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Frozen

机译:冰冻的

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To ensure that it meets the 750 new rules on capital imposed in the aftermath of the financial crisis, JPMorgan Chase employs over 950 people. A further 400 or so try to follow around 500 regulations on the liquidity of its assets, designed to stop the bank toppling over if markets seize up. A team of 300 is needed to monitor compliance with the Volcker rule, which in almost 1,000 pages restricts banks from trading on their own account. The intention of all these rules is to prevent a repeat of the bankruptcies and bailouts of 2008. But some observers, including JPMorgan's boss, Jamie Dimon, and Larry Summers, a former Treasury secretary, argue that in their rush to make banks safer, regulators may have created a riskier financial system. By throttling the bits of banks that "make markets" in bonds, shares, currencies and commodities, the theory goes, watchdogs have made such assets less liquid. Investors may not be able to buy and sell them quickly, cheaply and without moving the price. The consequences in a downturn, when markets are less liquid anyway, could be severe.
机译:为确保其符合金融危机后施加的750条关于资本的新规定,摩根大通公司雇用了950多名员工。另外约有400项尝试尝试遵循约500项有关其资产流动性的规定,旨在阻止银行在市场抢占时倒台。需要由300人组成的小组来监督对沃尔克规则的遵守情况,该规则将近1000页,限制了银行使用自己的帐户进行交易。所有这些规则的目的是防止2008年再次发生破产和纾困。但是,包括摩根大通(JPMorgan)老板杰米·戴蒙(Jamie Dimon)和前财政部长拉里·萨默斯(Larry Summers)在内的一些观察家认为,监管机构急于提高银行的安全性。可能创建了风险更高的财务系统。从理论上讲,通过限制在债券,股票,货币和大宗商品中“制造市场”的银行机构,监管机构已经使这类资产的流动性降低。投资者可能无法在不改变价格的情况下快速,廉价地买卖它们。无论如何,当市场流动性不足时,经济下滑的后果可能会很严重。

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  • 来源
    《The economist》 |2015年第8934期|65-66|共2页
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