LSE厌倦了此类周旋, 开始对管道工产生兴趣。4月3日该集团股东支持掌控LCH.Clearnet的计划,LCH.Clearnet是一家大型清算所。清算所是股票交易和衍生品市场的幕后向导。他们确保一旦交易达成,就会生效,即使交易一方破产。2008年发生的金融危机证明了清算所的价值。银行间市场失灵,因银行不知彼此担负多大的风险,但清算所对其敞口却知之甚详,进而可快速的要求交易方提供更多现金或其他抵押品。
Regulators now want clearing-houses to act as central counterparties for as manyderivatives transactions as possible. Their biggest target is the mountain of over-the-counter derivatives products, whose notional amounts outstanding, reckoned at around 700trillion dollar in June 2011, easily dwarf the 83 trillion dollar of derivatives on exchanges.
目前监管当局想让清算所扮演中央对手方的角色,尽可能多的为衍生品交易进行清算。其最大的目标是大量的衍生品柜台交易,2011年7月OTC名义总值约达700万亿美元,而交易所的衍生品交易名义总值为83万亿美元,明显低很多。
Some OTC derivatives are already centrally cleared: LCH.Clearnet s Swap Clear service has290 trillion dollar of interest-swaps on its books. Many are not. A G20 resolution in 2009 seta framework for moving standardised OTC products into clearing-houses. This is beingapplied through bits of legislation worldwide, most importantly via the Dodd-Frank Act inAmerica and the European Market Infrastructure Regulation in Europe, which wasvoted through the European Parliament on March 29th. Any remaining bilateral deals wouldbe much more expensive for banks to carry on their books.
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