经济学人342:金融衍生品 数据轰炸

　　Finance and economics
财经商业
Derivatives¹
金融衍生品
Data dump
数据轰炸
New reporting rules for derivatives have produced a confusing mass of data.
新出台的衍生品交易报告法规已经产生了大量的数据，令人晕头转向。
DURING the financial crisis regulators discovered the hard way how little they knew about the risky² derivatives portfolios³ built up by large financial institutions.
在金融危机期间，监管部门才痛苦地发现自己对于大型金融机构们建立的暗藏风险的衍生产品投资组合了解极少。
Lehman Brothers, for example, was thought to have been a counterparty to about $5 trillion of credit default swaps⁴.
比方说，雷曼兄弟经手的信用违约交换被认为达到了5万亿美元之巨。
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When they turned sour in 2008, it brought the financial system to its knees.
当这些信用违约交换在2008年时变成无法兑现时，金融系统因此一败涂地。
In response leaders of the world's main economies demanded in 2009 that derivatives deals should all be reported to trade repositories—vast central databases—to make it easier to identify and then reduce systemic risks.
因而世界各大主要经济体的领导人在2009年时采取了行动，要求衍生品交易必须全部上报交易数据存管机构以便于管理同时减少系统风险。
On February 12th European rules came into force requiring the reporting of all derivatives to one of six approved repositories.
欧洲方面的相关法规于2月12日开始生效，要求所有金融衍生品交易都要向六个被批准的存管机构之一进行报告。
Similar rules have already been in place in America for about a year.
而类似的法规已经在美国实行了约一年。
But the effort, although concerted, is not consistent:
虽然双方有过协商，两个地区的法规却并不一致：
the American and European reforms differ, making awkward transactions spanning the two jurisdictions⁵.
两者间的差异将使跨地区交易面临尴尬。
Moreover, even if these data can be reconciled, it is not clear what regulators will do with it.
即便这些数据能够相互协调，监管部门将如何处理这些数据还不得而知。
The American regulations allow the reporting to be taken care of by one party to the trade.
美国的监管部门允许交易中的单方负责报告，
Yet Europe requires both parties to report.
然而欧洲方面则要求双方都进行汇报。
That means every fund manager or corporate⁶ treasurer⁷ trading derivatives has had to follow cumbersome⁸ rules, not just the banks that peddle⁹ most deals.
这就意味着除了兜售衍生品的银行方面，所有参与金融衍生品交易的基金经理人以及公司财务主管都必须遵循复杂的规定。
Getting both sides to report was originally seen as a means to ensure that every entity's exposure could be rigorously monitored.
要求交易双方都进行报告的规定最初是为了保证交易双方的信息披露都能够受到严格的监管。
But the complexities¹⁰ of obliging both parties to report trades, which then have to be reconciled with one another, have led many to question whether the additional burden is really worthwhile.
但是要求双方都报告交易会使过程更复杂，两份报告还必须相互一致，这令人不禁怀疑这些额外的麻烦是否值得。
Dual¹¹ reporting was required to avoid omissions¹² in the data, says Stewart Macbeth of the Depository Trust & Clearing Corporation, one of the approved repositories.
要求两方上报是为了减少数据中的纰漏，被任命的数据库之一存管信托及结算公司的Stewart Macbeth这样说道。
But it captures a lot of companies in the real economy that probably do not pose a systemic risk.
但是这样也卷入了不少实体经济中并不会导致系统风险的公司。
The European rules differ from the American ones in other ways too.
欧洲地区和美国的法规中存在的差异还不仅于此。
America staggered implementation¹³ of its rules over the course of several months as different sorts of contracts and counterparties were gradually brought within their scope.
由于不同类型的合同和交易方们是分批纳入监管范围的，美国花了几个月的时间才完全实行了这些法规。
European regulators chose instead to have everyone start reporting everything on a single day.
而欧洲的执法机构在一天之内就要求所有人都着手进行报告。
That created a bottleneck¹⁴ as participants rushed to put the necessary procedures and agreements in place.
这造成了参与者们匆忙落实必要的步骤和协议，造成了瓶颈期。
Now that the deadline has passed, responsibility shifts to regulators, whose duty it will be to make sense of the torrents¹⁵ of data that are now flooding in.
现在报告已经过了截止日期，责任又转换到了监管机构一方，对泛滥成灾的数据洪流进行处理可是它们的工作了。
In America the Commodity Futures¹⁶ Trading Commission has openly acknowledged the problems it has already encountered coping with the deluge¹⁷, with one commissioner¹⁸ blaming inconsistencies and errors in the rules.
美国商品期货交易委员会公开承认了海量数据处理时的诸多问题，一位委员抱怨说这些法规中存在着矛盾和错误。
In Europe the problems are likely to be even worse as so many more counterparties are reporting data to multiple repositories.
欧洲方面，由于为数众多的交易方需要向多个数据库进行报告，问题看来会更加严重。
That will create an unfortunate opportunity for both omissions and duplications of data.
这将使得数据遗漏和数据重叠发生的概率大大增加。
In time the new reporting rules should reduce risks, but much work still needs to be done.
这些报告法规不久就能降低衍生品交易的风险，但是在此之前，还有许多工作要做。
A paper published on February 4th by the Financial Stability Board offers a solution.
金融稳定委员会于2月4日出版的一篇论文提供了一个解决方案。
It proposes aggregating¹⁹ data from multiple repositories into one central one.
它提议将各个数据库的数据集中到一个中央数据库中。
That may iron out inconsistencies in the data—but it will not necessarily make it any more digestible.
这或许能够消除数据中的不一致性—但是即便如此，数据量依旧很大，处理起来也仍然费时费力。
1.build up 逐步建立；增进
They actually remove toxins²⁰ from our body that build up courtesy of stress.
眼泪事实上排除我们体内由于压力积聚而成的毒素。
It is triggered when electrical charges build up in storm clouds.
电荷在积雨云中聚积起来就会触发闪电。
2.bring to 苏醒；使达到
How much money these services will bring to cable operators?
这些服务将给有线电视运营商带来多少钱？
What qualities would you bring to your work that are uniquely you?
你会给你的工作带来什么样的你独有的品质？
3.take care of 照顾；杀掉
Most parents are stressed multi-taskers who often forget to take care of themselves.
大多数父母都忙于各种事务，经常忘了照顾他们自己。
My heart cared about everyone, it just couldn't take care of itself.
我的心惦记每个人，但它就是没能照顾好自己。
4.reconcile with 与…和解
The little boy does not readily reconcile with his sister.
小男孩不愿与他姐姐和解。
Do you ever really wanna reconcile with her?
你真的有想过和她和好如初吗?

1 derivatives   

n.衍生性金融商品；派生物，引出物( derivative的名词复数 )；导数

参考例句：

• 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

2 risky   

adj.有风险的，冒险的

参考例句：

• It may be risky but we will chance it anyhow.这可能有危险，但我们无论如何要冒一冒险。
• He is well aware how risky this investment is.他心里对这项投资的风险十分清楚。

3 portfolios   

n.投资组合( portfolio的名词复数 )；（保险）业务量；（公司或机构提供的）系列产品；纸夹

参考例句：

• Price risk arises in non-trading portfolios, as well as in trading portfolios. 价格风险中出现的非贸易投资，以及在贸易投资组合。 来自互联网
• How do we fatten our portfolios and stay financially healthy? 我们怎样育肥我们的投资结构和维持财政健康呢？ 来自互联网

4 swaps   

交换( swap的名词复数 )； 交换物，被掉换者

参考例句：

• 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。

5 jurisdictions   

司法权( jurisdiction的名词复数 )； 裁判权； 管辖区域； 管辖范围

参考例句：

• Butler entreated him to remember the act abolishing the heritable jurisdictions. 巴特勒提醒他注意废除世袭审判权的国会法令。
• James I personally adjudicated between the two jurisdictions. 詹姆士一世亲自裁定双方纠纷。

6 corporate   

adj.共同的，全体的；公司的，企业的

参考例句：

• This is our corporate responsibility.这是我们共同的责任。
• His corporate's life will be as short as a rabbit's tail.他的公司的寿命是兔子尾巴长不了。

7 treasurer   

n.司库，财务主管

参考例句：

• Mr. Smith was succeeded by Mrs.Jones as treasurer.琼斯夫人继史密斯先生任会计。
• The treasurer was arrested for trying to manipulate the company's financial records.财务主管由于试图窜改公司财政帐目而被拘留。

8 cumbersome   

adj.笨重的，不便携带的

参考例句：

• Although the machine looks cumbersome,it is actually easy to use.尽管这台机器看上去很笨重，操作起来却很容易。
• The furniture is too cumbersome to move.家具太笨，搬起来很不方便。

9 peddle   

vt.(沿街)叫卖，兜售；宣传，散播

参考例句：

• She loves to peddle gossip round the village.她喜欢在村里到处说闲话。
• Street vendors peddle their goods along the sidewalk.街头摊贩沿著人行道兜售他们的商品。

10 complexities   

复杂性(complexity的名词复数)； 复杂的事物

参考例句：

• The complexities of life bothered him. 生活的复杂使他困惑。
• The complexities of life bothered me. 生活的杂乱事儿使我心烦。

11 dual   

adj.双的；二重的，二元的

参考例句：

• The people's Republic of China does not recognize dual nationality for any Chinese national.中华人民共和国不承认中国公民具有双重国籍。
• He has dual role as composer and conductor.他兼作曲家及指挥的双重身分。

12 omissions   

n.省略( omission的名词复数 )；删节；遗漏；略去或漏掉的事（或人）

参考例句：

• In spite of careful checking, there are still omissions. 饶这么细心核对，还是有遗漏。 来自《现代汉英综合大词典》
• It has many omissions; even so, it is quite a useful reference book. 那本书有许多遗漏之处，即使如此，尚不失为一本有用的参考书。 来自《现代汉英综合大词典》

13 implementation   

n.实施，贯彻

参考例句：

• Implementation of the program is now well underway.这一项目的实施现在行情看好。

14 bottleneck   

n.瓶颈口，交通易阻的狭口；妨生产流程的一环

参考例句：

• The transportation bottleneck has blocked the movement of the cargo.运输的困难阻塞了货物的流通。
• China's strained railroads already become a bottleneck for the economy.中国紧张的铁路运输已经成为经济增长的瓶颈。

15 torrents   

n.倾注；奔流( torrent的名词复数 )；急流；爆发；连续不断

参考例句：

• The torrents scoured out a channel down the hill side. 急流沿着山腰冲刷出一条水沟。 来自《现代汉英综合大词典》
• Sudden rainstorms would bring the mountain torrents rushing down. 突然的暴雨会使山洪暴发。 来自《现代汉英综合大词典》

16 futures   

n.期货，期货交易

参考例句：

• He continued his operations in cotton futures.他继续进行棉花期货交易。
• Cotton futures are selling at high prices.棉花期货交易的卖价是很高的。

17 deluge   

n./vt.洪水，暴雨，使泛滥

参考例句：

• This little stream can become a deluge when it rains heavily.雨大的时候，这条小溪能变作洪流。
• I got caught in the deluge on the way home.我在回家的路上遇到倾盆大雨。

18 commissioner   

n.（政府厅、局、处等部门）专员，长官，委员

参考例句：

• The commissioner has issued a warrant for her arrest.专员发出了对她的逮捕令。
• He was tapped for police commissioner.他被任命为警务处长。

19 aggregating   

总计达…( aggregate的现在分词 )； 聚集，集合； （使）聚集

参考例句：

• The thesis first promotes based Object Oriented Modeling method-Aggregating & Deriving Mothod. 本文首先提出了基于面向对象思想的建模方法——聚合派生法。
• Multidimensional data cubes are composed of base cube and other cubes aggregating on base cube. 多维立方体由基本立方体和基本立方体的聚集产生的立方体组成。

20 toxins   

n.毒素( toxin的名词复数 )

参考例句：

• The seas have been used as a receptacle for a range of industrial toxins. 海洋成了各种有毒工业废料的大容器。
• Most toxins are naturally excreted from the body. 大部分毒素被自然排出体外。 来自《简明英汉词典》