口译双语时事：花旗风险主管力推衍生品场内交易

2013-03-15 00:00:00来源：金融时报

　　　　Citigroup’s head of risk has put himself at odds with Wall Street dealers after calling for derivatives to move to exchange trading.

　　　　花旗集团(Citigroup)首席风险官布莱恩利奇(Brian Leach)提倡将衍生品交易改在场内进行，这令他成为华尔街经纪商的众矢之的。

　　　　“I think I’m the lone voice,” Brian Leach told the Financial Times. In the US, mandatory clearing of some derivatives began this week – where a clearing house stands between both sides of a trade – but the precise rules for trading venues are still being finalised.

　　　　利奇告诉英国《金融时报》：“我想没人会附和我的说法。”在美国，对一些衍生品的强制结算（结算所在交易双方之间作为中介）于本周开始，不过有关交易场所的具体规定仍在敲定中。

　　　　Most large investment banks are fighting to limit the move to transparent exchanges: they would prefer to keep the status quo with bilaterally agreed contracts that protect their profits.

　　　　多数大投行都在努力抗争，以避免将更多交易改在透明的交易所进行。他们更喜欢保持现状，通过双边达成的合约来确保他们的利润。

　　　　But Mr Leach said he supported going further on exchange trading for safety reasons. Derivatives were central to the near-failure of AIG, the insurance group that required a $180bn government bailout in 2008. “If you can improve the operational side of finance you actually extend the real economy in a positive fashion,” he said, as less capital might be needed to back derivatives.

　　　　不过利奇表示他支持扩大场内交易是出于安全原因。衍生品是美国国际集团(AIG)差点倒闭的主要原因，2008年这家保险公司曾请求政府以1800亿美元进行纾困。利奇表示：“如果你能改进金融的运营层面，你实际上以一种积极的方式延伸了实体经济”，因为这样可能需要较少的资本来担保衍生品。

　　　　Mr Leach said the trading losses racked up by competitors, such as UBS in the Kweku Adoboli affair, could be averted by other improvements to financial architecture. “Where you have had some of the bigger operational losses in the industry, typically there is often a trade that’s not matching,” he said.

　　　　利奇表示，类似瑞银(UBS)奎库阿多博利(Kweku Adoboli)事件这样不断积累起来的交易亏损，可通过金融架构的其他改善加以避免。他表示：“金融业每次出现较大的运营亏损，一般都意味着有一笔交易不匹配。”

　　　　Mr Leach wants faster progress towards uniform financial codes, so-called “legal entity identifiers”, which would help prevent failed trades that occur because computer systems identify counterparties and products using different methods. He said LEIs, which are being rolled out, should be enhanced to include settlement instructions.

　　　　利奇希望加快建立统一的金融代码体系——也就是所谓“法人实体身份证明”(LEI)，这将有助于避免因计算机系统识别交易对手和产品的方法不同而导致交易失败。他表示应该加强正在落实中的LEI，使其包括结算指示。