美聯儲外資銀行新規嚴苛程度低於預期

It is a hard slog running a major European investment bank these days. New rules from the U.S. Federal Reserve won't help much. But they could have been a lot worse.

如今，經營一家歐洲大型投資銀行可是件苦差事。美國聯邦儲備委員會(Federal Reserve, 簡稱：美聯儲)剛剛頒佈的新規沒有帶來多大幫助，但是它們已經比外界之前的預期寬鬆得多。

The Fed is trying to increase its oversight of large foreign banks including Deutsche Bank and Barclays so that their U.S. units don't fall short on capital or liquidity. That means, for example, that foreign banks with large U.S. operations will have to hold qualifying equity equivalent to 3% of their assets.

美聯儲力圖對包括德意志銀行(Deutsche Bank)和巴克萊(Barclays)在內的大型海外銀行加強監管，以保證它們的美國分行不會出現資本或者流動性不足的狀況。比方說，新規要求在美國業務規模龐大的外資銀行必須達到3%的最低槓桿率要求。

On the face of it, banks that have run capital-light Models could have to raise new funds. But they will have until 2018 to meet the rules, rather than until mid-2015 as previously feared. Banks could make up capital shortfalls by accumulating retained earnings or shrinking their balance sheets steadily.

從表面上看，以“輕資本”模式運營的銀行可能需要籌措新資金。但它們只要在2018年前達到要求即可，而不是之前擔心的2015年年中。充足的時間使銀行可以通過積累留存收益或逐步縮小資產負債表的方式來填補資本缺口。

Other potential headaches look manageable. One worry was that the Fed might force foreign banks to rely more on funding themselves within the U.S., rather than relying on cheap loans from their parents. But the final rules suggest such parent-to-subsidiary funding won't be penalized, according to analysts at J.P. Morgan.

其他一些可能令外資銀行頭疼的問題似乎也很好解決。市場曾經擔心美聯儲會強迫外資銀行更多地通過美國境內渠道進行融資，而不是依靠從母公司獲得低息貸款。但摩根大通(J.P. Morgan)的分析師說，最終版本的規定暗示，母公司向子公司提供融資的這類行爲不會受到懲罰。

Sure, foreign banks will have to set up local holding companies with their own risk committees and a chief risk officer. Another bureaucratic issue, yes. But a game-changing imposition, no.

當然，外資銀行在美國當地成立的控股公司必須有自己的風險管理委員會和首席風險長。這又是官僚化的做法沒錯，但卻不是什麼過分的要求。

Still, all this may prove only temporary relief. U.S. banks have in general made more progress in repairing their balance sheets and adjusting their business models than their European peers. Banks such as Deutsche and Barclays are still in the middle of substantial deleveraging programs, while weighing which business lines they can and can't afford to be in.

不過，外資銀行或許只能暫時鬆一口氣。總體而言，美國的銀行在修復資產負債表、調整業務模式方面的進步要比歐洲銀行大。德意志銀行、巴克萊等歐洲銀行仍處於大規模去槓桿化的進程之中，正在權衡哪些業務有能力參與，哪些必須捨棄。

That is having an impact. Both Barclays and Deutsche lost market share in the all-important fixed income, currencies and commodities business last year. Rivals J.P. Morgan, Goldman Sachs and Citigroup all gained, based on data from brokerage Jefferies.

這就帶來了一個問題。從券商傑富瑞(Jefferies)提供的數據來看，在重要的固定收益、外匯和大宗商品業務領域，巴克萊和德意志銀行去年的市場份額流失，其競爭對手摩根大通、高盛(Goldman Sachs)和花旗(Citigroup)的市場份額均有所增長。

And while the Fed's rules may not be as problematic as feared, they still add to growing worries about the Balkanization of global banking. Already, European politicians have objected to the Fed imposing tougher rules on European banks than U.S. banks face in Europe. That raises the prospect of regulatory tit for tat.

雖然美聯儲頒佈的新規可能不像外界之前擔心的那樣嚴苛，但它依然加劇了人們對銀行業分化的擔憂。關於美聯儲對歐洲銀行提出的監管要求嚴於歐洲對美資銀行提出的監管要求這一點，歐洲政客已經頗有微詞。這也增加了兩地監管部門將來針鋒相對的可能性。

Six years on from the global financial crisis, the banking world is still pulling apart.

在全球金融危機過去六年之際，全球銀行業仍在分崩離析。