Derivatives, risk and regulationchaos or confidence【外文翻译】.doc

1、本科毕业论文（设计）外文翻译题目DERIVATIVES,RISKANDREGULATIONCHAOSORCONFIDENCE外文出处INTERNATIONALJOURNALOFBANKMARKETING外文作者RDIXON,RKBHANDARI2原文DERIVATIVES,RISKANDREGULATIONCHAOSORCONFIDENCEINTRODUCTIONTHEPAPERBEGINSWITHANEXAMINATIONOFDERIVATIVESWHATTHEYAREANDWHERETHEREARECALLSFORTHEIRUSETOBEREGULATEDINBOTHUKANDGLOBAL

2、CAPITALMARKETSANDECONOMIESTHEFORMSREGULATIONCOULDTAKE,ASPROPOSEDBYTHESECURITIESANDFUTURESAUTHORITYSFA,ARECONSIDEREDTHEPAPERTHENREVIEWSTHEPRINCIPALCONCERNSOFREGULATORYBODIESANDCONCLUDESWITHALOOKATTHELATESTDEVELOPMENTSINTRADINGANDREGULATIONRECOMMENDATIONSWERESUBMITTEDTOPLAYERSINTHECAPITALMARKETSANDTHE

3、IRCOMMENTSSOUGHTBYMEANSOFTELEPHONEINTERVIEWSTHESECOMMENTSARELISTEDTHEPRINCIPALAIMOFREGULATIONTHEREDUCTIONOFANYMARKETVOLATILITYISDISCUSSEDANDSOMESUGGESTEDREGULATORYINSTRUMENTSEVALUATEDWHATAREDERIVATIVESRISKMANAGEMENTTECHNIQUESAREPRIMARILYSTRUCTUREDTOREDUCERISKDERIVATIVEINSTRUMENTS,USEDASRISKMANAGEMEN

4、TTOOLS,HAVEPOTENTIALTOBEMORERISKYTHANTHEUNDERLYINGCASHINSTRUMENT,THOUGHTHEEXCHANGESONWHICHMANYDERIVATIVEINSTRUMENTSARETRADEDHELPTOSPREADRISKWHENTWOCOMPANIESDOADEAL,ACLEARINGHOUSE,USUALLYOWNEDANDOPERATEDBYEXCHANGEMEMBERSFIRMS,STEPSINTOBECOMETHECOUNTERPARTYTOBOTHTRADESIFONEPARTYDEFAULTS,THEOTHERWILLNO

5、TSUFFERUNLESSTHEDEFAULTISSOHUGEASTOEXHAUSTTHEEXCHANGESOWNCAPITALRESERVESHOWEVER,THEOVERTHECOUNTEROTCMARKETSDONOTHAVETHISCONCEPTOFACENTRALCLEARINGHOUSE,ANDITISQUITEPOSSIBLETHATRISKMANAGEMENTSTRATEGIESMAYPROVETOBEFATALINTHEEVENTOFADVERSEPRICEMOVEMENTCOMBINATIONSOFFACTORSLIKENEWMETHODSANDRISKS,THELACKO

6、FARELEVANTFRAMEWORKFORKEEPINGRECORDS,ANDTHEFOCUSOFDERIVATIVESACTIVITYAMONGONLYAFEWLARGEPLAYERSINTHEMARKETCOULDRESULTINAPRECARIOUSSITUATIONNEVERTHELESS,ASDEBOISSIEUSTATESDERIVATIVESPROVIDEANIMPORTANTANDEFFICIENTMEANSOFRISKMANAGEMENTFORFINANCIALANDNONFINANCIALFIRMSIN1993THECOMMODITYFUTURESTRADING3COMM

7、ISSIONCFTCREPORTEDTHATBYANYMEASURE,THEWORLDWIDEGROWTHOFTHEOVERTHECOUNTEROTCMARKETSINDERIVATIVEPRODUCTSDURINGTHEPASTDECADEHASBEENEXTRAORDINARYTHEFACTOFTHEIRGROWTHISWELLDOCUMENTEDANDTHEG30GROUPOFTHIRTYDESCRIBESDERIVATIVESASA“MAJORFINANCIALACTIVITY”G30,1993CONTRACTSDESCRIBEDAS“DERIVATIVES”INCLUDEFUTURE

8、S,OPTIONSANDSWAPS,ALTHOUGHTHEUNDERLYINGPRINCIPLEOFDERIVATIVECONTRACTSISBASEDONFUTURESANDOPTIONSFUTURESCONTRACTSTYPICALLYDEALINLARGEVOLUMESANDTHUSPOSESIGNIFICANTRISKINTHECASEOFDEFAULTTHELARGERAFUTURESTRANSACTION,THEGREATERTHERISKOFDEFAULTTHECOUNTERPARTIESTOSUCHLARGERISKSTHEREFORETENDTOBECORPORATIONS,

9、FINANCIALINSTITUTIONS,INVESTMENTBANKSORSOVEREIGNENTITIESTHEGROWTHINTHEUSEOFDERIVATIVEINSTRUMENTSHASLEDTOTHECONCENTRATIONOFRISKMANAGEMENTINLARGEFINANCIALINSTITUTIONSONEOFTHEFACTORSWHICHHASCONTRIBUTEDTOTHESETOFCIRCUMSTANCESLEADINGTOTHECURRENTDEBATEONTHESUBJECTREGULATIONFINANCIALMARKETSPLAYAPROMINENTRO

10、LEINANATIONSECONOMYCONSEQUENTLY,GOVERNMENTSHAVEDEEMEDITNECESSARYTOREGULATETHEMREGULATIONMAYFUNCTIONASEXTERNALCONTROL,SELFCONTROLORINTERNALCONTROL,ORINCOMBINATIONTHEREISLIKELYTOBEANOPTIMALCOMBINATIONFORAPARTICULARSETOFCIRCUMSTANCES,BUTTHEG301993RECOMMENDEDTHATINTERNALCONTROLPROCEDURESBEGIVENTHEGREATE

11、STWEIGHTPHILLIPSANDZECHER1981ARGUEDTHATTWOECONOMICTHEORIESOFREGULATIONPROVIDETHEBASISFORECONOMICANALYSISOFDISCLOSURE,FIXEDCOMMISSIONRATESANDMARKETSTRUCTURETHESEARETHEMARKETFAILURETHEORYANDPUBLICCHOICETHEORYTHEMARKETTHEORYIDENTIFIESVARIOUSMARKETFAILURESORDEVIATIONSFROMFULLYCOMPETITIVEMARKETPLACEANDSE

12、TSGOALSFORREGULATORYPROGRAMSTHATAPPROXIMATEFREEMARKETSOLUTIONSTHEPUBLICCHOICETHEORYUTILIZESANEXTENDEDNOTIONOFMARKETBEHAVIORASITEXPRESSESITSELFTHROUGHTHEPOLITICALSYSTEMPHILLIPSANDZECHER,1981MARKETOPERATORSPREFERINTERNALCONTROL,ATLEASTINTHEORY,BUTDEBOISSEAU19954POINTSOUTTHATTHENECESSITYOFSOMEINTERNATI

13、ONALCOORDINATIONINORDERTOLIMITTHESCOPEFORREGULATORYANDSUPERVISIONARBITRAGEANDCOMPETITIVEDEREGULATIONINTHEFIELDOFPRUDENTIALPOLICYHASLEDTORELYSICTOAGREATEXTENTONEXTERNALREGULATIONANDTHEHARMONISATIONOFNATIONALRULESINTHEUKTHESECURITIESANDFUTURESAUTHORITYSFAREGULATESFIRMSOPERATINGINFINANCIALDERIVATIVESTH

14、ESFADIVIDESRISKINTOTHREEMAINCATEGORIES1PRIMARYREQUIREMENT2COUNTERPARTYRISKREQUIREMENTSAND3POSITIONRISKREQUIREMENTSLATESTDEVELOPMENTSFINANCIALINTERMEDIARIESHAVECRITICIZEDLEGISLATIVECALLSFORTIGHTERREGULATIONTHEIRARGUMENTISTHATDERIVATIVESTRADINGISANESSENTIALFEATUREOFTHEMODERNFINANCIALSYSTEMRATHERTHANIN

15、CREASINGRISKITHELPSTOQUANTIFYANDMANAGERISKMOREEFFECTIVELYREGULATORSWARN,HOWEVER,THATTHEFAILUREOFANYOFTHESEFINANCIALINTERMEDIARIESCOULDUNDERMINESTABILITYINSIMULTANEOUSLYINTERNATIONALMARKETSWHICHCOULDLEADTOACHAINOFMARKETWITHDRAWALS,POSSIBLEFIRMFAILURESANDASYSTEMICCRISISTHEREARETWOKEYREPORTSINTHISAREAW

16、HICHDRAWTOGETHERTHEOPPOSINGVIEWSOFREGULATIONRECENTDEVELOPMENTSININTERNATIONALINTERBANKRELATIONSBYTHEG10WORKINGGROUP1992ANDDERIVATIVESPRACTICESANDPRINCIPLESBYTHEG30GROUP1993THEG101992REPORT,COVERING63INTERMEDIARIES55BANKS,SEVENSECURITIESHOUSESANDONEINSURANCEFIRMING10BELGIUM,CANADA,FRANCE,GERMANY,ITAL

17、Y,JAPAN,LUXEMBOURG,THENETHERLANDS,SWEDEN,SWITZERLAND,UK,USACOUNTRIESMADETHEFOLLOWINGKEYPOINTSAMONGOTHERSWHICHHIGHLIGHTTHEVIEWSOFKEYPARTICIPANTSININTERNATIONALFINANCIALMARKETSTHEFUNDINGMARKETSINCLUDINGTHEINTERNATIONALDEPOSITSANDCDSMARKET,THECOMMERCIALPAPERMARKET,THEREPOMARKET,THEMEDIUMNOTEMARKET,THEC

18、ORPORATENOTEANDBONDMARKET,ANDTHEBANKINVESTMENTCONTRACTSANDBANKLENDINGFACILITIES5MARKETMOSTPARTICIPANTSAGREETHATTHEINTERBANKDEPOSITMARKETISONADECLINEPARTICULARLYSINCE1990THEYINDICATEDTHREEREASONSFORTHIS1INCREASEDCONCERNABOUTCOUNTERPARTYCREDITRISKHASLEDTOCUTTINGCREDITLINES2GREATEREMPHASISONTHEEFFICIEN

19、TUSEOFCAPITALDUETOBASLECAPITALACCORD3INCREASEDUSEOFDERIVATIVESANDOTHEROFFBALANCESHEETINSTRUMENTSTOHEDGEORMANAGEMARKETRISKINLIEUOFTHEINTERBANKDEPOSITMARKETINMACROTERMS,THESEHAVEAFFECTEDACTIVITYINTHEFOLLOWINGWAYSEXCESSIVECONCERNABOUTCOUNTERPARTYCREDITRISKHASFORCEDPLAYERSTODEALWITHHIGHLYRATEDINSTITUTIO

20、NSLEADINGTOGREATERCONCENTRATIONOFFUNDSTHEBASLECAPITALACCORDEXPLICITLYLINKSCREDITEXPOSURESTOCAPITALREQUIREMENTSRESULTINGINGREATERSELECTIVITYINCREDITEXPOSURESTHEACCORDREINFORCESOTHERMARKETFORCESWHICHEMPHASIZECOMPETITIVENESSTHROUGHEFFICIENCYTHISHASLEDBANKSTOREASSESSTHECAPITALEFFICIENCYOFITSRISKTAKINGAN

21、DHEDGINGPOSITIONSWITHTHERESULTTHATMANYHAVEREDUCEDDEPENDENCEONTHEINTERBANKDEPOSITMARKETANDHAVEINCREASINGLYUSEDOFFBALANCESHEETINSTRUMENTSTOMANAGEMARKETRISKSALTERNATIVEFUNDINGARRANGEMENTSHAVEREDUCEDDEPENDENCEONINTERBANKDEPOSITMARKETSBECAUSEFIRST,THECOSTOFFUNDSARELOWERINOTHERFUNDINGMARKETSTHANINTERBANKD

22、EPOSITMARKETSANDSECOND,THEINTERBANKMARKETSAREHIGHLYSUSCEPTIBLETOTHERISKOFLIQUIDITYPROBLEMSINTHEEVENTOFDEGRADATIONOFAPARTICIPANTSCREDITRATINGFURTHERMORE,BANKSANDSECURITIESHOUSESAREINCREASINGLYDEALINGWITHPENSIONFUNDS,INSURANCEFIRMSANDMONEYMARKETMUTUALFUNDSTHISCOULDCAUSEPROBLEMSINTHATTHESEINVESTORSHAVE

23、VERYAGGRESSIVETRADINGSTRATEGIESANDSTRINGENTPERFORMANCECRITERIATHEYTENDTOREACTSHARPLYTOINTERESTRATEMOVEMENTSTHEIRREACTIONSTENDTOEXAGGERATEPRICEMOVEMENTSANDREINFORCEVOLATILITYFORTHISREASON,FIRMSTHATOBTAINASIGNIFICANTSHAREOFTHEIRFUNDINGFROMSUCHINVESTORSCOULDBESUSCEPTIBLETOSEVERECASHLIQUIDITYPROBLEMSINT

24、HEEVENTOFACREDITRATINGDEGRADATIONFAVOURABLEDEVELOPMENTSFROMINCREASEDLINKAGESAMONGFINANCIALINTERMEDIARIESHAVEGIVENPARTICIPANTSAGREATERCHOICEOFINSTRUMENTSINADDITION,6INTERLINKAGESBETWEENDIFFERENTMARKETSHAVEENABLEDPARTICIPANTSTOUSEAWIDERANGEOFFINANCIALINSTRUMENTSFORHEDGINGANDPOSITIONTAKINGACTIVITIESTHE

25、INCREASEDCHOICEANDINTERLINKAGESOFMARKETSANDINSTRUMENTSHAVEENABLEDAWIDERVARIETYOFINSTRUMENTSTOBEUSEDFORAWIDERRANGEOFPURPOSESHOWEVER,UNDERSOMECIRCUMSTANCESSTRONGERINTERLINKAGESCANBEASOURCEOFCONCERNFOREXAMPLE,PRICEMOVEMENTUNCERTAINTYORPRICEVOLATILITYCANBEREFLECTEDRAPIDLYFROMONEMARKETTOANOTHEREMPIRICALE

26、VIDENCESUGGESTSTHATFUTURESANDSPOTPRICESMOVELARGELYINUNISONANDTHATFORSOMEINSTRUMENTSTHEINTRADAYPRICESFORFUTURESLEADSTHEUNDERLYINGSPOTMARKETBYABOUT20TO45MINUTESALSO,CERTAINCOMPLEXINSTRUMENTSLIKEOPTIONSBASEDDERIVATIVESARETYPICALLYNOTHEDGEDBYANEQUALOROPPOSITEPOSITIONINSTEADTHEYNEEDTOBEHEDGEDCONTINUOUSLY

27、THROUGHASERIESOFTRANSACTIONSINTHEUNDERLYINGMARKETTHISPROCESSISREFERREDTOASDYNAMICHEDGINGANDITCREATESAHIGHPRICECORRELATIONBETWEENTHEUNDERLYINGCASHMARKETANDTHEDERIVATIVEINSTRUMENTALTHOUGHARBITRAGEBETWEENMARKETSINCREASESMARKETINTEGRATION,ARBITRAGEURSTENDTOPRESUMETHATLIQUIDITYINALLLINKEDMARKETSISDEEP,WH

28、EREASTHEREALITYMAYBETHEOPPOSITEFORINSTANCE,DURINGTHETURBULENTMOMENTSOF19OCTOBER1987,THESTRONGERPLAYERSAPPEAREDTOHAVEOVERREACTEDTOINFORMATION,THISCREATEDLIQUIDITYPROBLEMSINTHESTOCKMARKETSLEADINGTOADISASTROUSDOMINOEFFECTANOTHERASPECTOFSTRONGLINKAGESISTHATBANKSANDOTHERFINANCIALINTERMEDIARIESAREINCREASI

29、NGLYACTIVEINTHESAMEMARKETSSTRENGTHENEDLINKAGESORINTERDEPENDENCYWITHINTHEINTERBANKANDWHOLESALEMARKETSIMPLYTHATTHEDISTINCTIONBETWEENBANKINGINDUSTRYANDFINANCIALINTERMEDIARIESINGENERAL,HASBECOMELESSMEANINGFULITIS,THEREFORE,INAPPROPRIATETOCONSIDERSYSTEMICRISKINTHECONTEXTOFTHEBANKINGSYSTEMALONEINCREASINGL

30、Y,CONCENTRATIONOFACTIVITYISPRIMARILYRESTRICTEDTOTOPRATEDFINANCIALINTERMEDIARIESTHISMAYBEATTRIBUTEDDUETOHUGECAPITALRESERVESTHATENABLEACCEPTANCEOFSIGNIFICANTEXPOSURETHENECESSARYINFRASTRUCTUREANDTECHNICALEXPERTISETOASSESSANDMANAGERISKGLOBALLYISINPLACE7SIGNIFICANTECONOMIESOFSCALEALTHOUGHGREATERCONCENTRA

31、TIONHASSIGNIFICANTEFFECTSONMARKETLIQUIDITYITDOESNOTNECESSARILYRESULTININCREASEDLIQUIDITYIFMOSTKEYPARTICIPANTSORMARKETMAKERSAREUNWILLINGTORISKTHEIRCAPITAL,IEIFTHECAPITALEXPOSEDBYALLTHEMARKETMAKERSISNEGLIGIBLECOMPAREDTOTHEOVERALLTRADINGVOLUMEINTHEOVERALLMARKET,ANDONEKEYPARTICIPANTISDEDICATEDTOMARKETMA

32、KINGBYTAKINGLARGEPOSITIONS,THEREISAPROBABILITYTHATSUCHAFIRMMAYLOSEITSPOSITIONS,RAPIDLYLEADINGTOITSFAILUREANDAREDUCTIONINOVERALLLIQUIDITYFINALLY,AHIGHERDEGREEOFCONCENTRATIONINTHEWHOLESALEMARKETSIMPLIESTHATLARGEEXPOSURESAREBEINGINCURREDBYAFEWKEYMARKETPARTICIPANTSALTHOUGHTHECREDITWORTHINESSOFSUCHINSTIT

33、UTIONSISVERYHIGHANDTHEPROBABILITYOFDEFAULTVERYLOW,ANYDETERIORATIONINCREDITRATINGOFANYONESUCHKEYPLAYERWOULDRESULTINDEVASTATINGIMPACTONMARKETSTABILITYTOCOUNTERTHENEWCHALLENGEPOSEDBYTHECHANGESINTHELEVELSOFRISKSFACINGTHEFINANCIALENVIRONMENT,BOTHTHEPROMISELANDG30REPORTSHAVEPRESENTEDTHEIRRECOMMENDATIONSFO

34、RMEASURINGANDMANAGINGRISKCONCLUSIONTHEFRAGMENTEDREGULATORYSTRUCTUREINTHEFINANCIALMARKETSHASNOTDEVELOPEDSUFFICIENTLYTODEALWITHTHEFASTGROWINGCOMPLEXITIESOFDERIVATIVEINSTRUMENTSASARESULTMARKETMAKINGANDRISKTAKINGPOSITIONSAREINCREASINGLYCONCENTRATEDWITHAFEWKEYPLAYERS,SOMEOFWHICHARECOMPLETELYUNREGULATEDTH

35、EFAILUREOFANYFINANCIALINTERMEDIARYPOSESAPOSSIBLETHREATOFSYSTEMICRISKTOGLOBALFINANCIALMARKETSTHEFEARSOFLEGISLATORSRUNPARALLELTOTHEMOREREASSURINGVERDICTOFAUTHORITATIVEINDUSTRYPLAYERSINTHEG30REPORTONTHEOTHERHAND,THEDRAMATICGROWTHANDRECENTLOSSESINDERIVATIVEACTIVITIESSUCHASMETALLGESELLSCHAFT,KASHIMAOIL,P

36、在全球内，必要的基础设施和专业技术进行评估和风险管理。明显的规模经济”。虽然更强的集中明显影响市场的流动性，它不一定导致流动性的增长。如果最关键的参赛者或制造旺市者不愿意冒险投资，即如果所有制造旺市者的资本暴露与总的交易量相比是可以忽略不计的，这样的公司可能失去它的地位，迅速导致其失败和降低其整体流动性。最后，具有较高集中度的批发市场意味着通过其他一些重要的市场参与者正有大量的揭露发生。虽然机构的信用度很高，违约的可能性很低，任何一个重要参与者的信用评级的任何下滑都将会对市场稳定性造成灾难性的后果。面对金融环境风险水平的变化，为了应对新挑战，PROMISEL和G30报告为测量和管理风险都提出了

37、自己的建议。总结金融市场不完整的监管体制还没有发展到够以处理不断复杂的衍生金融工具。结果，市场运营和冒险日益集中在一些关键因素上，其中有一些是完全不受管制的。任何一个金融中介系统的不正常运转都可能是对全球金融市场风险的威胁。立法者的恐惧与G30报告里权威行业令人安心的裁定一样。另一方面，像13醒目的德国金属股份公司、鹿岛油、宝洁、葛兰素和巴林，在衍生性金融商品的活动中大幅度的增长和损失。主要参与者似乎没有拒绝已经失去了控制的PROMISEL报告的建议。这可能表明一个共同点。然而，在全球化的框架下，为了更有效，法规必须强制有力地在全球运行。为这个起点可能得到更好的国际协调的会计、财务披露或提高透

38、明度和销售行为。其中一种方法将是对权利机关监督和管制从而建立或是成为国际公认的监管国际资本市场中交易活动的组织。市场不稳定因素的需要调节着做的不仅仅是监测和报告。新的国际组织应当有权设置会计、披露财务，交易和管制的标准适用于任何形式的衍生金融交易。雇佣参与者中的佼佼者的机构仍然需要保护，因为巴林崩盘并没有预示。巴林完全符合目前每周相关标准，但它是脆弱的。理论和实践上我们都还需要一种法规，继续允许有效的风险管理，从而不会导致更大制度和系统程度上的风险，它们不仅对全球机构造成不良影响，也对国际和全球经济体造成影响。实施PROMISEL和G30报道中的建议将是一个全新的开始。资料来源RDIXON,RKBHANDARI衍生金融工具的风险和管制盲目还自信J国际银行市场期刊20073