1、 天和财务: 前程似锦 路在脚下 天和财务:巴塞尔协议 III 威胁亚洲贸易融资 Basel III threat to Asian trade finance 来源：天和网 核心提示：亚洲贸易融资市场正在为未来的恶劣金融环境做准备，这正是由巴 塞尔 III 对银行的改革造成的。 Asian trade finance markets are bracing themselves for a hostile environment over the next few years, caused by the very initiative designed to foster a better
2、 banking environment the Basel III banking reforms. 【据 消息】亚洲贸 易融资市场正在为未来几年的恶劣金融 环境做准备，这正是由于旨在建立一个 更好的金融环境的提议 - 巴塞尔协议 III 对银行业的改革造成的。 Although these were designed with global bank safety in mind, the rules carry a host of unintended consequences, which could have a hugely detrimental impact on the $1
3、4 trillion to $16 trillion trade finance business. 虽然这些设计充分考虑了全球银行的安 全性，但是这些规则会带来一系列意想 不到的后果，这可能对 14 万亿至 16 万 亿美元的贸易融资业务有巨大的不利影 响。 Kah Chye Tan, global head of trade and working capital at Barclays, said if Basel III is implemented in its current form, trade finance pricing would go up “north of 20%
4、”, leaving it an untenable business for many banks to pursue. 巴克莱银行的贸易及营运资金全球负责 人陈加财（Kah Chye Tan）说，如果以 目前的形式实施巴塞尔协议 III，贸易融 资的定价增幅会超过 20，这将导致许 多银行就不能维持其所追求的业务了。 Between 80% and 90% of world trade relies on bank finance in the form of trade credit and short-term guarantees and Asia uses more trade f
5、inancing instruments than anywhere else 30% of global exports and more than 80% of trade letters of credit are issued in Asia, according to figures from Standard Chartered bank. 根据渣打银行的数字显示，世界贸易的 80和 90依赖于贸易信贷形式的银行 融资以及短期担保，亚洲比其他任何地 方使用贸易融资工具的都多 - 30的全 球出口量和 80以上的贸易信用证都发 生在在亚洲。 It is a fragile marke
6、t and actions in 亚洲是一个脆弱的市场，西方的一举一 天和财务: 前程似锦 路在脚下 the west have big implications in the east. In the second half of last year, European banks deleveraged their exposures to Asia by $89bn, which led to a huge increase in trade finance prices in Asian markets. 动对东方有很大的影响。在去年下半年， 欧洲银行削减了在亚洲的 890 亿美元头
7、寸，这导致亚洲市场的贸易融资价格的 大幅提高。 Tan said: “One doesnt have to look beyond the past few years to see the impact on trade finance. Last October, when European banks started to deleverage due to the Euro crisis, trade finance pricing in Asian countries including India and China moved from 100 basis points to 2
8、00 basis points in three weeks.” 陈加财说：“你不必要去考虑过去几年 的情况去看监管对贸易融资的影响。去 年 10 月，由于欧元危机，欧洲银行开始 减债，亚洲国家，包括印度和中国，的 贸易融资价格在三个星期内从 100 个基 点增加至 200 个基点。” Basel III could hit trade finance in three ways: the leverage framework could increase the cost of cover; the liquidity framework could squeeze the supply o
9、f funding for essential project and equipment financing; and the counter-cyclical buffer to dampen the pro-cyclical nature of banking could mean banks will retreat from non-core businesses. 巴塞尔协议 III 打击贸易融资方式有三 种：杠杆框架会提高覆盖成本；流动性 框架会压缩必要项目和设备融资的资金 供应；用逆周期缓冲来抑制银行顺周期 本质的做法意味着银行将退出其非核心 业务。 George Nast,
10、global head of product management at Standard Chartereds transaction banking operations, said: “The knock-on effect of the new regulations will see banks pass on the capital, liquidity and leverage impact to their clients. As pricing goes up, corporate margins are eroded, which will have negative bu
11、siness implications and employment consequences.” 渣打银行交易银行业务产品管理全球负 责人乔治纳斯特说：“新规则的连锁效 应会目睹银行将资本，流动性和杠杆的 影响转移到他们的客户身上。随着价格 的上涨，企业利润会被削减，这将产生 负面的影响并且影响社会就业。” The biggest issue concerning the market is Basel IIIs leverage ratio proposal. 就该市场而言，最大的问题是巴塞尔 III 对杠杆率的建议。 It demands banks set aside the capi
12、tal equivalent of the value of off- balance-sheet items using a credit- conversion factor that reflects the 该建议要求银行留出的资金相当于资产 负债表外项目价值，使用的信贷转换系 数反映了资产负债表外风险变成资产负 债表上项目的偶然事件的可能性。 天和财务: 前程似锦 路在脚下 likelihood of a contingent off-balance sheet risk becoming an on-balance sheet item. The Basel III credit
13、conversion factor for trade finance is 100%, five times the current 20% figure and industry sources say this is too high and equates trade finance with much riskier products such as structured investment vehicles and particular types of derivatives that were central to the problems of the financial
14、crisis and for which these rules are really intended. 巴塞尔协议 III 对贸易融资的信用转换 系数为 100，是目前 20的 5 倍。业 内人士称，这个数值太高了，等同于贸 易融资与风险较高的产品，例如结构性 投资工具和特定类型的衍生工具，这些 是金融危机问题的核心，也是巴塞尔协 议 III 规则真正的目的。 Dan Taylor, managing director, global market infrastructures in treasury services at JP Morgan, said: “Financial pro
15、ducts should be capitalised based on the historical default and loss rates of the individual products rather than a one- size-fits-all approach. The default and loss history for individual trade products is considerably lower than the capital required by Basel III.” 摩根大通（JP Morgan）的常务董事，财 务管理服务的全球市场
16、基础设施负责人， 丹泰勒说：“应根据每个产品的历史违 约率和损失率投资金融产品，而不是使 用放之四海而皆准的方法。单个贸易产 品的违约和损失历史记录大大低于巴塞 尔协议 III 所要求的资本。” According to the International Chamber of Commerce, between 2008 and 2010, the height of the credit crisis, default rates for off-balance sheet trade products were marginal, with 947 defaults in a sampl
17、e of 5.2 million transactions. 根据国际商会的信息显示，在 2008 年到 2010 年之间，也就是信贷危机的顶峰时 期，资产负债表外交易产品的违约率达 到了临界值：在抽样的 520 万笔交易中 有 947 笔违约交易。 Over the past five years, there were only 3,000 defaults from 11 million trade finance transactions. 在过去的五年里，1100 万笔贸易融资交 易中只有 3000 笔违约交易。 Barclays Tan said that the Basel ru
18、les make a very flawed interpretation of the risks of trade finance: “Defaults on contingency are 0.01% very low and most people 陈加财说，巴塞尔规则对贸易融资风险 做出的解释是非常不完整的：”意外违 约率是 0.01 - 非常低 - 大多数人都 偿还债务。巴塞尔协议 III 的规则暗示 现在所有的贸易融资交易违约率是 天和财务: 前程似锦 路在脚下 do pay on their obligations. The Basel III rules imply that
19、 all trade finance deals will default 100% of the time that cannot be a realistic assumption.” 100- 这不可能是现实的假设。“ But its not just the leverage ratio that is concerning those in the industry. The proposed Basel III liquidity coverage ratio requires banks to hold enough unencumbered liquid assets to c
20、over expected net outflows during a 30-day stress period even if these are held in contingent trade finance deals. Tan said: “If an asset is temporarily on balance sheet, you need to fund assets under Basel III. In reality, though, you dont fund contingent capital until it becomes an asset. Under Ba
21、sel III, you will need to put up liquidity. We are really concerned if the amount of liquidity is 10 % to 20% that it will be a big drag on our ability to finance trade.” 业内人士担心的不只是杠杆率。拟议的 巴塞尔 III 的流动性覆盖率要求银行持 有足够无产权负担的流动资产以应付 30 天紧张时期的净流出额 - 即使是在偶然 的贸易融资交易中所持有的流动资产也 如此。陈加财说：“如果是资产负债表 上的临时资产，根据巴塞尔协议
22、 III 你 需要投资这笔资产。 但现实情况是，你 不会投资应急资本，除非它变成一项资 产。根据巴塞尔协议 III，你将需要提供 流动性。我们真的很担心，如果量流动 性是 10至 20，将成为我们贸易融资 能力的一大阻力。” In its current form, the liquidity coverage ratio would lead to an increased funding of secured trade transactions and shorter-dated exposures to protect against so-called future liquidit
23、y strains in turn causing a decrease in the supply of funding available for longer-term needs of project and equipment finance, especially important in fast- growing economies such as those in Asia. 在其目前的形式下，流动性覆盖率会导 致增加贸易交易的资金担保，和较短期 的风险，以防止所谓的未来流动性压力 - 反过来导致减少可用于长期需求项目 及设备融资的长期需求，尤其是在快速 增长的经济体，例如亚
24、洲，更为重要。 The Basel rules also include a provision requiring banks to put in an additional capital buffer during times of strong economic growth to stem acceleration in bank credit and prevent losses in down cycles. 巴塞尔规则还包括一项规定，要求银行 在强劲的经济增长期投入额外的资本缓 冲，以遏止和防止经济萧条时期的损失。 This counter-cyclical buffer is
25、 这种反周期缓冲的目的是给监管机构针 天和财务: 前程似锦 路在脚下 intended to give regulators a weapon against pro-cyclicality and a defence against system-wide shocks. But, having to keep a buffer could also lower banks willingness to lend to their non-core businesses. Critics of Basel III have also pointed to the calls for cent
26、ral clearing counterparties which may lead to a shift in business from countries with less sophisticated financial sectors without CCPs to highly sophisticated countries with CCPs. 对顺周期性的武器和防御全金融系统震 荡的工具。但是，必须保持一个缓冲区， 也会降低银行向非核心业务贷款的意愿。 巴塞尔协议 III 的批评者也指出，要求 集中结算交易对手可能会导致业务从没 有关键控制点（CCP）的较简单金融部门 的国家转
27、到有关键控制点的非常有经验 的国家。 Despite intense lobbying to change regulatory attitudes, the Basel Committee looks set to implement its most stringent aspects. 尽管外界强烈地游说巴塞尔委员会改变 其监管态度，但该协会似乎开始实施其 最严格的规则。 Last October, the Basel Committee responded to a G20 request to review the impact of Basel III on trade finan
28、ce in low-income countries. In a volte-face, it agreed to do away with the need for a minimum maturity for letters of credit so that capital can be held according to the tenor of each transaction. 去年 10 月，针对 20 国集团要求审查巴 塞尔协议 III 对中低收入国家的贸易融 资造成的影响，巴塞尔银行监管委员会 做出了回应。该委员会的态度完全转变 了，它同意废除对信用证最小到期日的 要求，这样
29、可以根据每笔交易的付款期 限持有资本。 West lobbies while Asia staggers introduction of regulation 西方国家在游说的同时亚洲在犹豫是否 该引进这样的监管。 Most of the lobbying against the unintended consequences of Basel III has been taking place in Europe and the US. 绝大多数反对巴塞尔协议 III 意外后果 的游说活动发生在欧洲和美国。 The European Commissions impact assessment
30、 on the capital requirements directive IV, which will implement Basel III in the European Union, has been refining some of the different elements of the agreement and has been praised as a step in the right direction. 资本要求指令 IV 这将在欧盟实施巴塞尔 协议 III，欧盟委员会对该指令的评估产 生的影响，已经改进了协议中的一些不 同元素，并已被誉为朝着正确的方向迈 出了一步
31、。 天和财务: 前程似锦 路在脚下 Kah Chye Tan, global head of trade and working capital at Barclays, said: “CRD IV is very good in our opinion. It addresses a lot of the concerns of banks and clients. You need a fair and just environment to promote trade finance, flows and so on. Asia needs to take note of develop
32、ments in the US and Europe.” 巴克莱全球贸易及营运资金总监陈加财 说：“在我们看来资本要求指令（CRD） IV 是很不错的。这解决了很多银行和客 户担忧的问题。你需要一个公平公正的 环境来促进贸易融资以及资金流动等。 亚洲需要关注美国和欧洲的进展。” George Nast, global head of product management at Standard Chartereds transaction banking operations, said the industry is continuing to influence the Basel Com
33、mittee and remains hopeful of further developments: “Later this year, we shall see if these proposals are accepted by Europe. Asian industry players might like to see what happens in Europe and push for a level playing field.” 乔治纳斯特，渣打银行交易银行业务产 品管理全球负责人说，银行业正在继续 向巴塞尔银行监管委员会施加影响，并 且对进一步发展仍抱有希望：“今年晚 些
34、时候，我们将看到欧洲是否会接受这 些建议。亚洲的业内人士可能想看看欧 洲会发生什么情况，并且推动一个公平 的竞争环境。” While Europe is lobbying the rulemakers, the staggered regulatory approach to Basel implementation in Asia has resulted in a lack of cohesion in trade finance lobbying. 当欧洲在游说巴塞尔委员会时，亚洲国 家交错实施巴塞尔监管方式已经导致缺 乏对贸易融资游说的凝聚力。 A few countries have
35、 discussed the implications of Basel on their trade finance markets, though no concerted efforts have yet been made to influence regulators. 虽然没有尚未作出协调一致的努力去对 监管机构施加影响，但有几个国家已经 讨论了巴塞尔协议对贸易融资市场的影 响。 Tan argued that early implementation of the Basel III capital framework would allow Asian regulators t
36、o be forward-looking in how to address the unintended consequences.He said: “People think with Basel III scheduled for 2018 there is time. Thats a misconception. There isnt time.” 陈加财认为，尽早实施巴塞尔 III 资本 协议框架将允许亚洲监管机构在如何解 决的想不到的后果上具备前瞻性。他说： “人们认为巴塞尔协议 III 定于 2018 年 完成。这是种错误观点。没有强制的时 间限制。” 编译：孙亚琦 文章来源： 天和财务: 前程似锦 路在脚下 【译文稿件声明】此文由天和网翻译，转载务必请注明出处，并添加源链接， 否则本网将依法追究责任。
