元）。