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顶！有人看过国会最近的Financial Reform Draft吗？ -- 董洁林 - (130 Byte) 2010-5-13 周四, 01:47 (667 reads) |
emperorfan
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作者：emperorfan 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
我觉得美国监管衍生品并不力
漏洞在于ＯＴＣ衍生品 不归cftc 管，这是当初greenspan2002 时 cfma 留下的祸根。 谁管，fed 管，根据 'safety and soundness'.
衍生品 leverage 能力太强，而且投行 有大量影子 短期债务/非流通资产 外挂
资本杠杆实在太大。
再比如securitization, cds can generate cdo, synthetic debt 就超过真实debt,
fed 10年前就对fnm 喊停，要减leverage, 拆散，但congress 被lobby 了。唉。。
现在危机后遗症就是集体de-leverage, include ordinary people.
(说到底是03-07 liquidity 太多，监管太松，liquidity is due to low interest for too long, and excess credit...bubble...tightening...crash...lower rate, reflate economy...）
美国也没有用衍生品剥削啊，这如今，资本是国际的，
美国zf 要管，还管不着管不动呢。
现在，要通过regulation reform, 衍生品要被统一透明监管，还要限制自营交易，
老兄，哪来话语权呐。
（btw, cta 是commodity trading advisor 吗?)
衍生品本来就是 对冲风险，想保险一样，
你要想要，你向市场买呀，你可以hedge 你头寸的所有风险。这哪有霸权可言。
好比分蛋糕，我切，你先挑，爱买爱卖都成。别赌伤元气就行。
还有，我不认为美国在推行一元化大国，（大国太费力）
它现在是偏向仲裁协调，但在全球布了足够快速反应的干涉力量和
很多‘潜在地雷‘，希望各国互相牵制，内部分化，而不是做国际警察直接抓坏人。
地雷么，比如中日，台湾，中越，中印，等等。
美元强是因为它有地缘政经的优势，有自由市场和资源优势，
外加绝对的军事实力。再说就太多了。
还有，再有问题，可以试试问wikipedia, 我转贴两条，
您的贴，像老师提大问题，我无从说起，您还循循善诱，您wiki 自找吧：
Entities comprising the Shadow Banking system
Shadow banking institutions are typically intermediaries between investors and borrowers. For example, an institutional investor like a pension fund may be willing to lend money, while a corporation may be searching for funds to borrow. The shadow banking institution will channel funds from the investor(s) to the corporation, profiting either from fees or from the difference in interest rates between what it pays the investor(s) and what it receives from the borrower.
By definition, shadow institutions do not accept deposits like a depository bank and therefore are not subject to the same regulations. Familiar examples of shadow institutions included Bear Stearns and Lehman Brothers. Other complex legal entities comprising the system include hedge funds, SIVs, conduits, money funds, monolines, investment banks, and other non-bank financial institutions.
Importance
Many "shadow bank" like institutions and vehicles have emerged in American and European markets, between the years 2000 and 2008, and have come to play an important role in providing credit across the global financial system.[1]
In a June 2008 speech, U.S. Treasury Secretary Timothy Geithner, then President and CEO of the NY Federal Reserve Bank, described the growing importance of the shadow banking system: "In early 2007, asset-backed commercial paper conduits, in structured investment vehicles, in auction-rate preferred securities, tender option bonds and variable rate demand notes, had a combined asset size of roughly $2.2 trillion. Assets financed overnight in triparty repo grew to $2.5 trillion. Assets held in hedge funds grew to roughly $1.8 trillion. The combined balance sheets of the then five major investment banks totaled $4 trillion. In comparison, the total assets of the top five bank holding companies in the United States at that point were just over $6 trillion, and total assets of the entire banking system were about $10 trillion."[2] In other words, lending through the shadow banking system slightly exceeded lending via the traditional banking system based on outstanding balances.
Risks or vulnerability
Shadow institutions are not subject to the same safety and soundness regulations as depository banks, meaning they do not have to keep as much money in the proverbial vault relative to what they borrow and lend. In other words, they can have a very high level of financial leverage, with a high ratio of debt relative to the liquid assets available to pay immediate claims. High leverage magnifies profits during boom periods and losses during downturns.
In a June 2008 speech, Timothy Geithner, then NY Federal Reserve Bank, placed significant blame for the freezing of credit markets on a "run" on the entities in the shadow banking system by their counterparties. The rapid increase of the dependency of bank and non-bank financial institutions on the use of these off-balance sheet entities to fund investment strategies had made them critical to the credit markets underpinning the financial system as a whole, despite their existence in the shadows, outside of the regulatory controls governing commercial banking activity. Furthermore, these entities were vulnerable because they borrowed short-term in liquid markets to purchase long-term, illiquid and risky assets.
2009 Treasury Department proposed OTC derivatives legislation
On August 11, 2009, the Treasury Department sent to Congress proposed legislation titled the “Over-the-Counter Derivatives Markets Act of 2009.” The Treasury Department stated that under this proposed legislation “the OTC derivative markets will be comprehensively regulated for the first time.” [84]
To accomplish this “comprehensive regulation”, the proposed legislation would repeal many of the provisions of the CFMA, including all of the exclusions and exemptions discussed in Sections 4 above that have been identified as the “Enron Loophole.” While the proposed legislation would generally retain the “legal certainty” provisions of the CFMA, it would establish new requirements for parties dealing in non-“standardized” OTC derivatives and would require that “standardized” OTC derivatives be traded through a regulated trading facility and cleared through regulated central clearing. The proposed legislation would also repeal the CFMA’s limits on SEC authority over “security-based swaps.”[85]
On December 11, 2009, the House passed H.R. 4173, the so-called Wall Street Reform and Consumer Protection Act of 2009, which included a revised version of the Treasury Department’s proposed legislation that would repeal the same provisions of the CFMA noted above. At that time, similar legislation was pending in the Senate.[86]
In late April, 2010, debate began on the floor of the Senate over their version of the reform legislation
作者：emperorfan 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
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