授权金融破产

美国剑桥—世界上最重要的四个金融监管机构——英格兰银行、德国联邦金融监督局(BaFin)、美国联邦存款保险公司和瑞士金融市场监督局——最近要求世界衍生品行业改变业务模式。现在的问题监管者是否可以凭借这一要求让这一幕发生——在一些更重要的问题上,答案是否定的。这绝不容易。

这些监管机构给国际互换和衍生品协会(ISDA)发去了一封言简意赅的函件,要求它放弃该行业几十年来让自己免于金融债务人破产的影响做法——这一特权不但让恶化了债务人的稳定性,也拖累了全球经济。许多观察者认为,2008年雷曼兄弟倒闭时,这一特权给世界金融系统造成了特别严重的冲击。

监管机构关注的是衍生品合约的一个重要特征——允许衍生品行业断然关闭与陷入金融困境的实体的交易。

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