日期:2014-10-14 11:32


Global regulators have taken a landmark step towards taming risk in a key segment of the shadow banking system, outlining tougher rules on collateral for short-term lending which will affect both banks and non-bank players.

Shadow banks have emerged as a key regulatory concern as risk migrates out of the traditional banking sector, into more thinly policed reaches of the financial markets. Shadow banks can include a broad array of institutions engaged in bank-like activities, among them hedge funds, private equity groups and money market funds.
The Financial Stability Board last night published a framework imposing minimum requirements on the collateral needed when such groups borrow money from banks through short-term loans secured by stocks or bonds.
金融稳定委员会(Financial Stability Board)昨晚公布一个框架,对于这些实体通过以股票或债券为抵押的短期贷款,从银行借入资金时所需的抵押品作出最低要求规定。
The global standards are intended to stop excessive lending, and so avoid a repeat of the reckless behaviour that helped precipitate the 2008 financial crisis. They also take aim at a key segment of the shadow banking world, known as the repurchase, or “repo”, market.
This emerged as a prime area of weakness during the crisis and regulators are said to be concerned about the potential impact that a “fire sale” of assets used as collateral for loans could have on the wider financial system.
Crucially, the FSB’s minimum floors for repo transactions are higher than initial proposals made last year August, following calls for tough standards from US regulators.
In a significant step, the FSB said it would also consult on applying the standards to deals struck between non-banks, rather than simply limiting them to repo transactions undertaken between banks and non-banks.
However, the FSB rules would still fail to capture transactions that use government bonds as collateral, focusing instead on private debt and stocks, amid anxiety from some governments about the potential impact on sovereign debt markets.
The FSB wants a minimum 1.5 per cent haircut for corporate bonds with a maturity of between one and five years, up from 1 per cent before, and a 6 per cent haircut for equities, instead of 4 per cent previously. The latter would mean that a borrower would have to post $106 of equity collateral for a $100 loan.
The FSB also set out non-numerical standards aimed at tackling the risk that haircuts get whittled away in benign market conditions. Mark Carney, chairman of the FSB and Bank of England governor said the rules marked a “big step forward” in the global shadow banking agenda.
金融稳定委员会还出台了非数字的标准,以应对良性市场条件下垫头遭到削减的风险。金融稳定委员会主席、英国央行(Bank of England)行长马克•卡尼(Mark Carney)表示,这些规则标志着全球影子银行议程“向前迈出一大步”。
The FSB stressed that market participants should continue to set higher haircuts than the official requirements where prudent. It said groups had expected only a “minimal” impact on market volume from its proposals.

  • benignadj. 仁慈的,温和的,良性的
  • primeadj. 最初的,首要的,最好的,典型的 n. 青春,壮
  • excessiveadj. 过多的,过分的
  • globaladj. 全球性的,全世界的,球状的,全局的
  • minimaladj. 最低限度的,最小的
  • hedgen. 树篱,篱笆,障碍,防护物,套期保值,推诿 v. 用
  • potentialadj. 可能的,潜在的 n. 潜力,潜能 n. 电位,
  • maturityn. 成熟,(支票等的)到期
  • landmarkn. 陆标,地界标,里程碑,划时代的事
  • segmentn. 部份,瓣,弓形 vt. 分割