本报记者 陈听雨

Our reporter Chen rain

　　据报道，瑞银集团（UBS）因被指控涉嫌操纵伦敦同业拆借利率（Libor），目前正与美英等国监管机构协商和解事宜，初步罚金可能达10亿美元。这将是监管机构对金融巨头开出的最高罚单，表明Libor操纵案的事态已愈发严重。金融危机充分暴露，全球多家金融巨头为最大限度地增进自身利益而丧失了道德底线，道德风险遍及金融市场每个角落。建立可信、有威慑力的监管体系势在必行，刻不容缓。

According to the report,ubs(UBS)Because is accused of involvement in the control London interbank lending rates(Libor),Is currently working with countries such as American and British regulators consultation reconciliation matters,Preliminary penalty may be us $1 billion.This will be the regulators to open financial giant the highest ticket,Show that Libor control case scenarios are increasingly serious.Financial crisis fully revealed,Global several financial giants for maximum improve their own interests and lost moral bottom line,The moral risk in financial markets each corner.Establish confidence/A deterrent supervision system is imperative,urgent.

　　金融危机爆发至今已5年，期间欧美银行巨头接二连三爆出违规事件，违规范围覆盖了银行的住房抵押贷款、养老保险及养老金投资计划、还款保障保险、利率互换产品合约以及名目繁多的理财产品等各个销售角落。金融机构采取资金挪用、不实陈述、误导性信息或信息缺失等“违规”行为达到自身利润最大化的目的。但这些行为并未受到应有的惩罚，在欧美监管法规中，“对事实的不实陈述、信息缺失或者提供误导性信息”等行为仅被称作是“违规销售”(mis-selling)。这使一些银行家在法律面前产生“豁免”的感觉，且每一桩新的“违规销售”丑闻，都使这种“豁免”的社会效应进一步增强，对法律惩戒的恐惧进一步削弱。

The financial crisis has been five years,Europe and the United States bank giant during one after another out three violations,Illegal range the bank's housing mortgage loan/Endowment insurance and pension investment plan/Repayment guarantee insurance/Interest rate swap product contract and various kinds of financial products, and other sales corner.Financial institutions to take fund appropriation/False statements/Misleading information or lack of information, etc"illegal"Their behavior to achieve the purpose of profit maximization.But these actions are not punished,In Europe and the United States regulatory rules,"To the fact of the false statement/Lack of information or provide misleading information"Behavior is only called"Illegal sales"(Mis - selling).This makes some bankers produced before the law"immunity"feeling,And every new pile"Illegal sales"scandal,Made this"immunity"To further strengthen the social effect,The fear of punishment law further weaken.

　　法律的退却助长了“违规”的蔓延。公开资料显示，一个时期以来，高盛、摩根大通等多家金融巨头在资产抵押债券及金融衍生品交易中，向投资者隐瞒违约担保贷款工具可能存在的风险，甚至提高客户最低还款额导致投资者遭受巨额损失，遭到美国联邦政府和州监管机构多次处罚。但是，相比“违规”产生的巨额资本利润，几百万美元的经济处罚完全可以忽略不计，违规者可以毫无恐惧地“前赴后继”。英国金融服务管理局（FSA)前任首席执行官赫克托·桑特曾表示：“任何形式的弱势监管都是滋生违规操作、诈骗、欺诈、违规销售以及利率操纵等行为的肥沃土壤。”

The law encourages the retreat"illegal"spread.Public data shows,A period,Goldman sachs/Jpmorgan chase, a number of other financial giants in the assets mortgage bonds and derivatives transactions,Investors to conceal default secured loan tools possible risks,Even improve customer minimum payments cause investors suffered huge losses,By the United States federal government and state regulators multiple punishment.but,Compared with"illegal"Produce the huge capital profit,Millions of dollars in economic punishment completely can be neglected,Offenders have no fear"another".Britain's financial services authority(FSA)The former chief executive Hector sant has said:"Any form of weak supervision are breeding illegal operation/fraud/fraud/Illegal sales and rate control, etc of the fertile soil."

　　据报道，此次瑞银受到深入调查，可能遭受巨额罚款，表明事态严重。在此次Libor操纵案中，金融机构通过操纵利率，使衍生产品的价值向有利于自己的方向变动，从而获得巨额收益，全球有超过360万亿美元的金融衍生品和公司债券，都视Libor作为基准利率。其延续期限之长、涉及范围之广，资金规模之庞大，都使本案涉嫌操纵者的涉案资金规模难以精确计算。今年6月，巴克莱集团因企图操纵Libor被英美监管部门罚款4.5亿美元，此次瑞银可能被罚款的数量超过巴克莱的2倍，足见Libor操纵案的严重程度。

According to the report,The ubs is further investigation,May suffer a hefty fine,Show that push comes to shove.In the Libor manipulation case,Financial institutions through the control rate,Make the value of the derivative products to for their own direction changes,To get a huge income,The global more than $360 trillion of financial derivatives and corporate bonds,Libor is seen as the benchmark interest rate.The continuation of the long term/The wide range,The huge scale of capital,Made in the case of the manipulator involved to fund scale accurate calculation.In June this year,Barclays group of trying to manipulate Libor is British and American regulators fined $450 million,The ubs may be a fine of more than twice the barclays,It serves to show the severity of Libor manipulation scam.

　　对于金融机构及其从业者而言，只有在法律惩戒足以构成真正的威慑时，甚至一些银行家和交易员可能因“违规”操作难逃牢狱之灾，由贪婪引发的道德危机才有可能被有效抑制。

For financial institutions and their practitioners in,Only in legal punishment enough to constitute the real deterrent,Even some bankers and traders may be"illegal"Operation not escape jail,By greed cause moral crisis just may be effective inhibition.

　　在后金融危机时代，为降低银行业风险，全球金融稳定理事会、巴塞尔委员会等国际组织共同努力推动金融监管改革，提高了银行业审慎监管标准，尤其大幅提高了国际大型银行的资本要求，制定了全球统一的流动性监管指标，引入了杠杆率监管要求。但是，对银行设置越来越严格的资本金要求并非防范风险的最佳方案，真正引发金融危机的是一场道德危机，金融机构最大限度地增进自身利益而丧失了道德底线，道德风险遍及金融市场每一个角落。建立可信的、有威慑力的有效监管体系，确保银行业和银行家免于因贪婪堕入道德危机，才是治本之举。

In the era of financial crisis,To reduce the risk of the banking industry,Global financial stability board/The Basel committee and other international organizations work together to push the financial regulatory reform,Improve the banking prudent supervision standards,Especially big increases in the international large bank capital requirements,Make the global unified liquidity supervision index,Introduced the leverage ratio regulatory requirements.but,To bank set up more and more strict capital requirement is not the best solution to prevent risks,The real cause of the financial crisis is a moral crisis,Financial institutions to increase the maximum of their own interests, and lost the moral bottom line,The moral risk in financial markets in every corner.Establish credible/A deterrent effective supervision system,Ensure that banking and bankers from greed fall moral crisis,Is the fundamental of the lift.