評論
打印
Finance and economics
財經(jīng)商業(yè)
Derivatives
金融衍生品
Data dump
數(shù)據(jù)轟炸
New reporting rules for derivatives have produced a confusing mass of data.
新出臺的衍生品交易報告法規(guī)已經(jīng)產(chǎn)生了大量的數(shù)據(jù)，令人暈頭轉(zhuǎn)向。
DURING the financial crisis regulators discovered the hard way how little they knew about the risky derivatives portfolios built up by large financial institutions.
在金融危機期間，監(jiān)管部門才痛苦地發(fā)現(xiàn)自己對于大型金融機構(gòu)們建立的暗藏風(fēng)險的衍生產(chǎn)品投資組合了解極少。
Lehman Brothers, for example, was thought to have been a counterparty to about $5 trillion of credit default swaps.
比方說，雷曼兄弟經(jīng)手的信用違約交換被認為達到了5萬億美元之巨。
When they turned sour in 2008, it brought the financial system to its knees.
當(dāng)這些信用違約交換在2008年時變成無法兌現(xiàn)時，金融系統(tǒng)因此一敗涂地。
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.
因而世界各大主要經(jīng)濟體的領(lǐng)導(dǎo)人在2009年時采取了行動，要求衍生品交易必須全部上報交易數(shù)據(jù)存管機構(gòu)以便于管理同時減少系統(tǒng)風(fēng)險。
On February 12th European rules came into force requiring the reporting of all derivatives to one of six approved repositories.
歐洲方面的相關(guān)法規(guī)于2月12日開始生效，要求所有金融衍生品交易都要向六個被批準(zhǔn)的存管機構(gòu)之一進行報告。
Similar rules have already been in place in America for about a year.
而類似的法規(guī)已經(jīng)在美國實行了約一年。
But the effort, although concerted, is not consistent:
雖然雙方有過協(xié)商，兩個地區(qū)的法規(guī)卻并不一致：
the American and European reforms differ, making awkward transactions spanning the two jurisdictions.
兩者間的差異將使跨地區(qū)交易面臨尷尬。
Moreover, even if these data can be reconciled, it is not clear what regulators will do with it.
即便這些數(shù)據(jù)能夠相互協(xié)調(diào)，監(jiān)管部門將如何處理這些數(shù)據(jù)還不得而知。
The American regulations allow the reporting to be taken care of by one party to the trade.
美國的監(jiān)管部門允許交易中的單方負責(zé)報告，
Yet Europe requires both parties to report.
然而歐洲方面則要求雙方都進行匯報。
That means every fund manager or corporate treasurer trading derivatives has had to follow cumbersome rules, not just the banks that peddle most deals.
這就意味著除了兜售衍生品的銀行方面，所有參與金融衍生品交易的基金經(jīng)理人以及公司財務(wù)主管都必須遵循復(fù)雜的規(guī)定。
Getting both sides to report was originally seen as a means to ensure that every entity's exposure could be rigorously monitored.
要求交易雙方都進行報告的規(guī)定最初是為了保證交易雙方的信息披露都能夠受到嚴格的監(jiān)管。
But the complexities 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.
但是要求雙方都報告交易會使過程更復(fù)雜，兩份報告還必須相互一致，這令人不禁懷疑這些額外的麻煩是否值得。
Dual reporting was required to avoid omissions in the data, says Stewart Macbeth of the Depository Trust & Clearing Corporation, one of the approved repositories.
要求兩方上報是為了減少數(shù)據(jù)中的紕漏，被任命的數(shù)據(jù)庫之一存管信托及結(jié)算公司的Stewart Macbeth這樣說道。
But it captures a lot of companies in the real economy that probably do not pose a systemic risk.
但是這樣也卷入了不少實體經(jīng)濟中并不會導(dǎo)致系統(tǒng)風(fēng)險的公司。
The European rules differ from the American ones in other ways too.
歐洲地區(qū)和美國的法規(guī)中存在的差異還不僅于此。
America staggered implementation of its rules over the course of several months as different sorts of contracts and counterparties were gradually brought within their scope.
由于不同類型的合同和交易方們是分批納入監(jiān)管范圍的，美國花了幾個月的時間才完全實行了這些法規(guī)。
European regulators chose instead to have everyone start reporting everything on a single day.
而歐洲的執(zhí)法機構(gòu)在一天之內(nèi)就要求所有人都著手進行報告。
That created a bottleneck as participants rushed to put the necessary procedures and agreements in place.
這造成了參與者們匆忙落實必要的步驟和協(xié)議，造成了瓶頸期。
Now that the deadline has passed, responsibility shifts to regulators, whose duty it will be to make sense of the torrents of data that are now flooding in.
現(xiàn)在報告已經(jīng)過了截止日期，責(zé)任又轉(zhuǎn)換到了監(jiān)管機構(gòu)一方，對泛濫成災(zāi)的數(shù)據(jù)洪流進行處理可是它們的工作了。
In America the Commodity Futures Trading Commission has openly acknowledged the problems it has already encountered coping with the deluge, with one commissioner blaming inconsistencies and errors in the rules.
美國商品期貨交易委員會公開承認了海量數(shù)據(jù)處理時的諸多問題，一位委員抱怨說這些法規(guī)中存在著矛盾和錯誤。
In Europe the problems are likely to be even worse as so many more counterparties are reporting data to multiple repositories.
歐洲方面，由于為數(shù)眾多的交易方需要向多個數(shù)據(jù)庫進行報告，問題看來會更加嚴重。
That will create an unfortunate opportunity for both omissions and duplications of data.
這將使得數(shù)據(jù)遺漏和數(shù)據(jù)重疊發(fā)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.
這些報告法規(guī)不久就能降低衍生品交易的風(fēng)險，但是在此之前，還有許多工作要做。
A paper published on February 4th by the Financial Stability Board offers a solution.
金融穩(wěn)定委員會于2月4日出版的一篇論文提供了一個解決方案。
It proposes aggregating data from multiple repositories into one central one.
它提議將各個數(shù)據(jù)庫的數(shù)據(jù)集中到一個中央數(shù)據(jù)庫中。
That may iron out inconsistencies in the data—but it will not necessarily make it any more digestible.
這或許能夠消除數(shù)據(jù)中的不一致性—但是即便如此，數(shù)據(jù)量依舊很大，處理起來也仍然費時費力。
