欧洲新规或妨碍伦敦做大离岸人民币市场（双语新闻）
青岛希尼尔翻译咨询有限公司（www.sinosenior.com）整理发布 2015-10-14
青岛希尼尔翻译公司（www.sinosenior.com）2015年10月14日了解到：
伦敦金融城(City of London)里的人们日益担心，欧洲拟议的规定将妨碍英国为成为中国金融业主要离岸业务基地所作的努力。EU swaps
rules threaten City’s China ambitions
Concerns are mounting in the City of London that proposed European rules
would stymie efforts to make Britain the principal offshore base for
Chinese finance.
Europe’s banking and markets watchdogs are set to present an updated
version of draft standards on swaps trading by the end of this year.
欧洲银行业及市场监管机构将在今年底提交一份关于掉期交易规范的草案的更新版本。
Banks are warning that they will be prevented from trading certain types
银行业警告称，它们将被禁止与中国的对手方进行某些类型的衍生品交易。
of derivative with counterparties based in China. 英国财政大臣乔治?奥斯本(George
Osborne)提出了一系列将中国离岸交易吸引到伦敦的措施。然而，随着政策制定者和银行业开始认识到欧洲更为严格的衍生品规则的含义，上述雄心面临威胁。
George Osborne, UK chancellor, has outlined measures to attract China’s
offshore trading to London. Such ambition, however, are at risk as
policymakers and banks wake up to the implications of the tougher
derivatives rules.
交易商和律师警告称，根据将从2016年9月开始分阶段实施的规则，银行在寻求与中国及其他新兴市场的对手方进行掉期交易时，将面临极其高昂的成本和潜在的法律纠纷。
Traders and lawyers have warned that the standards, which will be phased
in from September 2016, will leave banks facing insurmountable costs and
potential legal complications in seeking to trade swaps with
counterparties in China and other emerging markets.
伦敦面临的威胁尤其严重。伦敦是全球最大的外汇交易中心，也是亚洲以外以人民币计价的掉期交易的最大市场。人民币已是全球十大交易最活跃货币之一。
Under particular threat is London. The largest global hub for foreign
exchange trading is also the biggest market for renminbi-denominated
swaps outside Asia. The Chinese currency has entered the top 10 most
actively traded currencies.
“我们认识到这是一个切实的问题，有可能会覆盖所有场外衍生品合约——掉期、远期、期权，无论是利率、外汇、信用资产还是其他。这是个大问题，”安理国际律师事务所(Allen
& Overy)衍生品和结构性融资业务合伙人艾玛?德怀尔(Emma Dwyer)称。
“We understand it to be a real issue that could potentially cover any
over-the-counter derivative contract — so swaps, forwards, options,
whether interest, FX, credit equity or other. This is a big problem,”
said Emma Dwyer, partner in the derivatives and structured finance group
of Allen & Overy. 欧盟委员会(European Commission)和欧洲证券与市场管理局(ESMA)均未立即置评。
Neither the European Commission nor Esma, the European Securities and
Markets Authority, gave an immediate
20国集团(G20)已经要求，两个对手方在进行掉期交易时，应该有更多的抵押品或保险作为担保。
comment.
然而，在涉及到与一些新兴市场进行交易时，这些规则就会造成问题，因为这些新兴市场达不到有关净敞口的标准。这些规则是2013年由巴塞尔银行监管委员会(Basel
Committee on Banking Supervision)和国际证监会组织(International Organisation of
Securities Commissions)起草的。
The G20 group of economies has pushed for more swaps that are traded
between two counterparties to be backed with more collateral, or
insurance, for trading. 据欧洲银行业管理局(EBA)表示，该局和欧洲证券与市场管理局（泛欧监管机构）“十分清楚”这一问题，“肯定会提出一个解决方案”。
However, the rules, which were crafted by the Basel Committee on Banking
Supervision and the International Organisation of Securities Commissions
in 2013, create problems when it comes to trading with some emerging
markets, which do not meet standards for netting of exposure.
The European Banking Authority and Esma, the pan-European regulator, are
“well aware” of the issue and “will certainly propose a solution”,
according to the EBA.
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