经济学人:打扫房间与脱欧 伦敦欧元清算(1)
时间:2019-02-25 作者:英语课 分类:经济学人财经系列
英语课
Finance and Economics 财经
Clearing Houses and Brexit: Clearing out 打扫房间与脱欧:清除出去
New European proposals might force Euro clearing out of London. 新欧盟提案考虑转移伦敦欧元清算业务。
Brexit has thrust a mundane 1, if crucial, bit of financial-market plumbing 2 into the spotlight 3: the clearing of financial instruments. 若至关重要,英国脱欧将使一个些许世俗化的金融市场开始关注这个焦点:金融工具结算。
Clearing-houses sit in the middle of a securities or derivatives 4 transaction, and ensure that deals are honoured even if one counterparty goes bust 5. 清算所处在证券交易和衍生品交易的中间环节,并确保交易的兑现,即使其中一个交易方破产。
In November a study commissioned by the London Stock Exchange (LSE) warned that if euro clearing was forced out of the City, 今年十一月,伦敦证券交易所(LSE)委托进行的一项研究警示,如果欧元区结算被迫退出该市,
83,000 British jobs could be lost, and a further 232,000 affected 6. 英国将失去83000个就业机会,另有232000个会受影响。
On May 4th the European Commission said it was looking into new rules for euro-denominated clearing. 5月4日,欧盟委员会表示正在研究欧元计价结算的新规则。
One option is relocation from London, an idea greeted in the City with a mixture of incredulity, disdain 7 and fear. 一种选择是从伦敦搬迁,这个想法以夹杂着怀疑,不屑和恐惧的态度受到该市的欢迎。
In the wake of the financial crisis, the G20 group of big economies made it mandatory 8 to settle most simple derivatives trades through clearing-houses. 金融危机之后,20国集团经济体强制规定,通过清算所解决最简单的衍生品交易。
By 2016, 62% of the notional $544trn global over-the-counter derivatives market was settled in this way. 到2016年,名义上全球54400亿美元直接交易衍生品市场的62%都是以这种方式解决的。
Globally, London handles 37% of foreign-exchange derivatives and 39% of interest-rate derivatives, including three-quarters of those in euros. 全球范围,伦敦处理了37%的外汇衍生品和39%的利率衍生品,包括那些在欧元区的四分之三。
So unsurprisingly, it also dominates clearing. 因此毫无意外,它也主导清算业务。
LCH, a clearing-house that is part of the LSE, clears over 50% of all interest-rate swaps 9 across all currencies. 伦敦清算所(LCH)隶属于伦敦证券交易所(LSE),在所有货币交易中,清算超过50%的利率掉期。
Around 75% of those in euros are cleared in London. 在欧元区的约75%也是在伦敦清算的。
But centralising clearing concentrates risk: the failure of a clearing-house would be disastrous 10. 但是集中结算也集中了风险:一家清算所的倒闭结果将是灾难性的。
So clearing-houses require collateral 11 from the counterparties using them, and must submit to close supervision 12. 因此,清算所要求从交易对手所使用的做抵押品,而且必须提交至严密监管。
The European Central Bank has long worried that it has no direct control over euro-denominated clearing outside the euro area, 欧洲央行一直担心,它并没有对欧元区以外的欧元计价结算直接控制,
yet any problems would embroil 13 banks and payment systems within it. 但是出现任何问题都会使银行和支付系统卷入其中。
adj.平凡的;尘世的;宇宙的
- I hope I can get an interesting job and not something mundane.我希望我可以得到的是一份有趣的工作,而不是一份平凡无奇的。
- I find it humorous sometimes that even the most mundane occurrences can have an impact on our awareness.我发现生活有时挺诙谐的,即使是最平凡的事情也能影响我们的感知。
n.水管装置;水暖工的工作;管道工程v.用铅锤测量(plumb的现在分词);探究
- She spent her life plumbing the mysteries of the human psyche. 她毕生探索人类心灵的奥秘。
- They're going to have to put in new plumbing. 他们将需要安装新的水管。 来自《简明英汉词典》
n.公众注意的中心,聚光灯,探照灯,视听,注意,醒目
- This week the spotlight is on the world of fashion.本周引人瞩目的是时装界。
- The spotlight followed her round the stage.聚光灯的光圈随着她在舞台上转。
n.衍生性金融商品;派生物,引出物( derivative的名词复数 );导数
- Many English words are derivatives of Latin words. 许多英语词来自拉丁语。 来自《简明英汉词典》
- These compounds are nitrosohydroxylamine derivatives. 这类合成物是亚硝基羟胺衍生物。 来自辞典例句
vt.打破;vi.爆裂;n.半身像;胸部
- I dropped my camera on the pavement and bust it. 我把照相机掉在人行道上摔坏了。
- She has worked up a lump of clay into a bust.她把一块黏土精心制作成一个半身像。
adj.不自然的,假装的
- She showed an affected interest in our subject.她假装对我们的课题感到兴趣。
- His manners are affected.他的态度不自然。
n.鄙视,轻视;v.轻视,鄙视,不屑
- Some people disdain labour.有些人轻视劳动。
- A great man should disdain flatterers.伟大的人物应鄙视献媚者。
adj.命令的;强制的;义务的;n.受托者
- It's mandatory to pay taxes.缴税是义务性的。
- There is no mandatory paid annual leave in the U.S.美国没有强制带薪年假。
交换( swap的名词复数 ); 交换物,被掉换者
- He swaps his old car for a new motorcycle. 他用旧车换了一辆新摩托车。 来自英汉 - 翻译样例 - 口语
- Swaps the anchor and end points of the current selection. 交换当前所选内容的定位点和结束点。
adj.灾难性的,造成灾害的;极坏的,很糟的
- The heavy rainstorm caused a disastrous flood.暴雨成灾。
- Her investment had disastrous consequences.She lost everything she owned.她的投资结果很惨,血本无归。
adj.平行的;旁系的;n.担保品
- Many people use personal assets as collateral for small business loans.很多人把个人财产用作小额商业贷款的抵押品。
- Most people here cannot borrow from banks because they lack collateral.由于拿不出东西作为抵押,这里大部分人无法从银行贷款。
n.监督,管理
- The work was done under my supervision.这项工作是在我的监督之下完成的。
- The old man's will was executed under the personal supervision of the lawyer.老人的遗嘱是在律师的亲自监督下执行的。
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