評論
打印
In 2015 it lost a court case against Britain over its attempt to force clearing to move.
在2015，它控訴英國關于試圖強制清算轉移的法院案件敗訴了。
Many jurisdictions, the EU included, limit their financial institutions' access to foreign clearing-houses.
包括歐盟在內的許多司法管轄區限制了他們的金融機構進入外國清算所。
The European Securities and Markets Authority (ESMA) lets European firms use clearing-houses only in countries it has deemed “equivalent”, ie, America and a dozen others.
歐洲證券與市場管理局(ESMA)讓歐洲企業使用只有在已被視為“等效”的國家清算所，即美國和十幾個其他國家。
Brexit necessitates a new arrangement.
英國脫歐亟需一項新協定。
The City has mostly been focused on obtaining “equivalence”.
倫敦一直重點關注獲取“等效性”。
But the commission argues the systemic importance of British clearing-houses for the euro area may well require new, stricter oversight.
但是歐盟委員會認為，英國清算所對于歐元區的系統重要性足可以需要一個新的更嚴格的監督。
So it is assessing two other options.
因此它預估了兩種選擇。
“Enhanced supervision” —favoured by ESMA—would mean adopting the American model, in which clearing-houses that deal directly with American clients, such as the LCH, are also supervised by the American regulator.
意識“強化監督”—歐洲證券與市場管理局(ESMA)支持—意味著將采用美國模式，在這個模式里直接與美國的委托人交易，如倫敦清算所(LCH)的清算所同樣受到美國監管者的監督。
But the other option—forced relocation—has gained the support of many senior EU policymakers.
但是另一個選擇—強制拆遷—獲得很多歐盟高級決策者的支持。
Barney Reynolds of Shearman & Sterling, a law firm, insists it would not amount to much: the most the EU could do is to compel European banks to use EU-based clearing-houses.
謝爾曼·思特靈律師事務所的巴尼·雷諾茲堅持認為這個選擇沒有太大作用：歐盟能做最多的是迫使歐洲銀行使用以歐盟為基礎的清算所。
Since firms based in the EU outside Britain account for only 7% of cleared euro-denominated interest-rate derivatives at LCH, the impact could be modest for London.
因為在英國之外的基于歐盟的公司僅占在倫敦清算所(LCH)歐元計價清算的利率衍生品的7%，對倫敦的影響可能不大。
LCH itself claims the result would be a larger euro-denominated market outside the EU and a smaller, less-liquid euro-area market.
倫敦清算所(LCH)自己稱，結果可能是更大范圍的歐盟區外的歐元計價市場，以及更小的更少流動的歐元市場。
Since America tolerates 97% of dollar interest-rate swaps being cleared in London, it seems perverse for the EU to shift euro clearing.
由于美國在倫敦清算有97%的美元利率掉期交易，歐盟對轉移歐元結算似乎是不合常理的。
But Simon Puleston Jones of FIA, an industry body, points out that America is comfortable because its regime allows its regulators much greater oversight.
但是來自行業主體FIA的西蒙指出，美國很樂意見到這種局面，因為其政體允許自身的法律法規受到更多監督。
If Brexit turns acrimonious and precludes a moderate change such as enhanced supervision, Europeans may seek blunter instruments.
如果英國脫歐變得激烈，而且排除了適度的改變，如加強監管，歐洲人可能尋求較為松泛的金融工具。
It is not just Brexiteers who want to take back control.
而這不僅僅是脫歐者想要奪回控制權了。
考研英語時事閱讀
