全球监管机构出台遏制影子银行新规

2014-10-15 14:03:06来源：可可英语

　　The global standards are intended to stop excessive lending, and so avoid a repeat of thereckless behaviour that helped precipitate the 2008 financial crisis. They also take aim at akey segment of the shadow banking world, known as the repurchase, or “repo”, market.

　　这些全球标准意在防止过度借贷，以避免曾在一定程度上引发2008年金融危机的鲁莽行为重演。它们还针对影子银行世界的一个重要领域，即所谓的“回购”市场。

　　This emerged as a prime area of weakness during the crisis and regulators are said to beconcerned about the potential impact that a “fire sale” of assets used as collateral for loanscould have on the wider financial system.

　　研究发现，该市场在危机期间是首要的薄弱环节之一。据悉，监管者担忧被用作贷款抵押品的资产“贱卖”对金融体系整体可能产生的冲击。

　　Crucially, the FSB’s minimum floors for repo transactions are higher than initial proposalsmade last year August, following calls for tough standards from US regulators.

　　至关重要的是，在美国监管机构呼吁设定严厉标准后，金融稳定委员会设定的回购交易最低要求门槛高于去年8月出炉的初步提议。

　　In a significant step, the FSB said it would also consult on applying the standards to dealsstruck between non-banks, rather than simply limiting them to repo transactions undertakenbetween banks and non-banks.

　　另一个重大步骤是，金融稳定委员会表示，还将就针对非银行实体之间的交易应用这些标准展开磋商，而不是简单地将这些标准局限于银行和非银行之间的回购交易。

　　However, the FSB rules would still fail to capture transactions that use government bonds ascollateral, focusing instead on private debt and stocks, amid anxiety from some governmentsabout the potential impact on sovereign debt markets.

　　然而，金融稳定委员会的这些规则仍将不会纳入用政府债券作为抵押品的交易，而是专注于私营部门债务和股票。一些国家的政府对于主权债务市场可能受到的潜在影响感到焦虑。

　　The FSB wants a minimum 1.5 per cent haircut for corporate bonds with a maturity ofbetween one and five years, up from 1 per cent before, and a 6 per cent haircut for equities,instead of 4 per cent previously. The latter would mean that a borrower would have to post$106 of equity collateral for a $100 loan.

　　金融稳定委员会规定，一至五年到期的公司债券要有1.5%的“垫头”(haircut)，高于去年提议的1%;股票要有6%的垫头，高于此前的4%。后者意味着借款人要得到100美元的贷款，将必须抵押106美元的股票。

　　The FSB also set out non-numerical standards aimed at tackling the risk that haircuts getwhittled away in benign market conditions. Mark Carney, chairman of the FSB and Bank ofEngland governor said the rules marked a “big step forward” in the global shadow bankingagenda.

　　金融稳定委员会还出台了非数字的标准，以应对良性市场条件下垫头遭到削减的风险。金融稳定委员会主席、英国央行(Bank of England)行长马克•卡尼(Mark Carney)表示，这些规则标志着全球影子银行议程“向前迈出一大步”。

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