改革回购规则

美国剑桥——有时候,我们真是吃苦不记苦。

金融危机后,美国出台了多德-弗兰克法案修订美国的金融监管,目的是消除发生另一次金融崩盘的风险。但该法案并未改革到很可能是金融链条中最弱一环的“回购”贷款。而我们已经看到,其结果是又一家主要金融公司的倒闭。

回购协议即卖方卖出一种证券(通常是美国国债),并承诺在不久后以略高的价格买回(通常在卖出交易后一天)。因此,在回购交易中,买方是在向卖方贷款,即期的债券“现货”价格与“远期”回购价格之间的差额便是这笔贷款的利息。回购协议贷款给了公司(通常是金融公司)获得大笔廉价融资的机会(通常来自美国货币市场基金)。这是一个规模以万亿美元计的市场。

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