【经济学人】英国脱欧后的屁股难擦丨2017.05.11丨总第905期

BREXIT has thrust a mundane, if crucial, bit of financial-market plumbing into the spotlight: the clearing of financial instruments. Clearing-houses sit in the middle of a securities or derivatives transaction, and ensure that deals are honoured even if one counterparty goes bust. In November a study commissioned by the London Stock Exchange (LSE) warned that if euro clearing was forced out of the City, 83,000 British jobs could be lost, and a further 232,000 affected. On May 4th the European Commission said it was looking into new rules for euro-denominated clearing. One option is relocation from London, an idea greeted in the City with a mixture of incredulity, disdain and fear.

若至关重要，英国脱欧将使一个些许世俗化的金融市场开始关注这个焦点：金融工具结算。清算所处在证券交易和衍生品交易的中间环节，并确保交易的兑现，即使其中一个交易方破产。今年十一月，伦敦证券交易所（LSE）委托进行的一项研究警示，如果欧元区结算被迫退出该市，英国将失去83000个就业机会，另有232000个会受影响。5月4日，欧盟委员会表示正在研究欧元计价结算的新规则。一种选择是从伦敦搬迁，这个想法以夹杂着怀疑，不屑和恐惧的态度受到该市的欢迎。

• thrust v.猛推;

• mundane adj.普通的;平凡的;单调的

• plumb v.探索；探究

• derivatives n.派生物;衍生物

• bust adj.破产的；倒闭的

In the wake of the financial crisis, the G20 group of big economies made it mandatory to settle most simple derivatives trades through clearing-houses. By 2016, 62% of the notional $544trn global over-the-counter derivatives market was settled in this way. Globally, London handles 37% of foreign-exchange derivatives and 39% of interest-rate derivatives, including three-quarters of those in euros (see chart). So unsurprisingly, it also dominates clearing. LCH, a clearing-house that is part of the LSE, clears over 50% of all interest-rate swaps across all currencies. Around 75% of those in euros are cleared in London.

金融危机之后，20国集团经济体强制规定，通过清算所解决最简单的衍生品交易。到2016年，名义上全球544兆美元直接交易衍生品市场的62%都是以这种方式解决的。全球范围，伦敦处理了37%的外汇衍生品和39%的利率衍生品，包括那些在欧元区的四分之三（见表格）。因此毫无意外，它也主导清算业务。伦敦清算所（LCH）隶属于伦敦证券交易所（LSE），在所有货币交易中，清算超过50%的利率掉期。在欧元区的约75%也是在伦敦清算的。

• mandatory： adj.强制性的，法定的

But centralising clearing concentrates risk: the failure of a clearing-house would be disastrous. So clearing-houses require collateral from the counterparties using them, and must submit to close supervision. The European Central Bank has long worried that it has no direct control over euro-denominated clearing outside the euro area, yet any problems would embroil banks and payment systems within it. In 2015 it lost a court case against Britain over its attempt to force clearing to move. Many jurisdictions, the EU included, limit their financial institutions’ access to foreign clearing-houses. The European Securities and Markets Authority (ESMA) lets European firms use clearing-houses only in countries it has deemed “equivalent”, ie, America and a dozen others.

但是集中结算也集中了风险：一家清算所的倒闭结果将是灾难性的。因此，清算所要求从交易对手所使用的做抵押品，而且必须提交至严密监管。欧洲央行一直担心，它并没有对欧元区以外的欧元计价结算直接控制，但是出现任何问题都会使银行和支付系统卷入其中。在2015，它控诉英国关于试图强制清算转移的法院案件败诉了。包括欧盟在内的许多司法管辖区限制了他们的金融机构进入外国清算所。欧洲证券与市场管理局（ESMA）让欧洲企业使用只有在已被视为“等效”的国家清算所，即美国和十几个其他国家。

• collateral担保金，抵押物

• embroil使卷入，使陷入（战斗、争论等）

Brexit necessitates a new arrangement. The City has mostly been focused on obtaining “equivalence”. But the commission argues the systemic importance of British clearing-houses for the euro area may well require new, stricter oversight. So it is assessing two other options. “Enhanced supervision”—favoured by ESMA—would mean adopting the American model, in which clearing-houses that deal directly with American clients, such as the LCH, are also supervised by the American regulator. But the other option—forced relocation—has gained the support of many senior EU policymakers. Barney Reynolds of Shearman & Sterling, a law firm, insists it would not amount to much: the most the EU could do is to compel European banks to use EU-based clearing-houses. Since firms based in the EU outside Britain account for only 7% of cleared euro-denominated interest-rate derivatives at LCH, the impact could be modest for London. LCH itself claims the result would be a larger euro-denominated market outside the EU and a smaller, less-liquid euro-area market.

英国脱欧亟需一项新协定。伦敦一直重点关注获取“等效性”。但是欧盟委员会认为，英国清算所对于欧元区的系统重要性足可以需要一个新的更严格的监督。因此它预估了两种选择。意识“强化监督”—欧洲证券与市场管理局（ESMA）支持—意味着将采用美国模式，在这个模式里直接与美国的委托人交易，如伦敦清算所（LCH）的清算所同样受到美国监管者的监督。但是另一个选择—强制拆迁—获得很多欧盟高级决策者的支持。谢尔曼·思特灵律师事务所的巴尼·雷诺兹坚持认为这个选择没有太大作用：欧盟能做最多的是迫使欧洲银行使用以欧盟为基础的清算所。因为在英国之外的基于欧盟的公司仅占在伦敦清算所（LCH）欧元计价清算的利率衍生品的7%，对伦敦的影响可能不大。伦敦清算所（LCH）自己称，结果可能是更大范围的欧盟区外的欧元计价市场，以及更小的更少流动的欧元市场。

Since America tolerates 97% of dollar interest-rate swaps being cleared in London, it seems perverse for the EU to shift euro clearing. But Simon Puleston Jones of FIA, an industry body, points out that America is comfortable because its regime allows its regulators much greater oversight.（读者试译） If Brexit turns acrimonious and precludes a moderate change such as enhanced supervision, Europeans may seek blunter instruments. It is not just Brexiteers who want to take back control.

由于美国在伦敦清算有97%的美元利率掉期交易，欧盟对转移欧元结算似乎是不合常理的。（期待您的翻译，明天将会有针对这句话的长难句解析哟~）如果英国脱欧变得激烈，而且排除了适度的改变，如加强监管，欧洲人可能寻求较为松泛的金融工具。而这不仅仅是脱欧者想要夺回控制权了。

• perverse任性的；故意作对的；无理取闹的

• acrimonious（言辞、争吵等）尖刻的，激烈的

• precludes 排除；防止；阻止；妨碍

翻译 ▍晶晶，Ding

审核 ▍晶晶

图文编辑 ▍毛毛

责任编辑 ▍毛毛