20110921 Follow Me 134 骆驼祥子

Making rules is important, and it improves by different accidents. Enterprises should make their own rules as well.

金融现在沦为政客榨取钱财的手段，政权巩固的工具

读了三遍，才明白大意，要努力了

金融风险自古有之，常见之市场风险、信用风险、操作风险、价格风险、流动性风险之中，个人觉得最重要或者说最关键的是操作风险。因为这是一个可控但又非常难控的因子，无论法律法规如何完善，制度毕竟是死的，而人是活的，人之层出不穷的“创新”常会使制度的约束显得乏力，金融诈骗案由之而生。但各种规章制度的约束仍是非常必要的，如果没有这些制度，我们听到的可能就不只现有的这些案件了。
不断完善各种制度，加强规章制度的前瞻性，尽可能的降低操作风险吧！

赞ls, 我觉得社会中各种投机都是存在的,金融的投机涉及的直接是钱,而且是大笔的钱,只有制度不断的完善,才有可能会有更公平.

UBS Loss Reveals Gaps瑞银损失暴露差距
The alleged unauthorized trading at UBS AG that resulted in a $2.3 billion loss is shining a spotlight on a loophole in European trading rules that soon could be closed.瑞士银行未经授权的交易，造成23亿美元的损失正被高度关注，这个存在欧洲贸易规则中漏洞会很快被关闭。One avenue of the bank's inquiry, entering its seventh day, is examining whether the trader had knowledge of rules regarding how exchange-traded funds are settled in Europe, according to people familiar with the matter. A gap in trade reporting likely contributed to a breakdown in a paper or electronic trail that typically would reconcile cash and trading flows at UBS, people familiar with the situation said.据知情人透露，一个对银行渠道进行的审查已进入第七天，检查交易者是否了解有关如何交易所买卖基金的交易规则。熟悉情况的人说，交易报告中的漏洞可能造成纸张或电子痕迹的崩溃，这些纸质和电子痕迹通常会核对瑞银的现金和贸易流动情况。The trading scandal comes as European regulators are considering ways to shore up trading rules. The European Commission next month is expected to propose a new framework that will address questions about the European exchange-traded-fund market's transparency.这一交易丑闻正好发生在欧洲监管机构正在考虑如何提振交易规则的时候。欧盟委员会下个月将提出一个新的框架，该框架将解决欧洲证券交易市场的透明度问题。People familiar with the matter have identified the trader as Kweku Adoboli, a 31-year-old Ghanaian who has been charged criminally in the U.K. with fraud and false accounting. He remains in custody. Lawyers for Mr. Adoboli, who hasn't entered a plea and isn't yet required to, declined to comment.知情人士已经确定的交易者名叫博利，31岁的加纳人已经因涉嫌在英国欺诈和虚假会计被刑事起诉。他仍被拘留。他的律师先生以当事人没有进入认罪程序并且还未被要求认罪为由，拒绝评论。

The trader allegedly incurred losses betting on U.S. and European stocks, UBS said in a statement Sunday. To conceal speculative trading, which was prohibited on the UBS desk in question, the trader established a mirror trading book by using phantom positions in exchange-traded funds, or securities that mirror indexes, the people familiar with the situation said. The goal was to match the parallel trading books to minimize glaring gains or losses.交易商称损失发生在购买美国和欧洲的股票，瑞银在周日的一份声明中说。为了掩饰在瑞银柜台被禁止的有问题的投机交易，交易者使用幻像位置（或证券指数的镜子）在交易所交易基金建立了镜象交易书，熟悉情况的人说。目的是为了匹配并行的交易减少巨额的收益或损失。Although some details remain unclear, the trader was able to make it look like he conducted the ETF trades without setting off alarms because some trades don't require trade confirmations. If trades actually had occurred and had been entered in UBS's computer systems, profit and losses from those trades then would have been tracked, said people familiar with the matter.虽然一些细节仍不清楚，交易者可以使它看起来就像他进行基金交易没有引发警报，因为有些交易不需要交易确认。如果实际交易的发生，已经进入了瑞士银行的电脑系统，这些交易产生的利润和损失会已被跟踪，知情人士说。In the U.S. ETF market, ETF trades take place across an exchange, establishing a trail of trade tickets. But in Europe, where the UBS desk traded index futures and ETFs, ETF trading is more opaque because the majority of trades don't actually occur across a public exchange. Instead, the trades are over-the-counter, or bilateral, trades between investors, including banks, and require less reporting.在美国市场，基金交易发生交换时会建立一个追踪贸易票。但在欧洲，在瑞银台面交易的股指期货交易和交易所交易基金很不透明，因为大多数交易实际上并不发生在一个公共交易。相反，交易柜台，或双边，投资者之间的交易，包括银行，需要很少的报告。In the U.S., there are about $1 trillion in ETF assets, compared with $321 billion in Europe, according to BlackRock Inc. ETFs, considered a cheaper and more liquid alternative to traditional stock-index funds, have ballooned in popularity.根据贝莱德公司ETF，与欧洲的321亿美元相比，美国大约有10000亿美元的基金资产，对传统的股票指数基金而言，被认为是更便宜和更具流动替代性，扩大知名度。In the U.S., because ETF trades have to be reported through an exchange, 'the audit trail is much more defined and regulated than in Europe,' said Richard Keary, principal and founder of Global ETF Advisors, a consulting firm in New York.在美国，因为基金交易是必须通过交换，“审计线索比在欧洲更加明确和规范，”李察，keary主要创始人，全球基金顾问，在纽约一家咨询公司。

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我觉得欧洲金融体系中这样一个漏洞，欧洲各个投行不是不知道其中的风险。作为将风险控制放在第一位的行业，唯一让他们有意不去弥补这个漏洞的原因就是他们可以从这个漏洞获得更大的利益，这个利益足以让他们忽略这个漏洞同时带来的风险。
交易的本身是不创造和消灭财富的，它的功能只是做了财富的转移。也许某个高管可以利用这种不透明的交易进行利益输送。虽然亏损的是投行，但是那是属于众多股东的，但是却可以肥了极个别的人。

The gap in European ETF reporting has been known for several years. In a 2009 article, U.K. financial media outlet IFAonline reported that 75% of European ETF trading took place off-exchange in what it called 'a legislative anomaly' that meant 'none of these trades are required to be reported.'欧洲基金报告的差距人们已经知道了好几年。在2009篇文章中，英国金融媒体报道，75%的欧洲交易发生在场外，所谓“异常”，是指立法没有要求这些交易都必须报告。”According to one of the people familiar with the matter, some banks do voluntarily report the trades, but Mr. Adoboli may have known which wouldn't report because he previously worked in back-office processing for UBS.据一位知情人士，一些银行自愿报告的交易，但博利可能已经知道了哪些不愿报告，因为他以前曾在瑞银的后台工作。The European Commission next month will propose a new framework that governs trading in the European Union. The EU was considering the issue before the UBS case put the issue in the spotlight.欧盟委员会下个月将提出一个新的框架，规范欧洲联盟中的交易。欧盟考虑这个问题早在瑞银案暴露在公众视野之前。'We are very keen to find out more about the details surrounding the UBS rogue-trader case,' a spokeswoman for the commission said. 'We need to learn all the lessons. In particular, we are keen to find out whether what happened was mainly due to internal management failures and why, or whether, there are also wider regulatory lessons to be learnt.'“我们非常渴望了解更多有关瑞银案违规交易的细节，一位委员会的发言人说。”我们需要学习的所有课程。特别是，我们希望能找出发生了什么，主要是由于内部管理失败的原因，或者，也有更广泛的监管应该吸取的教训。”In its proposals, the commission plans to address 'the issue of increased transparency requirements, including for exchange-traded funds,' the spokeswoman said. The specifics of any proposed changes to the rules, such as whether confirmations would be required in the case of the UBS trader's alleged unauthorized ETF trades, still are unclear, she said.在其建议，该委员会计划解决增加透明度这个问题的要求，包括交易所买卖基金，“发言人说。具体提出的任何变化规则，比如是否确认将所需的瑞银交易员涉嫌非法的交易，仍不清楚，她说。The lack of the reporting requirement is one of a number of issues trading firms are examining to better understand gaps in risk measures at UBS.缺乏报告要求是一些交易公司研究更好地了解瑞银风险衡量差距问题中的一个。Traders from other brokers and banks said it is clear that the trader was running a large trading book based on the size of the trading loss. Banks typically monitor gross notional trading amounts to have a better understanding of the total trading value at risk. A large gross notional amount can trigger alarms.其他经纪人和银行的交易者说这很清楚，交易者基于一定规模的交易损失运行一个大型交易书。银行通常监测名义交易量从更好的把握总风险值。一个大的名义金额可以触发警报。But if a trader crosses his bets for and against stocks, called long and short trades, he can take on large risks while showing a relatively small net trading position.但如果一个交易者越过他的赌注和对冲所谓的长期和短期交易股票，那么他能承担大风险而呈现出相对小的网络贸易地位。

This story reminds me of a similiar one,which led to the bankrupt of a famous bank named Barings Banks.