另一个若隐若现的问题是CCP接受的抵押品质量问题。除现金外,清算所接受的最普遍抵押品是政府债券。而这些债券已不再是过去享有的无风险地位。随着更多交易转向CCP,其找寻合适抵押品的压力料加剧。这就存在一种风险:清算所面临的资产敞口不如应该那样稳定。
Clearers swear blind that they would never relax their standards. We re not plumbers, we rerisk-management firms, says Ian Axe, the boss of LCH.Clearnet. This is true, but it andmany other CCPs are run for profit, and are bound to steer a course between risk andreward. The European Securities and Markets Authority is supposed to set new capital rulesand collateral standards for CCPs by June 30th. What regulators give with one hand, theymay take away with the other.
清算所誓言决不会放宽标准。LCH.Clearnet老板Ian Axe表示:我们不是管道工,我们是风险管理公司。虽然这是事实,但LCH.Clearnet和其他CCP都是逐利的公司,定会在风险和收益之间前行。欧洲证券与市场管理局应在7月30日前为CCP制定新的资本规则和抵押标准。上有政策,也许下就有对策。
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