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Clearing Houses and Brexit: Clearing out
打掃房間與脫歐：清除出去
New European proposals might force Euro clearing out of London.
新歐盟提案考慮轉移倫敦歐元清算業務。
Brexit has thrust a mundane, if crucial, bit of financial-market plumbing into the spotlight: the clearing of financial instruments.
若至關重要，英國脫歐將使一個些許世俗化的金融市場開始關注這個焦點：金融工具結算。
Clearing-houses sit in the middle of a securities or derivatives transaction, and ensure that deals are honoured even if one counterparty goes bust.
清算所處在證券交易和衍生品交易的中間環節，并確保交易的兌現，即使其中一個交易方破產。
In November a study commissioned by the London Stock Exchange (LSE) warned that if euro clearing was forced out of the City, 83,000 British jobs could be lost, and a further 232,000 affected.
今年十一月，倫敦證券交易所(LSE)委托進行的一項研究警示，如果歐元區結算被迫退出該市，英國將失去83000個就業機會，另有232000個會受影響。
On May 4th the European Commission said it was looking into new rules for euro-denominated clearing.
5月4日，歐盟委員會表示正在研究歐元計價結算的新規則。
One option is relocation from London, an idea greeted in the City with a mixture of incredulity, disdain and fear.
一種選擇是從倫敦搬遷，這個想法以夾雜著懷疑，不屑和恐懼的態度受到該市的歡迎。
In the wake of the financial crisis, the G20 group of big economies made it mandatory to settle most simple derivatives trades through clearing-houses.
金融危機之后，20國集團經濟體強制規定，通過清算所解決最簡單的衍生品交易。
By 2016, 62% of the notional $544trn global over-the-counter derivatives market was settled in this way.
到2016年，名義上全球54400億美元直接交易衍生品市場的62%都是以這種方式解決的。
Globally, London handles 37% of foreign-exchange derivatives and 39% of interest-rate derivatives, including three-quarters of those in euros.
全球范圍，倫敦處理了37%的外匯衍生品和39%的利率衍生品，包括那些在歐元區的四分之三。
So unsurprisingly, it also dominates clearing.
因此毫無意外，它也主導清算業務。
LCH, a clearing-house that is part of the LSE, clears over 50% of all interest-rate swaps across all currencies.
倫敦清算所(LCH)隸屬于倫敦證券交易所(LSE)，在所有貨幣交易中，清算超過50%的利率掉期。
Around 75% of those in euros are cleared in London.
在歐元區的約75%也是在倫敦清算的。
But centralising clearing concentrates risk: the failure of a clearing-house would be disastrous.
但是集中結算也集中了風險：一家清算所的倒閉結果將是災難性的。
So clearing-houses require collateral from the counterparties using them, and must submit to close supervision.
因此，清算所要求從交易對手所使用的做抵押品，而且必須提交至嚴密監管。
The European Central Bank has long worried that it has no direct control over euro-denominated clearing outside the euro area, yet any problems would embroil banks and payment systems within it.
歐洲央行一直擔心，它并沒有對歐元區以外的歐元計價結算直接控制，但是出現任何問題都會使銀行和支付系統卷入其中。
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