2015考研英语阅读操之过急的巴塞尔_大学英语阅读

2015考研英语阅读操之过急的巴塞尔

　　Basel 2.5 for the first time charges banks extra capital for the credit risk of what they hold intheir trading portfolio . That includes a charge for the risk that a counterparty goesbust. It also imposes heavy charges on securitised bundles of assets unless the credit risk ofeach piece of the bundle has an identifiable market price. Banks that have portfolios oftrading positions which they reckon offset each other have to convince regulators that theirrisk models work or face being charged at a cruder, standardised rate.

　　巴塞尔2.5第一次针对于银行交易性资产的信贷风险收取额外费用。这包括了交易对象破产的风险。它也对资产证券化产品征收了高额的费用，除非产品包中每种资产的信贷风险有明确的市场标价。那些自己认为拥有彼此抵消投资组合的银行必须说服监管机构他们所使用或者面临的风险模型正在被以野蛮的、标准的费率收费。

　　The problem with Basel 2.5, recognised by regulators and bankers alike, is its complexity.The risk of a trading portfolio must now be broken down into five bucketsvalue at risk, a measure of how much could be lost in an average trading day; stressed VaR ; plus three types of credit risk ranging from therisk of single credits to those of securitised loans. Traders are understandably confused. Forsome banks, developing risk models and getting them approved is just too expensive: morecomplex businesses will be shut down. That will please those who want banks to be moreboring.