其他交易所亦前仆后继。纽约泛欧交易所集团与德国证券交易所的合并本可与欧洲期交所清算公司拉上关系,欧洲期交所清算公司是德国证券交易所的CCP。目前纽约泛欧交易所集团将致力于打造泛欧交易所清算所,该清算所清算伦敦国际期货金融交易所的期货交易,完全是一个CCP。3月28日LSE宣布计划在2014年初将其衍生品清算业务扩张至欧洲大陆,而这取决于监管当局的许可。
This will create new concentrations of risk. If the CCPs consolidate into three or four bigplayers in Europe, and a handful more worldwide, that will be a lot of risk tied up in a fewinstitutions. Since they are involved in cross-border business and meant to beinteroperableie, allowing access to a wide number of counterpartiesthe responsibility forthe bail-out of a CCP may not be a clear-cut geographical one. All this should be sorted outbefore the game goes much further.
新风险集中将应运而生。如果欧洲的CCPs整合成三或四个大机构,全球则整合成稍多几个,那么大量风险就将会被集中在几个机构上面。因为这些机构的业务涉及跨境,意味着会相互影响,即业务向更广泛的交易方开放,那么要负责救助一个CCP,或许就不是地理上明确划分的那一个了。在进一步整合之前,所有这些问题都应解决。
Another looming problem is the quality of collateral that CCPs take. Apart from cash, themost common type of collateral posted with clearing-houses is government bonds. These nolonger have the risk-free status they used to enjoy. As more deals migrate to CCPs, thepressure to find suitable collateral could intensify .There is a risk that clearing-houses could expose themselves to assets which are not asstable as they should be.
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