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Making a stink

机译:发臭

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摘要

Over a year ago, a whiff of something nasty filled the nostrils of the world's financial regulators. It came, appropriately, from the back end of the credit-derivatives market, an unregulated asset class that was growing so fast that banks and hedge funds that dabbled in it had lost track of their trades. In other markets where trading is private (rather than on an exchange), the problem might have seemed minor, involving thankless back-office tasks with monotonous names like matching and confirmation. But this time regulators saw a threat to the stability of banks, because of the popularity of credit-default swaps (CDSS), instruments that disperse lending risk around the financial system.
机译:一年多以前,世界金融监管机构的鼻孔弥漫着令人讨厌的气味。适当地,它来自信贷衍生品市场的后端,一种不受监管的资产类别增长如此之快,以至于涉足其中的银行和对冲基金都失去了交易的轨道。在其他交易是私有的市场(而不是交易所),问题似乎很小,涉及不费力的后台任务,如匹配和确认之类的单调名称。但是这一次,由于信用违约掉期(CDSS)的普及,监管机构看到了对银行稳定的威胁,CDSS是分散金融系统周围贷款风险的工具。

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