【经济学人】清理外汇市场的新准则出台|2017.05.25|总第922期

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FINANCIAL-MARKET traders have earned a pretty shocking reputation in recent years. From manipulating LIBOR, a benchmark interest rate, to rigging the daily fix of foreign-exchange (FX) rates, traders have shown themselves ready not just to stretch the rules, but to collude in outright illegality.

近年来，金融市场交易者名声可谓是骇人听闻。从操纵基准利率-伦敦银行间拆放款利率（LIBOR）到控制每日外汇（FX）利率，种种迹象已表明，交易者不再是仅仅打破规则，而是相互之间非法勾结。

• benchmark n.基准；水准点；衡量尺度

• rig v.(以不正当的手段)操纵，控制(选举、工作任命或比赛等)

• collude v.共谋;勾结;串通

A global code of conduct for the FX market, unveiled on May 25th, aims to put things on a sounder footing. Drawn up over the past two years by a coalition of central bankers, known as the FX Working Group (FXWG), and supported by a panel of industry participants, the code’s 55 principles lay down international standards on a range of practices, from the handling of confidential information to the pricing and settlement of deals.

5月25日，外汇全球行为准则对外公布，该准则旨在打造一个更加稳定的市场。该准则中包含55个原则，依据一系列惯例制定国际规范，其范围包括从机密信息的处理到交易的计价和结算，由央行行长联盟花费两年时间拟定，行业参与者小组支持通过。

• footing  立足点；站稳

• panel n.（进行公开讨论或作决策的）专门小组

Such standards seem long overdue in the massive FX market. Roughly $5trn is traded every day (see chart). Many companies, pension funds and money managers depend on banks to hedge their exposure to currency fluctuations. Yet in the past traders colluded with one another in internet chat rooms, secretly swapping client data in order to rig the widely used WM/Reuters benchmark exchange rates. Some were caught and fired. Banks such as Citigroup, HSBC, JPMorgan Chase, Royal Bank of Scotland and UBS paid billions of dollars in fines.

在大规模的外汇市场上，这样的标准似乎早应该制定。每天，约5万亿美元在进行市场交易（见图表）。许多公司，养老基金和资金管理者依靠银行来对冲货币波动带来的风险。 然而过去，为了操纵应用广泛的WM /路透社基准汇率，交易者在互联网聊天室中相互勾结，秘密交换客户数据。为此，逮捕和解雇了有些交易者。花旗集团，汇丰银行，摩根大通银行，苏格兰皇家银行和瑞士银行等银行为此支付了数十亿美元的罚款。

• hedge防备，防范（尤指金钱损失）

The FX market has always been lightly regulated, but many countries do have codes of conduct, usually drafted by the central bank in consultation with market participants. Often, however, the codes were defective: they missed areas vulnerable to malpractice; and were rarely updated, scantily enforced and widely flouted.

外汇市场一直以来监管不力，尽管许多国家有行为准则，该准则通常由中央银行与市场参与者协商起草。但是，通常情况下，这些行为守则存在缺陷：忽略容易滋生腐败的地方; 不适时更新，执行不力，形同虚设。

• scantily偏小的;偏少的;不足的;欠缺的

• flouted无视，藐视，轻视(法律等)

The new code starts with some advantages. It will supersede the national codes, and provide a single global set of principles, with adherence closely monitored by a newly formed committee of central bankers and trading institutions. It is also designed to reflect current market practice, with clear guidelines on communication between participants and on trade-execution practices—two areas of weakness highlighted by the scandal.（读者试译句）

起初，新准则占据一些优势，将取代国家准则，提供统一的国际原则。中央银行家和交易机构委员会将新成立委员会，该委员将会密切监督新准则统一执行。 （期待您的翻译，明天会有针对这句话的长难句解析哟~）

Managers of FX traders will now be enjoined to limit access to confidential information, and to ensure that clear guidance has been given on approved channels of communication. Greater disclosure is also demanded on how orders are processed, so that clients will never lose oversight and control of their trades.

如今，限制外汇交易者的管理者访问机密信息，确保明确的指示已通过获得批准的通信渠道传达。加大信息公开力度，公开订单处理流程，以便客户监督控制其交易。

• enjoined（法官）禁止，严禁；命令;吩咐

The code will, however, be voluntary. Guy Debelle of the Reserve Bank of Australia, who led the drafting, reckons that to write binding rules for a global market would have been more convoluted and less effective. Principles, he argues, are harder to exploit or ignore than rules.

然而，准则将是自愿性质的。 领导起草的澳大利亚储备银行的盖德·贝贝尔（Guy Debelle）认为，为全球市场撰写具有约束规则，过程更为复杂，然而效果较差。 他认为，较规则而言，准则更难谋利，也更难被忽视。

• convoluted费解的;复杂难懂的

Alongside the code itself, the FXWG has developed a blueprint for adoption, which makes those active in the market responsible for embedding the code in their day-to-day operations. Central banks have committed themselves to leading by example, by implementing the code for their own FX activities. Consideration is being given to maintaining public registers of those who have signed up. “I wouldn’t underestimate the impact of peer pressure in improving behaviour,” says MrDebelle.

除却准则本身，外汇工作小组已经制定了一个适用蓝图，可以让那些市场活跃的参与者将准则融入到日常操作中。 中央银行已经承诺以身作则，在外汇活动中执行该准则。 现在考虑是维护已注册的人的公共登记信息。 戴姆勒说：“我不会低估同行压力对改善行为的影响。

Given the painfully low level of trust in foreign-exchange and other financial markets, central bankers are adamant that codes like these must not be ignored or allowed to become outdated. The new global FX committee will monitor the success of the project and consider the case for further updates.

鉴于外汇和其他金融市场的信任度极低，央行行长强烈表示，这类准则绝不能遭到忽视，也绝不会过时。新的全球外汇委员会将监督该项目的成功实施，并考虑进一步更新。

• adamant坚决的;坚定不移的

But the incentives for adherence do not seem compelling. Whether the code actually prevents market malfeasance will be determined by the many institutions, large and small, that trade FX each day. And, as the market has proved in the past, it is important not to underestimate the power of peer pressure to worsen behaviour as well as improve it.

但本意遵循规则似乎并吸引力不足。无论准则是否真正防止市场不法行为，将由每天交易外汇的众多大大小小的机构决定。而且，过去市场曾证明，重要的是不要低估同行对改善行为的力量，也不要轻视其恶化行为的压力。

• compelling很有吸引力的

• malfeasance不法行为，渎职；

翻译 ▍晶晶     

审核 ▍sensitive

图文编辑 ▍且听风吟

责任编辑 ▍毛毛