【正文】 。 tall/large order8. A consensus is clearly crystallizing on the need to establish at the international level the discipline that has progressively e to prevail in domestic markets.10. We are already living in the 21st century but with an absence of universally accepted rules and standards reminiscent of the domestic environment that prevailed at the end of the 19th century in the industrial countries.11. No wonder that a number of countries have hesitated to expose themselves to such a risky environment.12. IOSCO was among the first agencies to make a concerted response to the crisis, rapidly bringing to pletion in Nairobi last September a set of Objectives and Principles of Securities Regulation that provide a pragmatic launching pad for national regulators to establish codes tailored to their own countries.13. We would look to the standardsetting agencies to play an active role in developing methodologies for assessing observance of their standards.[Exercise 2]1． 王教授舉例說明了股指期權的操作原理。Professor Wang makes an illustration of the operation theory of the stock index option.2． 我已委托她來管理我的金融資產(chǎn)。I have consigned her to manage my financial asset.3． 這一資產(chǎn)定價方法缺乏扎實的理論根基。This way of assetpricing lacks buttressing by solid theory.4． “遏制中國”政策的破產(chǎn)在當今國際政治與經(jīng)濟形勢中實屬必然。The collapse of the policy of “containing China” is inevitable in the situation of international policy and economy. 5． 他在華爾街干了十年，無怪他對金融問題了解得很多。He has been working in Wall Street for ten years, no wander that he knows so many financial issues.6． 這件事不禁使人聯(lián)想到俄羅斯的金融危機。This affair cannot help making people reminiscent the Russian’s financial crisis.7． 新經(jīng)理一上任便著手抓公司治理。The new manager embanked the pany governance as soon as he took the position.8． 這臺電腦有點問題。This puter is not function.9． 在這種場合，中方代表均重申不放棄使用武力來實現(xiàn)祖國統(tǒng)一的立場。The Chinese missary reaffirmed that we wouldn’t give up using the weapon to acplish the national reunification in this kind of occasions.Unit 15 Derivatives: The Beauty in the Beast[Notes]1. Run develop on the default bank and on others that might be affected by its collapse.2. It might bind both parties equally, or offer on party an option to exercise it or not.3. With estimates of the total value of all outstanding derivatives now spiraling into the trillions of dollars, a lot of regulators worry that events have moved beyond their control.4. Supporters of derivatives are having a hard time getting their message across, partly because derivatives can seem dauntingly plex to the nonspecialist.5. Consumer(‘s) goods6. But they have been enough to persuade some people that it is only a matter of time before the explosion of a colossal derivatives loss, perhaps at a financial institutionand with it much wider shockwaves.7. And it is true that some derivatives are capricious: Pamp。G feel foul of what market professionals call a “diff swap”, a sort of bet on the rate at which German and American threeyear interest rates would converge.8. But even concatenation such as these then to be constructed from simple elements known to the financial markets for literally centuries.9. He then stands to make ten times of the profit, or ten times the loss, which he might make by buying $1m worth of bonds outright today and holding them for three months.10. but a bargain overhangs them.11. The more that derivative proliferates, the more panies will be linked together by these elongated promises and the harder it will be to arrive at a proper assessment of the risks they bear.12. Assessment[Exercise 2]1． 蘇聯(lián)解體之后，如果核武器擴散開來，會對世界和平造成威脅。After disintegrating of the Soviet Union, if the nuclear weapons proliferate, it will threaten the world peace.2． 霸菱銀行的破產(chǎn)與里森的投機行為有直接的聯(lián)系。The bankrupt of Baring Bank was connected with speculative behavior of LEESON outright.3． 股票市場上行情變幻莫測，切莫意氣用事，最好三思而行。The stock market is capricious, investor don39。t be impulsive and have better think thoroughly before action.4． 在這筆交易中你一定會得益的。You will certainly benefit from this bargain.5． 我們打算延長與澳洲那家公司的合作關系。We plan to elongate the cooperation with that pany in Australia.6． 面對一群只有高小文化水平的投資者，我感到很難將金融衍生產(chǎn)品的問題講清楚。Facing a group of investors with educational level of primary school, I’m having a hard time getting the question of financial derivative products across.7． 天下事難不倒銳意進取的中國人民。Any affairs in the world can’t daunt the outstanding Chinese people.8． 那幾年通貨膨脹惡性般地螺旋上升。Inflation was spiraling in those years.[Exercise 3]a. The increased liquidity in credit trading has begun the inexorable process of the conversion of credit risk into a modity similar to other traded modities such as interest rate, currencies and equities.a、信用交易中不斷增加的流動性使得以下的過程變得無法逆轉(zhuǎn)，即將信用風險轉(zhuǎn)化為與利率、外匯、股權相類似的可交易商品。This moditization of credit has the potential to fundamentally alter the nature of credit risk management and banking generally. The modern credit risk management models will emphasis the management of credit in a portfolio context and the trading of credit risk. The shift in the credit risk management paradigm will ultimately require a plete reengineering of the credit function and process within financial institutions and redefined the nature of banking.這種信用的商品化可能會極大地改變信用風險管理以及整體銀行業(yè)的性質(zhì)?，F(xiàn)代信用風險管理模型將會強調(diào)信用風險的組合化管理以及信用風險的交易。這一信用風險管理模式的變化最終需要將金融機構(gòu)中的信用功能和過程進行徹底的再造以及對銀行業(yè)的性質(zhì)進行重新的定義。The manner in which individual institutions are able to manage these changes will significantly shape their petitive positions within the industry.各金融機構(gòu)管理這些變革的方式將會極大地影響其在整個行業(yè)中的競爭地位。b. The banks and securities houses dealing in derivatives in a big way are not passive beneficiaries of the wisdom of their regulators. They have sophisticated riskmanagement systems (on some cases the product of bitter experience), particularly for their options positions, which help them react to sudden sharp movements in pr