经济学人:打扫房间与脱欧 伦敦欧元清算(1)

 　　Finance and Economics 财经

　　Clearing Houses and Brexit: Clearing out 打扫房间与脱欧：清除出去

　　New European proposals might force Euro clearing out of London. 新欧盟提案考虑转移伦敦欧元清算业务。

　　Brexit has thrust a mundane¹, if crucial, bit of financial-market plumbing² into the spotlight³: the clearing of financial instruments. 若至关重要，英国脱欧将使一个些许世俗化的金融市场开始关注这个焦点：金融工具结算。

　　Clearing-houses sit in the middle of a securities or derivatives⁴ transaction, and ensure that deals are honoured even if one counterparty goes bust⁵. 清算所处在证券交易和衍生品交易的中间环节，并确保交易的兑现，即使其中一个交易方破产。

　　In November a study commissioned by the London Stock Exchange (LSE) warned that if euro clearing was forced out of the City,  今年十一月，伦敦证券交易所(LSE)委托进行的一项研究警示，如果欧元区结算被迫退出该市，

　　83,000 British jobs could be lost, and a further 232,000 affected⁶. 英国将失去83000个就业机会，另有232000个会受影响。

　　On May 4th the European Commission said it was looking into new rules for euro-denominated clearing. 5月4日，欧盟委员会表示正在研究欧元计价结算的新规则。

　　One option is relocation from London, an idea greeted in the City with a mixture of incredulity, disdain⁷ and fear. 一种选择是从伦敦搬迁，这个想法以夹杂着怀疑，不屑和恐惧的态度受到该市的欢迎。

　　In the wake of the financial crisis, the G20 group of big economies made it mandatory⁸ to settle most simple derivatives trades through clearing-houses. 金融危机之后，20国集团经济体强制规定，通过清算所解决最简单的衍生品交易。

　　By 2016, 62% of the notional $544trn global over-the-counter derivatives market was settled in this way. 到2016年，名义上全球54400亿美元直接交易衍生品市场的62%都是以这种方式解决的。

　　Globally, London handles 37% of foreign-exchange derivatives and 39% of interest-rate derivatives, including three-quarters of those in euros. 全球范围，伦敦处理了37%的外汇衍生品和39%的利率衍生品，包括那些在欧元区的四分之三。

　　So unsurprisingly, it also dominates clearing. 因此毫无意外，它也主导清算业务。

　　LCH, a clearing-house that is part of the LSE, clears over 50% of all interest-rate swaps⁹ across all currencies. 伦敦清算所(LCH)隶属于伦敦证券交易所(LSE)，在所有货币交易中，清算超过50%的利率掉期。

　　Around 75% of those in euros are cleared in London. 在欧元区的约75%也是在伦敦清算的。

　　But centralising clearing concentrates risk: the failure of a clearing-house would be disastrous¹⁰. 但是集中结算也集中了风险：一家清算所的倒闭结果将是灾难性的。

　　So clearing-houses require collateral¹¹ from the counterparties using them, and must submit to close supervision¹². 因此，清算所要求从交易对手所使用的做抵押品，而且必须提交至严密监管。

　　The European Central Bank has long worried that it has no direct control over euro-denominated clearing outside the euro area,  欧洲央行一直担心，它并没有对欧元区以外的欧元计价结算直接控制，

　　yet any problems would embroil¹³ banks and payment systems within it. 但是出现任何问题都会使银行和支付系统卷入其中。

1 mundane   

adj.平凡的；尘世的；宇宙的

参考例句：

• I hope I can get an interesting job and not something mundane.我希望我可以得到的是一份有趣的工作，而不是一份平凡无奇的。
• I find it humorous sometimes that even the most mundane occurrences can have an impact on our awareness.我发现生活有时挺诙谐的，即使是最平凡的事情也能影响我们的感知。

2 plumbing   

n.水管装置；水暖工的工作；管道工程v.用铅锤测量（plumb的现在分词）；探究

参考例句：

• She spent her life plumbing the mysteries of the human psyche. 她毕生探索人类心灵的奥秘。
• They're going to have to put in new plumbing. 他们将需要安装新的水管。 来自《简明英汉词典》

3 spotlight   

n.公众注意的中心，聚光灯，探照灯，视听，注意，醒目

参考例句：

• This week the spotlight is on the world of fashion.本周引人瞩目的是时装界。
• The spotlight followed her round the stage.聚光灯的光圈随着她在舞台上转。

4 derivatives   

n.衍生性金融商品；派生物，引出物( derivative的名词复数 )；导数

参考例句：

• Many English words are derivatives of Latin words. 许多英语词来自拉丁语。 来自《简明英汉词典》
• These compounds are nitrosohydroxylamine derivatives. 这类合成物是亚硝基羟胺衍生物。 来自辞典例句

5 bust   

vt.打破；vi.爆裂；n.半身像；胸部

参考例句：

• I dropped my camera on the pavement and bust it. 我把照相机掉在人行道上摔坏了。
• She has worked up a lump of clay into a bust.她把一块黏土精心制作成一个半身像。

6 affected   

adj.不自然的，假装的

参考例句：

• She showed an affected interest in our subject.她假装对我们的课题感到兴趣。
• His manners are affected.他的态度不自然。

7 disdain   

n.鄙视，轻视；v.轻视，鄙视，不屑

参考例句：

• Some people disdain labour.有些人轻视劳动。
• A great man should disdain flatterers.伟大的人物应鄙视献媚者。

8 mandatory   

adj.命令的；强制的；义务的；n.受托者

参考例句：

• It's mandatory to pay taxes.缴税是义务性的。
• There is no mandatory paid annual leave in the U.S.美国没有强制带薪年假。

9 swaps   

交换( swap的名词复数 )； 交换物，被掉换者

参考例句：

• He swaps his old car for a new motorcycle. 他用旧车换了一辆新摩托车。 来自英汉 - 翻译样例 - 口语
• Swaps the anchor and end points of the current selection. 交换当前所选内容的定位点和结束点。

10 disastrous   

adj.灾难性的，造成灾害的；极坏的，很糟的

参考例句：

• The heavy rainstorm caused a disastrous flood.暴雨成灾。
• Her investment had disastrous consequences.She lost everything she owned.她的投资结果很惨，血本无归。

11 collateral   

adj.平行的；旁系的；n.担保品

参考例句：

• Many people use personal assets as collateral for small business loans.很多人把个人财产用作小额商业贷款的抵押品。
• Most people here cannot borrow from banks because they lack collateral.由于拿不出东西作为抵押，这里大部分人无法从银行贷款。

12 supervision   

n.监督，管理

参考例句：

• The work was done under my supervision.这项工作是在我的监督之下完成的。
• The old man's will was executed under the personal supervision of the lawyer.老人的遗嘱是在律师的亲自监督下执行的。

13 embroil   

vt.拖累；牵连；使复杂

参考例句：

• I was reluctant to embroil myself in his problems.我不愿意卷入到他的问题中去。
• Please do not embroil me in your squabbles.请别把我牵连进你们的纠纷里。