经济学人:打扫房间与脱欧 伦敦欧元清算(2)

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　　Many jurisdictions¹, the EU included, limit their financial institutions' access to foreign clearing-houses. 包括欧盟在内的许多司法管辖区限制了他们的金融机构进入外国清算所。

　　The European Securities and Markets Authority (ESMA) lets European firms use clearing-houses only in countries it has deemed “equivalent”, ie, America and a dozen others. 欧洲证券与市场管理局(ESMA)让欧洲企业使用只有在已被视为“等效”的国家清算所，即美国和十几个其他国家。

　　Brexit necessitates² a new arrangement. 英国脱欧亟需一项新协定。

　　The City has mostly been focused on obtaining “equivalence”. 伦敦一直重点关注获取“等效性”。

　　But the commission argues the systemic importance of British clearing-houses for the euro area may well require new, stricter oversight³. 但是欧盟委员会认为，英国清算所对于欧元区的系统重要性足可以需要一个新的更严格的监督。

　　So it is assessing two other options. 因此它预估了两种选择。

　　“Enhanced supervision⁴” —favoured by ESMA—would mean adopting the American model, in which clearing-houses that deal directly with American clients,  意识“强化监督”—欧洲证券与市场管理局(ESMA)支持—意味着将采用美国模式，在这个模式里直接与美国的委托人交易，

　　such as the LCH, are also supervised by the American regulator. 如伦敦清算所(LCH)的清算所同样受到美国监管者的监督。

　　But the other option—forced relocation—has gained the support of many senior EU policymakers. 但是另一个选择—强制拆迁—获得很多欧盟高级决策者的支持。

　　Barney Reynolds of Shearman & Sterling⁵, a law firm, insists it would not amount to much: the most the EU could do is to compel European banks to use EU-based clearing-houses. 谢尔曼·思特灵律师事务所的巴尼·雷诺兹坚持认为这个选择没有太大作用：欧盟能做最多的是迫使欧洲银行使用以欧盟为基础的清算所。

　　Since firms based in the EU outside Britain account for only 7% of cleared euro-denominated interest-rate derivatives⁶ at LCH, the impact could be modest for London. 因为在英国之外的基于欧盟的公司仅占在伦敦清算所(LCH)欧元计价清算的利率衍生品的7%，对伦敦的影响可能不大。

　　LCH itself claims the result would be a larger euro-denominated market outside the EU and a smaller, less-liquid euro-area market. 伦敦清算所(LCH)自己称，结果可能是更大范围的欧盟区外的欧元计价市场，以及更小的更少流动的欧元市场。

　　Since America tolerates 97% of dollar interest-rate swaps⁷ being cleared in London, it seems perverse⁸ for the EU to shift euro clearing. 由于美国在伦敦清算有97%的美元利率掉期交易，欧盟对转移欧元结算似乎是不合常理的。

　　But Simon Puleston Jones of FIA, an industry body, points out that America is comfortable because its regime allows its regulators much greater oversight. 但是来自行业主体FIA的西蒙指出，美国很乐意见到这种局面，因为其政体允许自身的法律法规受到更多监督。

　　If Brexit turns acrimonious⁹ and precludes¹⁰ a moderate change such as enhanced supervision, Europeans may seek blunter instruments. 如果英国脱欧变得激烈，而且排除了适度的改变，如加强监管，欧洲人可能寻求较为松泛的金融工具。

　　It is not just Brexiteers who want to take back control. 而这不仅仅是脱欧者想要夺回控制权了。

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