英语翻译，英翻中，经济类，急用

3 The new financial structure
Liberalised financial markets are very innovative. The last 10 years have seen
enormous strides in the development and extension of new forms of securitisation
and the growing use of derivatives of all kinds. This is not the place to document
these manifold changes, but the growth of various collateralised debt instruments, in
the form of collateralised mortgages, etc., etc., has been fast and widespread in
recent years.
This has been combined with a revised banking strategy, that began in the USA,
but has spread recently to Europe and abroad. This goes by the general title of
‘Originate and Distribute’. Under this strategy the banks originate loan business, for
example in the form of residential mortgages, and then pool baskets of these loans,
together in various ways, and securitise and distribute them, so that such loans,
changed into new securitised format, leave their balance sheet. So they originate the
loans, securitise the
3新的金融结构

开放金融市场是非常有创意。过去10年来所看到的

长足的发展和推广的新形式的证券化

并越来越多地使用各种衍生物。这是不适合的文件

这些多方面的变化，但增长的各种抵押债务工具，在

形式的抵押贷款，等等，等等，一直在快速和广泛

近年来。

这是结合了订正银行的战略，开始在美国，

但最近已经蔓延到欧洲和国外。这违背了一般称号

'起源和分发。根据这项战略源于银行贷款业务，为

例如，在形式的住宅按揭贷款，然后池篮子这些贷款，

同时以各种方式，和证券化和分发，因此，这种贷款，

转变为新的证券化形式，离开他们的资产负债表。因此，他们的起源

贷款，证券化的

3新的金融结构
开放金融市场是非常有创意。过去10年来所看到的
长足的发展和推广的新形式的证券化
并越来越多地使用各种衍生物。这是不适合的文件
这些多方面的变化，但增长的各种抵押债务工具，在
形式的抵押贷款，等等，等等，一直在快速和广泛
近年来。
这是结合了订正银行的战略，开始在美国，
但最近已经蔓延到欧洲和国外。这违背了一般称号
'起源和分发。根据这项战略源于银行贷款业务，为
例如，在形式的住宅按揭贷款，然后池篮子这些贷款，
同时以各种方式，和证券化和分发，因此，这种贷款，
转变为新的证券化形式，离开他们的资产负债表。因此，他们的起源
贷款，证券化，然后将它们分配给各非银行金融
机构。
所有这一切都导致了非中介化的资产从银行的资产负债表。一些
学位，这转移了这些资产的资产负债表是人工实际并非如此。
银行建立的渠道，因为他们是国有和非银行子公司，这
举行了许多的这些证券化资产。他们还成立了许多密切联系
结构性投资工具（ SIVs ） ，其中，尽管他们没有自己的直接，
他们密切联系，与他们作为提案国。所有这一切都是在一些大的一部分
出于监管套利。根据巴塞尔一，银行没有把资本
后面这种资产负债表外的非银行附属公司
3 The new financial structure
Liberalised financial markets are very innovative. The last 10 years have seen
enormous strides in the development and extension of new forms of securitisation
and the growing use of derivatives of all kinds. This is not the place to document
these manifold changes, but the growth of various collateralised debt instruments, in
the form of collateralised mortgages, etc., etc., has been fast and widespread in
recent years.
This has been combined with a revised banking strategy, that began in the USA,
but has spread recently to Europe and abroad. This goes by the general title of
‘Originate and Distribute’. Under this strategy the banks originate loan business, for
example in the form of residential mortgages, and then pool baskets of these loans,
together in various ways, and securitise and distribute them, so that such loans,
changed into new securitised format, leave their balance sheet. So they originate the
loans, securitise them, and then distribute them to various non-bank financial
institutions.
All this leads to a disintermediation of assets off banks’ balance sheets. To some
degree, this transfer of such assets off balance sheets is more artificial than real.
Banks establish conduits, which they owned and were non-bank subsidiaries, which
held many of these securitised assets. They also formed close connections with many
structured investment vehicles (SIVs), which, though they did not own them directly,
they had close links with them as sponsors. All this was done in some large part for
reasons of regulatory arbitrage. Under Basel I, banks did not have to put capital
behind such off-balance sheet non-bank subsidiaries