破产银行衍生品交易规则将改变

2014-10-10 15:40:49来源：可可英语

　　US regulators, who have previously condemned the industry’s crisis planning asinadequate, had demanded banks come up with a plan to stop their counterpartiesterminating derivatives contracts in the event of a crisis. The banks portrayed the success ofthe talks as a rare positive example of industry collaboration.

　　美国监管机构此前要求银行制定一份计划，在发生危机时阻止对手方终止衍生品合约。银行将此次谈判的成功视为一个罕有的行业合作的积极例子。美国监管机构此前谴责衍生品行业的危机计划不够完善。

　　Isda is due to announce the agreement to change its “protocols”, which govern the $700tnmarket, in the next few days. They will take effect from January 1 2015.

　　国际互换和衍生品协会将于未来几天宣布这项修改其“规则”的协议，这些规则管理着700万亿美元的衍生品市场。协议将于明年1月1日起实施。

　　According to a report from the US Government Accountability Office, 80 per cent of Lehman’sderivatives counterparties closed out their deals with the bank within five weeks of itsbankruptcy filing.

　　根据来自美国政府问责局(US Government Accountability Office)的一份报告，雷曼80%的衍生品合约对手方在雷曼递交破产申请的5周内终止了与该银行的交易。

　　That, in theory, helped the companies mitigate their counterparty risk with the failed bank butit also meant that Lehman’s estate had to spend years in court trying to claw back collateralfrom its partners.

　　理论上说，中止交易帮助这些公司降低了雷曼会带来的交易对手风险(counterparty risk)，但也意味着雷曼不动产不得不花费多年打官司，从合作伙伴那里追回抵押品。

　　“One of the problems with Lehman was when there was a failure of one subsidiary clients ofderivatives trades took funding away and took business away, adding to market instability,”said one bank negotiator.

　　一位银行谈判代表表示：“雷曼的问题之一是当一家子公司破产时，衍生品交易的客户拿走了资金，也带走了业务，这加大了市场的不稳定。”

　　This also made it harder to find buyers for the rump of Lehman. The current thinking amongregulators is that the core of a failing institution should be preserved. Although shareholderswould be likely to be wiped out, the operating company would be recapitalised or sold tomitigate the shock to the broader financial system.

　　这还导致雷曼的残留业务更难找到买家。监管者当前的想法是，破产银行的核心业务应受到保护。尽管股东可能会血本无归，但仍在运转的公司将进行资金重组或被出售，以减轻对更广泛的金融体系的冲击。

　　The concept of “too big to fail” has become hugely controversial since the financial crisiswhen AIG was bailed out by the US government because of fear of the consequences of itsfailure.

　　自此次金融危机以来，“大而不倒”的概念一直极具争议性，当时由于担心破产影响，美国政府对美国国际集团(AIG)进行了纾困。

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