全球監管機構出臺遏制影子銀行新規
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.
全球監管機構向着遏制影子銀行體系一個關鍵領域的風險邁出具有里程碑意義的一步，出臺了針對短期放貸抵押品的更嚴厲規則，這些規則將影響銀行和非銀行實體。
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.
隨着風險從傳統的銀行業轉移到監管比較寬鬆的金融市場角落，影子銀行已成爲監管機構的一大關切。影子銀行包括各類從事銀行業活動的機構，包括對衝基金、私人股本集團和貨幣市場基金。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.
金融穩定委員會(Financial Stability Board)昨晚公佈一個框架，對於這些實體通過以股票或債券爲抵押的短期貸款，從銀行借入資金時所需的抵押品作出最低要求規定。
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.
這些全球標準意在防止過度借貸，以避免曾在一定程度上引發2008年金融危機的魯莽行爲重演。它們還針對影子銀行世界的一個重要領域，即所謂的“回購”市場。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.
研究發現，該市場在危機期間是首要的薄弱環節之一。據悉，監管者擔憂被用作貸款抵押品的資產“賤賣”對金融體系整體可能產生的衝擊。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.
至關重要的是，在美國監管機構呼籲設定嚴厲標準後，金融穩定委員會設定的回購交易最低要求門檻高於去年8月出爐的初步提議。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.
另一個重大步驟是，金融穩定委員會表示，還將就針對非銀行實體之間的交易應用這些標準展開磋商，而不是簡單地將這些標準局限於銀行和非銀行之間的回購交易。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，金融穩定委員會的這些規則仍將不會納入用政府債券作爲抵押品的交易，而是專注於私營部門債務和股票。一些國家的政府對於主權債務市場可能受到的潛在影響感到焦慮。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.
金融穩定委員會規定，一至五年到期的公司債券要有1.5%的“墊頭”(haircut)，高於去年提議的1%；股票要有6%的墊頭，高於此前的4%。後者意味着借款人要得到100美元的貸款，將必須抵押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.
金融穩定委員會還出臺了非數字的標準，以應對良性市場條件下墊頭遭到削減的風險。金融穩定委員會主席、英國央行(Bank of England)行長馬克•卡尼(Mark Carney)表示，這些規則標誌着全球影子銀行議程“向前邁出一大步”。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.
金融穩定委員會強調，出於審慎，市場參與者應當繼續設定高於官方要求的墊頭。它表示，其提議預計只會對市場交易量產生微不足道的影響。
