监管套利

因此他们必须表明，他们将CDS视为风险管理工具，而不仅仅是监管套利手段。

Then they must show that they view the tool as a risk management device , not just a technique for regulatory arbitrage .

SIV身上的一大罪过是，银行经常利用它们进行监管套利。

One central sin that bedevilled the SIVs was that banks often used them for regulatory arbitrage .

使用其AAA评级为银行CDO提供保险的美国国际集团（AIG）金融产品部门，为银行提供了基于评级的监管套利。

American International Group 's financial products unit , which used its triple-A rating to insure CDOs for banks , offered them a regulatory arbitrage based on ratings .

信托公司本身常被指责监管套利，它们具有银行类似功能却不受传统银行所受到的监管限制，讽刺的是现在它们开始警告更加不受监管的P2P（peer-to-peer，个人对个人）放贷机构的风险。

Ironically , trust companies which were often accused of regulatory arbitrage for performing bank-like functions free from the regulatory limits on traditional banks are warning about the risks of even more lightly regulated peer-to-peer lenders .

全球银行业监督机构宣布，计划对利用昂贵的信用违约互换（CDS）来降低自身资本金要求的银行征收高额费用。此举是自《巴塞尔III》（BaselIII）改革方案通过以来针对“监管套利”行为出台的首轮重大打击。

Global banking watchdogs have announced their first big crackdown on regulatory arbitrage since the passage of the Basel III reform package with a plan for hefty charges on banks that use pricey credit default swaps to cut their capital requirements .

然而，由于没有合理考量风险缓释效应，新Basel框架在这方面的各种安排可能会引致一系列与其目标相冲突的陷阱，如不公平竞争问题、监管套利问题等。

However , because the slow-release effect of risk is not reasonably considered , arrangements under new Basel framework may lead to a series of pitfalls such as unfair competition and profit-taking through supervision , running counter to its objective .

最新版的协议将无可避免地导致新的监管套利行为。

The latest version will inevitably lead to renewed regulatory arbitrage .

但是，还有另外一个更卑鄙的动机：监管套利。

But there is another , grubbier motive : regulatory arbitrage .

一些公司利用这些漏洞进行监管套利。

Some firms exploited these gaps for regulatory arbitrage .

最后，人们很轻易通过监管套利来创造出对自己有利的风险。

Finally , it is easy to create the desired risk via regulatory arbitrage .

如果不能遵守这一原则，就将导致监管套利和更多的崩盘。

Failure to adhere to this principle will result in regulatory arbitrage and more blow-ups .

有一点是肯定的：发达国家的政客中，没人会大声宣称支持监管套利。

The one certainty is that no developed world politician will loudly trumpet support for regulatory arbitrage .

没有这一点，金融市场就不会是全球性的，并且会被监管套利所破坏。

Without it , financial markets cannot remain global ; they would be destroyed by regulatory arbitrage .

不能再存在“黑洞”，或是给“监管套利”留有余地。

There must no longer be " black holes " and no room for " regulatory arbitrage " .

德国的单方面举动，不得影响旨在减少监管套利机会的全局努力。

The unilateral German move must not detract from the wider effort to reduce opportunities for regulatory arbitrage .

这些协议不仅是要帮助应对大型跨国银行和防范跨境监管套利。

These agreements are not only to help deal with large multinational banks and protect against cross-border regulatory arbitrage .

第二，随着风险转移到系统中的其他领域，监管套利存在巨大的可能。

The other is that there is tremendous potential for regulatory arbitrage , with risks shifted elsewhere in the system .

它还会抑制监管套利，并通过整合最佳举措来改善监管质量。

It will also suppress supervisory arbitrage and , by combining best practices , should improve the quality of supervision .

他的结论是，“我们显然缺乏一个全面的设计”，这种架构助长了监管套利行为。

His conclusion was that " the lack of a comprehensive design is clear " , and that the structure encouraged regulatory arbitrage .

事实上，它们发展出了利润丰厚的监管套利业务，通过改变交易形式（但不改变交易实质）出售可以避免监管束缚的金融工具。

Indeed they have developed profitable business in regulatory arbitrage selling instruments that avoid regulatory burdens by changing the form of the transaction but not the substance .

尽管如此，历史表明，在资金极其廉价的时代，一旦创新和监管套利结合在一起，通常会以眼泪收场——在某个地方。

Nevertheless , history suggests that whenever innovation and regulatory arbitrage are combined in an era of ultra cheap money , it often ends in tears - somewhere .

如果修改豁免制度，我不会感到意外，因为外界一直有一种看法，认为新加坡在提供监管套利，一名豁免经理人表示。

I would not be surprised to see the exemption regime modified because there has been a perception that Singapore offers regulatory arbitrage , said one exempt manager .

不过，一些西方政策制定者认为，如果没有全球一致的措施，市场参与者就会挑选交易场所，即人们熟知的监管套利。

Yet some western policymakers believe that without a consistent global approach , market participants will pick and choose where to conduct their business – known as regulatory arbitrage .

但随着时间的流逝，银行扩展到了风险更高、也更为复杂的活动，包括结构性金融、衍生品交易和监管套利，这可能会以扭曲的方式来配置资本。

But over time , banks have expanded into riskier and more complex activities , including structured finance , derivatives trading and regulatory arbitrage , which can allocate capital in distorted ways .

今年早些时候，交易所行业和银行业人士曾表达过同样的担心。他们当时警告称，这有可能导致监管套利，即交易员转移到监管环境更温和的地方进行交易。

The concerns echo those raised by the exchange industry and banks earlier this year when they warned about the risk of regulatory arbitrage the move by traders to a more benign regime .

然而，英国、欧洲与美国却正在考虑用可能带来更多毒素的复杂的新规，来治愈该疾病。这将引发全球一些主要交易所的监管套利。

However , the UK , Europe and the US are considering complicated new rules that threaten to cure the disease with more poison – paving the way for regulatory arbitrage among the major global exchanges .

并总结了监管资本套利行为引起的各类效应。

And it also summarizes kinds of effects caused by regulatory capital arbitrage .

监管资本套利和国际金融危机&对2007～2009年国际金融危机成因的分析

On Regulatory Capital Arbitrage and International Financial Crisis

不同类型的资产对应其不同类型的风险权重，这些资产证券化后引起的监管资本套利程度也不同。

The different nature of the asset securitization can cause different degree of regulatory capital arbitrage .

金融危机下陶瓷企业的战略成本管理监管资本套利和国际金融危机&对2007～2009年国际金融危机成因的分析

STRATEGIC COST MANAGEMENT STRENGTHENING APPROACHES FOR CERAMIC ENTERPRISES FACING THE GLOBAL FINANCIAL CRISIS On Regulatory Capital Arbitrage and International Financial Crisis