华尔街从来不缺创新，尤其是在赚钱的衍生品业务方面。继次贷产品被“切割”之后，现在，华尔街的点金之笔又转向了抵押品。

Wall Street never lack of innovation,Especially in the area of derivatives business of making money.By following the subprime mortgage products"cutting"after,now,Spot gold pen on Wall Street turned to the collateral.

　　这项在华尔街冉冉升起的新业务被称为CT，即抵押品转换，也就是将风险较高的资产转换为更安全的资产。字面理解似乎这项业务可以降低金融风险，但在监管者看来，在各家银行一拥而上的情况下，CT业务甚至可能引发新的金融风险。

The rising of new business on Wall Street is known as computed tomography (CT),The collateral transformation,Also is to have a higher risk of asset can be converted into safer assets.Literally understanding seems to be the business can reduce financial risk,But it seems to regulators,Set in the Banks,CT business and may even trigger a new financial risks.

　　CT业务点石成金？ CT the Midas touch?

　　CT业务的产生自然与华尔街超强的创新能力有关，不过与衍生品监管也存在必然联系，在一定程度上，CT业务是华尔街为规避新的衍生品监管而创造的。

CT of business nature associated with Wall Street's strong innovation ability,But derivatives regulation is related to the contact,To a certain extent,CT is business on Wall Street, to avoid creating new derivatives regulation.

　　自次贷产品引发全球范围内的金融危机之后，衍生品一直是各国监管机构重点关注的对象，为降低再度由衍生品引发新的金融动荡，各国监管机构联合出台严格的监管举措。其中最核心的一条监管新规即各国监管机构将要求保险商和资产管理公司通过所谓的“中央对手方”（CCP）进行衍生品交易。

Since the subprime mortgage products after the global financial crisis,Derivatives have been national regulators focus on the object,In order to reduce new financial turmoil caused by derivatives again,National regulators in combination with stringent regulatory measures.One of the most core is one of the new regulations which national regulators will require insurers and through so-called asset management company"Central counterparties"(CCP)For derivatives trading.

　　该建议的起草人之一斯坦福大学教授Darrell Duffie去年曾专门就该监管规则向《第一财经日报》记者做过解释。他认为，通过与“中央对手方”，也就是各衍生品交易机构通过中央清算系统进行结算，有助于监管者更好地监督各交易方；“中央对手方”要求各交易方提供安全有效的抵押品作为从事衍生品交易的前提，其宗旨是让中央对手方成为交易双方的媒介，在一方违约时提供担保，从而起到缓冲作用。

It suggested that one of the drafters of the Stanford university professor Darrell Duffie last year should have regulations to specifically[First financial daily]Reporter explained.He thinks that,By working with"Central counterparties",Namely the derivatives trading settlement mechanism through central clearing system,Help regulators to better monitor the trading parties;"Central counterparties"Ask the trading parties to provide safe and effective as collateral in the premise of derivatives trading,Its purpose is to let the rivals to become the media of both parties,In case of breach by a party to provide guarantee,To play a buffer role.

　　这里的安全有效抵押品的形式通常是政府债券或现金——即一般认为在衍生品用户违约时足以保护清算机构的安全证券。

Here is safe and effective collateral is usually in the form of government bonds or cash - it is generally believed in the derivatives users breach by enough to protect the securities clearing house safety.

　　今年是该监管条例正式实施的第一年，各衍生品交易机构不免紧张，他们必须持有“及格”的抵押品才可以从事交易，对安全抵押品的需求自然应运而生，这为CT业务的诞生提供了契机。

This is the regulation has officially the first year of implementation,Derivatives trading institutions not nervous,They must have a"To pass the"The collateral can be engaged in the trading,Demand for security collateral nature arises at the historic moment,This provides an opportunity for the birth of the CT business.

　　CT业务的典型交易过程是，一家衍生品交易公司（如资产管理公司）找到一家银行，向其提供这家公司原本持有的低评级资产组合（如垃圾债券），该银行之后在回购市场借出这些证券（通常是借给另一家大银行）换取政府债券或现金，并将这些政府债券或现金转给衍生品交易公司用做抵押品，进而进行由“中央对手方”清算的衍生品交易。

Computed tomography (CT) is a typical trading business process,A derivatives trading company(Such as asset management companies)To find a bank,To provide the company originally held low rating portfolio(Such as junk bonds,),After the bank lending the securities repo market(Usually lend to another big bank)In return for government bonds or cash,And will these government bonds or cash as collateral to derivatives trading company,Then by the"Central counterparties"Clearing of derivatives trading.

　　中间银行为其转换服务收取一定费用，被称为“削发（Hair cut）”，也就是扣取客户抵押品的一小部分。“"削发"基本上会让原本不平等的抵押品变得平等，但这要看银行的估值。”一位外资银行分析师称，但他也只是听其在华尔街的同事聊起过此项新业务。

Intermediate bank conversion services to charge a fee for it,Referred to as"haircuts(Hair cut)",Also is to take customer a small part of the collateral.""haircuts"Basically can make originally not equal collateral becomes equality,But it depends on the valuation of the bank."A foreign bank, analysts said,But he also just listen to the colleagues in Wall Street to chat up the new business.

　　Darrell Duffie向本报记者解释说，CT业务从程序上比回购更加简洁，而且从财务角度也更加可行，“从财务角度来讲，比如你需要将100美元的企业债券置换成100美元的国债，你可以在回购市场上完成，但是你需要首先将100美元的企业债置换为100美元现金，然后在回购市场上购买100美元的国债，每次回购都会造成你平衡表的扩张，两次交易会造成你的平衡表扩张200美元，但是一次抵押品置换只会在你的平衡表上展示一次；另外，在市场上进行两次回购会有两个对手方，这样对手方风险就会增加一倍，而如果通过CT业务，你只需要一个对手方。而且在当前交割承压的市场背景下，CT的交易链更短，因此降低了交割失败的可能性。”

Darrell Duffie explained to reporters said,CT business more concise than buy back from the program,And from a financial perspective also more feasible,"From a financial perspective,Such as you will need to $100 in corporate debt to swap $100 of treasuries,You can be done in the repo market,But first you need to $100 of corporate debt exchange for $100 in cash,Then buy $100 of Treasury bonds in the repo market,Every time they go back to cause you balance sheet expansion,Two fair cause your $200 balance sheet expansion,But a collateral replacement will only show on your balance sheet at a time;In addition,In the market to buy back at two there will be two counterparties,Such counterparty risk will be doubled,And if by CT business,You only need a counterparty.And weighed on the market under the background in the current delivery,CT of the transaction chain is shorter,Thereby reducing the possibility of a delivery failure."

　　CT规模将达10万亿美元？ CT size will amount to $10 trillion?

　　目前市场尚未有准确的CT业务规模数据，但从一些机构的表态可以看出这个市场将大规模扩张，甚至有分析人士认为，这个市场的规模可能会达到10万亿美元。

The market at present there is no accurate CT scale data,But can be seen from some agency said the market will be large expansion,Some analysts even think,The market could reach $10 trillion.

　　不过Darrell Duffie表示，目前需求和供给都是巨大的，尤其是考虑到美联储的几轮QE持有了大量的国债和安全指数较高的债券，而且一些主权财富基金或资本雄厚的退休基金等新的流动性提供者加入这一领域，既能获得额外的回报，又能提供转换业务所需的流动性。因此CT业务很容易开展。

But Darrell Duffie said,At present supply and demand is huge,Especially considering the several rounds of QE the fed holds a large amount of Treasury bonds and bonds higher safety index,And some sovereign wealth funds or capital of pension funds and other new liquidity providers in this field,Can get extra returns,And can provide the required business liquidity.So it is easy to carry out CT business.

　　资产管理公司贝莱德（BlackRock）电子交易和市场结构联席主管苏普尔娜·韦布拉特（Supurna VedBrat）表示：“这是一个新兴起的小型行业。”她估计全球最大资产管理公司贝莱德急需更多的抵押品，才能满足新规中有关衍生品市场的要求。

Asset manager blackrock(BlackRock)Electronic trading and market structure, co-head Su Puer, Mr. Blatter(Supurna VedBrat)said:"This is a new rise of small business."She estimated that the world's largest asset manager blackrock's need more collateral,To meet the requirements of the new rules about the derivatives market.

　　纽约梅隆银行（Bank of New York Mellon）也向投资者表达了对该业务的憧憬，全球抵押品业务执行副总裁娜丁·查卡尔（Nadine Chakar）表示，包括小型对冲基金、大型保险公司和资产管理公司在内的客户热情都十分高涨。

Bank of New York Mellon(Bank of New York Mellon)To investors also expressed a vision of the business,Business executive vice President of global collateral Nadine, Carl(Nadine Chakar)said,Including small hedge funds/Large insurance companies, and asset management company, customer enthusiasm is very high.

　　有了需求，华尔街自然不会错过赚钱的良机，巴克莱、高盛、美银、花旗、德意志银行和道富银行正在准备提供这项服务，甚至纽约梅隆银行早在去年就表示希望通过此项业务弥补其他业务的不足。美联储近期的一项调查显示，超过三分之二的大银行正在与客户谈论抵押品转换。退休基金也声称，它们在探讨将较安全资产借出的事宜。

There is a demand,Wall Street natural won't miss the opportunity to make money,barclays/Goldman sachs/Bank of America/citi/Deutsche bank and state street bank is prepared to offer this service,Bank of New York Mellon even expressed the hope that through this business as early as last year make up the lack of other business.According to a survey of the federal reserve recently,More than two-thirds of the big Banks are working with the customer about collateral conversion.Pension funds also claimed,They lent in discusses to safer assets.

　　CT会成下一个“次贷”？ CT will into the next"The subprime mortgage"?

　　从目前来看，一切都好，有需求有供给，而且银行有扣除部分抵押品市值用以确保自身的安全，“但如果提供融资的是不了解风险的机构，因此没能扣除合理的"削发"份额，就可能为金融体系注入更多的系统性风险。”Darrell Duffie表示。

For the moment,Is everything all right,There is demand there is supply,And Banks have to deduct part of the value of the collateral to ensure their own safety,"But if the finance is not understand the agency risk,So can't deduct the reasonable"haircuts"share,Is likely to inject more systemic risk to the financial system."Darrell Duffie said.

　　当年的次贷危机爆发就是因为一些大型金融机构吃进了大量被打包过的次级债券，随着房价的下跌，那场次贷盛宴崩盘。

The subprime crisis is because of some large financial institutions have eaten a lot of packaged subprime bonds,As prices fall,The collapse of the subprime feast.

　　对于CT是否会重演次贷的悲剧，分析人士认为，要警惕其中的风险，不过鉴于监管机构已经在那次危机中吸取教训，可能会采取预防措施。

For CT will repeat the tragedy of the subprime mortgage,Analysts say,To guard against the risks,But given that regulators have the lessons of the crisis,Is likely to take preventive measures.

　　不过仍有市场人士担心，CT业务可能催生更长、更复杂的抵押品链条，一旦抵押品市值开始下滑，这一链条更容易遭到恶性连锁循环的重创。

But there is still a market participants worry,CT that could give rise to more business/More complex chains of collateral,Once the collateral value began to decline,The chain chain more vulnerable to a vicious cycle.

　　美联储理事斯坦2月初就曾警告称，转换抵押品的投资者最后可能会面临“追加保证金”（margin calls）的要求。例如，如果垃圾债券开始贬值的话，一家以垃圾债券交换美国国债的保险公司可能不得不支付更多现金来维持抵押品转换，或者开始平仓所持的衍生品交易头寸。

Federal reserve governor, has warned in early February,Conversion of collateral investors may face in the end"Margin calls"(Margin calls)The requirements of the.Such as the,If junk bonds started to fall,A exchange Treasury bonds to junk bonds, insurance company may have to pay more cash to maintain collateral conversion,Or begin unwinding of derivatives trading positions.

　　国际货币基金组织（IMF）专门研究抵押品问题的经济学家曼莫汉·辛格（Manmohan Singh）担心，为了在抵押品转换业务上获得高额利润，银行可能对监管部门的资本金要求做手脚。这可能意味着，如果市场崩盘，它们将无法幸免于难。

The international monetary fund(The IMF)Specialized study of collateral, manmohan singh, an economist(Manmohan Singh)Worry about,In order to obtain high profits in the collateral conversion business in,Banks may for regulatory capital requirements.This could mean,If the market crash,They will not be able to survive.

　　“你无法将BBB评级的资产转化为AAA评级的资产，而不付出任何代价，”辛格说，“如果银行大量进行此类转换活动，它们将需要调整自身资产的风险加权水平。我认为监管机构需要警惕这一点。”

"You can't AAA rating of BBB rating of assets can be converted to asset,Without any cost,"Mr. Singh said,"If the bank a lot of such transformation initiatives,They will need to adjust their risk weighted assets.I think the regulators need to be alert to this."