交易对手风险

在对CBAS定价的时候，我们也考虑到利率互换中的交易对手风险。

When valuing the CBAS , we take the counterparty risk embedded in the interest rate swap into consideration .

该结构涉及一定程度的交易对手风险，因为如果互换交易另一方的投行破产，etf可能将难以收回自己的资金。

This structure involves a degree of counterparty risk because if the investment bank on the other side of the swap transaction was to go bust , the ETF might have trouble getting its money back .

这再次让投资者在出售股票时面临交易对手风险。

Once again investors , when selling shares , are left exposed to the possibility of counterparty failure .

你们还应该理解在我们确立合约时要求预先偿付，因此没有交易对手风险。

You should also understand that we get paid up-front when we enter into the contracts and therefore run no counterparty risk .

另一个理由是交易对手风险担心交易对手银行出现破产。

Another reason is counterparty risk , the fear of being on the other side of a transaction with a failed bank .

在衍生品及其它复杂产品交易所方面，英国具备领导全球的潜力。这将有助于降低交易对手风险。

And London has the potential to lead the world in exchanges for derivatives and other complex products that will help to reduce counterparty risk .

这让托管人对这些证券拥有临时法定所有权，万一托管人意外出现问题，这就增加了卖方的交易对手风险。

This gives the custodian temporary legal ownership of the security , increasing counterparty risk for the seller should a custodian unexpectedly runs into trouble .

这给人们带来了希望：随着各金融机构对“交易对手风险”及欧元区债务危机将日趋恶化的担心渐渐消退，它们又开始互相发放贷款。

This has raised hopes that institutions are lending to each other again as fears of counterparty risk and a deepening of the eurozone debt crisis recede .

尽管政府通过他们的货币政策创造了大量的流动性，但金融机构对交易对手风险仍然不放心。

And so , even though governments have created a lot of liquidity through their monetary policies , financial institutions are still uncomfortable with the counter-party risk .

首先，他们要求所有“标准化”衍生品进行集中结算，以消除交易对手风险，即便这些衍生品不在交易所交易。

First , they demand all " standardised " derivatives are centrally cleared to remove counterparty risk , even if they are not traded on an exchange .

直接投资相关资产而不经第三者所发行合成复制工具的交易所买卖基金，其交易对手风险通常不是太大问题。

For ETFs that invest directly in the underlying assets rather than through synthetic instruments issued by third parties , counterparty risk tends to be less of concern .

自金融危机以来，投资者对交易对手风险越来越小心，即便只不过是交易执行过程中的几个小时。

Since the financial crisis , investors have become more cautious about counterparty risk , even if just for a few hours during the execution of a trade .

投资者也痛苦地发现，信用风险和资产价格波动并非唯一会损害投资组合的因素；交易对手风险和流动性风险也很重要。

Investors have also made the painful discovery that credit risk and asset price swings are not the only things that can damage portfolios ; counterparty and liquidity risks matter too .

相反，他们的重点在于，推出衍生品集中清算平台等措施，减少交易对手风险，从而找到缓解“互连”问题的方法。

Instead the focus is on finding ways to mitigate the " interconnectivity " problem by reducing counterparty risks via measures such as the introduction of a centralised clearing platform for derivatives .

它们意识到，已发表的经审计的报表没有披露这些微妙的次级交易对手风险和流动性风险；对冲基金传统上提供给客户的报告也没有透露这些风险。

And they have realised that published , audited accounts do not reveal those subtle , secondary counterparty and liquidity risks ; nor do the reports that hedge funds have traditionally given their clients .

通过测度变换，得到两公司的联合生存概率，从而对含交易对手风险的公司债券和一些信用衍生品进行定价，并得到显式解。

By employing change of measure , the general joint distribution and marginal distributions of default times are derived . So the risky bonds and some credit derivatives such as CDS and CBO can be valued .

针对这种结构采取提供公共保险的做法是危险的，不仅因为这会给纳税人带来负担，也因为这基本上解除了私人部门监督自身交易对手风险的责任。

To respond by public insurance of the structure is dangerous , not just because it imposes obligations on taxpayers but because it largely relieves private actors of the obligation to monitor their own counter-party risks .

研究发现，完全市场结构下，分散均衡可以实现流动性的最优配置，而存在信息不对称和交易对手风险时，银行间市场可能出现完全参与的均衡以及银行间市场崩溃与流动性囤积。

The findings are as follows : Decentralized equilibrium can achieve first best allocation of liquidity . Interbank market can cause full participation equilibrium , interbank market breakdown or liquidity hoarding in the existence of information asymmetry and counterparty risk .

从来源看，信用风险可以分为交易对手风险和发行者风险两种风险，前者主要产生于商业银行的贷款和金融衍生交易中，后者主要是和债券相联系。

From the source , the credit risk can be divided into the counterparty risk and risk of issuers , the former mainly two kinds of risks in commercial bank loans and financial derivatives transactions , the latter is associated with bonds .

近期有人担心，合成ETF在总体上要比那些直接投资于股票或债券的ETF风险更高，原因在于交易对手方风险以及某些银行用来持有投资者资金的抵押品类型。

There have been concerns that synthetic ETFs are generally more risky than those that invest directly in stocks or bonds because of counterparty risks and the types of collateral that some banks have used to hold investors ' funds .

从国际上看，银行业的信用风险来源于贷款方、债券发行方及衍生产品的交易对手的违约风险。

In the international market , the credit risk mainly originates from the possibility of counterparty default among the lenders , bond issuers and derivative products .

美国政府此项新计划将要求所有的“标准化”场外衍生产品通过中央清算所进行结算，以降低投资者危险地暴露在单一交易对手面前的风险。

The new government plan would force all " standardised " OTC derivatives to be cleared through central clearinghouses , to reduce the risk of investors being dangerously exposed to a single counterparty .

该行业也更加努力地推动通过中央平台进行cds交易，以减少交易对手风险一旦标准化合约实施，这种努力将会变得容易得多。

Efforts are also intensifying to put CDs trades through a centralised platform in a bid to reduce counterparty risk an endeavour which becomes much easier once standardised contracts are in place .

银行作为场外衍生产品市场的主要参与者，在从事场外衍生品交易时，会面临交易对手违约风险。

Banks are the main participants in the OTC derivatives market . Banks engaged in the derivatives business will have to consider Counterparty Credit Risk .

此外，这些交易构成了一张复杂的交易对手风险网络，将银行和其它金融市场参与者困在其中。

Moreover , these deals have trapped banks and other financial players in a complex web of counterparty risk .

虽然这个行业试图鼓励交易方在达成协议时提供抵押品减轻这种所谓的交易对手风险，这些安排总让人感到不够坚实可靠。

And while the industry has tried to mitigate this so-called counterparty risk by encouraging traders to post collateral when they cut deals , these arrangements are not always perceived as robust .