经济学人:打扫房间与脱欧 伦敦欧元清算(1)

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　　Clearing Houses and Brexit: Clearing out 打扫房间与脱欧：清除出去

　　New European proposals might force Euro clearing out of London. 新欧盟提案考虑转移伦敦欧元清算业务。

　　Brexit has thrust a mundane¹, if crucial, bit of financial-market plumbing² into the spotlight³: the clearing of financial instruments. 若至关重要，英国脱欧将使一个些许世俗化的金融市场开始关注这个焦点：金融工具结算。

　　Clearing-houses sit in the middle of a securities or derivatives⁴ transaction, and ensure that deals are honoured even if one counterparty goes bust⁵. 清算所处在证券交易和衍生品交易的中间环节，并确保交易的兑现，即使其中一个交易方破产。

　　In November a study commissioned by the London Stock Exchange (LSE) warned that if euro clearing was forced out of the City,  今年十一月，伦敦证券交易所(LSE)委托进行的一项研究警示，如果欧元区结算被迫退出该市，

　　83,000 British jobs could be lost, and a further 232,000 affected⁶. 英国将失去83000个就业机会，另有232000个会受影响。

　　On May 4th the European Commission said it was looking into new rules for euro-denominated clearing. 5月4日，欧盟委员会表示正在研究欧元计价结算的新规则。

　　One option is relocation from London, an idea greeted in the City with a mixture of incredulity, disdain⁷ and fear. 一种选择是从伦敦搬迁，这个想法以夹杂着怀疑，不屑和恐惧的态度受到该市的欢迎。

　　In the wake of the financial crisis, the G20 group of big economies made it mandatory⁸ to settle most simple derivatives trades through clearing-houses. 金融危机之后，20国集团经济体强制规定，通过清算所解决最简单的衍生品交易。

　　By 2016, 62% of the notional $544trn global over-the-counter derivatives market was settled in this way. 到2016年，名义上全球54400亿美元直接交易衍生品市场的62%都是以这种方式解决的。

　　Globally, London handles 37% of foreign-exchange derivatives and 39% of interest-rate derivatives, including three-quarters of those in euros. 全球范围，伦敦处理了37%的外汇衍生品和39%的利率衍生品，包括那些在欧元区的四分之三。

　　So unsurprisingly, it also dominates clearing. 因此毫无意外，它也主导清算业务。

　　LCH, a clearing-house that is part of the LSE, clears over 50% of all interest-rate swaps⁹ across all currencies. 伦敦清算所(LCH)隶属于伦敦证券交易所(LSE)，在所有货币交易中，清算超过50%的利率掉期。

　　Around 75% of those in euros are cleared in London. 在欧元区的约75%也是在伦敦清算的。

　　But centralising clearing concentrates risk: the failure of a clearing-house would be disastrous¹⁰. 但是集中结算也集中了风险：一家清算所的倒闭结果将是灾难性的。

　　So clearing-houses require collateral¹¹ from the counterparties using them, and must submit to close supervision¹². 因此，清算所要求从交易对手所使用的做抵押品，而且必须提交至严密监管。

　　The European Central Bank has long worried that it has no direct control over euro-denominated clearing outside the euro area,  欧洲央行一直担心，它并没有对欧元区以外的欧元计价结算直接控制，

　　yet any problems would embroil¹³ banks and payment systems within it. 但是出现任何问题都会使银行和支付系统卷入其中。

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