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.
全球监管机构向着遏制影子银行体系一个关键领域的风险迈出具有里程碑意义的一步，出台了针对短期放贷抵押品的更严厉规则，这些规则将影响银行和非银行实体。

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.
随着风险从传统的银行业转移到监管比较宽松的金融市场角落，影子银行已成为监管机构的一大关切。影子银行包括各类从事银行业活动的机构，包括对冲基金、私人股本集团和货币市场基金。
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.
这些全球标准意在防止过度借贷，以避免曾在一定程度上引发2008年金融危机的鲁莽行为重演。它们还针对影子银行世界的一个重要领域，即所谓的“回购”市场。
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.
研究发现，该市场在危机期间是首要的薄弱环节之一。据悉，监管者担忧被用作贷款抵押品的资产“贱卖”对金融体系整体可能产生的冲击。
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.
至关重要的是，在美国监管机构呼吁设定严厉标准后，金融稳定委员会设定的回购交易最低要求门槛高于去年8月出炉的初步提议。
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.
另一个重大步骤是，金融稳定委员会表示，还将就针对非银行实体之间的交易应用这些标准展开磋商，而不是简单地将这些标准局限于银行和非银行之间的回购交易。
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.
然而，金融稳定委员会的这些规则仍将不会纳入用政府债券作为抵押品的交易，而是专注于私营部门债务和股票。一些国家的政府对于主权债务市场可能受到的潜在影响感到焦虑。
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.
金融稳定委员会规定，一至五年到期的公司债券要有1.5%的“垫头”(haircut)，高于去年提议的1%；股票要有6%的垫头，高于此前的4%。后者意味着借款人要得到100美元的贷款，将必须抵押106美元的股票。
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.
金融稳定委员会强调，出于审慎，市场参与者应当继续设定高于官方要求的垫头。它表示，其提议预计只会对市场交易量产生微不足道的影响。