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Finance and Economics
財經
Foreign Exchange Trading: Be good, or else
外匯交易：規矩點
A new code of conduct aims to clean up a tonish market.
新規指向規整通行市場。
Financial market traders have earned a pretty shocking reputation in recent years.
近年來，金融市場交易者名聲可謂是駭人聽聞。
From manipulating LIBOR, a benchmark interest rate, to rigging the daily fix of foreign-exchange (FX) rates, traders have shown themselves ready not just to stretch the rules, but to collude in outright illegality.
從操縱基準利率-倫敦銀行間拆放款利率（LIBOR）到控制每日外匯（FX）利率，種種跡象已表明，交易者不再是僅僅打破規則，而是相互之間非法勾結。
A global code of conduct for the FX market, unveiled on May 25th, aims to put things on a sounder footing.
5月25日，外匯全球行為準則對外公布，該準則旨在打造一個更加穩定的市場。
Drawn up over the past two years by a coalition of central bankers, known as the FX Working Group (FXWG) , and supported by a panel of industry participants, the code's 55 principles lay down international standards on a range of practices, from the handling of confidential information to the pricing and settlement of deals.
該準則中包含55個原則，依據一系列慣例制定國際規范，其范圍包括從機密信息的處理到交易的計價和結算，由央行行長聯盟花費兩年時間擬定，行業參與者小組支持通過。
Such standards seem long overdue in the massive FX market.
在大規模的外匯市場上，這樣的標準似乎早應該制定。
Roughly $5trn is traded every day.
每天，約5萬億美元在進行市場交易。
Many companies, pension funds and money managers depend on banks to hedge their exposure to currency fluctuations.
許多公司，養老基金和資金管理者依靠銀行來對沖貨幣波動帶來的風險。
Yet in the past traders colluded with one another in internet chat rooms, secretly swapping client data in order to rig the widely used WM/Reuters benchmark exchange rates.
然而過去，為了操縱應用廣泛的WM /路透社基準匯率，交易者在互聯網聊天室中相互勾結，秘密交換客戶數據。
Some were caught and fired.
為此，逮捕和解雇了有些交易者。
Banks such as Citigroup, HSBC, JPMorgan Chase, Royal Bank of Scotland and UBS paid billions of dollars in fines.
花旗集團，匯豐銀行，摩根大通銀行，蘇格蘭皇家銀行和瑞士銀行等銀行為此支付了數十億美元的罰款。
The FX market has always been lightly regulated, but many countries do have codes of conduct, usually drafted by the central bank in consultation with market participants.
外匯市場一直以來監管不力，盡管許多國家有行為準則，該準則通常由中央銀行與市場參與者協商起草。
Often, however, the codes were defective: they missed areas vulnerable to malpractice; and were rarely updated, scantily enforced and widely flouted.
但是，通常情況下，這些行為守則存在缺陷：忽略容易滋生腐敗的地方；不適時更新，執行不力，形同虛設。
The new code starts with some advantages.
起初，新準則占據一些優勢，將取代國家準則，提供統一的國際原則。
It will supersede the national codes, and provide a single global set of principles, with adherence closely monitored by a newly formed committee of central bankers and trading institutions.
中央銀行家和交易機構委員會將新成立委員會，該委員將會密切監督新準則統一執行。
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