先生你能告诉我什么是信用违约交换吗？
这并不是所谓‘正确地'看待信用违约交换的事情。
This is not putting credit default swaps ‘into perspective.’
这并不是所谓正确地\'看待信用违约交换的事情。
沃利森写道：“对信用违约交换最好的比拟就是一种普通的贷款。”
Wallison writes: "The best analogy for a CDS is an ordinary commercial loan."
随便提起来两条，信用违约交换和担保债务责任，就是由美国开始的。
Credit-default swaps and collateralised-debt obligations, to name but two, were proudly made in America.
信用违约交换（CDS）市场预示，公司债券违约率将出现飞速上升。
The market for credit default swaps is pointing to a surge in defaults on corporate bonds.
沃利森说明，信用违约交换单每交易一次，其“名义金额”都要增加，即使风险的数量并没有改变。
Wallison shows that each time a CDS is traded, the "notional amount" increases, even though the amount of risk is unchanged.
风险投资者(在那个例子中就是立法者)很少犯两次相同的错误，现在已经有完备的方案来清理房市的信用违约交换。
After a crisis investors (and for that matter regulators) seldom make exactly the same mistake twice. There are, for instance, already plans for clearing houses for CDSs.
他指出，信用违约交换，简单地讲，就是让贷款人卸下贷款的违约风险，转移给一个愿意以某种价格承担这项风险的人。
Credit default swaps, he points out, simply allow lenders to offload the risk of a default on a loan to someone else who, for a price, is willing to take on this risk.
本书中沃利森撰写的较短章节进一步对信用违约交换进行了描述，在这个过程中降低了那些应该有更好的理解的人产生的恐惧。
The book's short chapter by Wallison goes far in describing credit default swaps and, in the process, reducing the fear generated by those who should know better.
SEC起诉的第一起涉及交易所交易基金的案件仅仅是在上个月，第一起涉及信用违约交换的案件是在2009年(申诉失败)。
The SEC brought its first case involving exchange-traded funds only last month, and its first case involving credit-default swaps in 2009 (it lost).
然而，这些公布的金融工具的利润比如房屋滴呀债券和CDS(信用违约交换)的销售，没有反映出这些金融工具带有的长期风险。
However, the reported profits on instruments such as mortgage-backed securities and the sale of credit default swaps did not reflect the long-term risks of those instruments.
曾经把意大利债券视为安全资产的投资者们现在忧心忡忡，担心信用违约交换市场的可信性、单一货币的崩溃可能，以及所有其他事情。
Investors who once regarded Italian bonds as a safe asset now worry about everything from the integrity of the credit-default-swap market to a possible break-up of the single currency.
当最近的一波金融危机冲击到欧洲的时候，一些国家，比如希腊，匈牙利，葡萄牙，西班牙，它们的信用违约交换差额大幅上升，但是土耳其的却几乎没有变化。
When the latest crisis hit Europe, credit-default swap spreads rose sharply for countries such as Greece, Hungary, Portugal and Spain, yet they barely budged for Turkey.
真的是信用违约交换（CDS）这商品在驱动市场吗?在一月份，由巴克莱Barclays Capital提供的数据指出，欧洲国家公债CDS的交易总额跃升到将近六百亿美金，让一月成为有史以来交易最活络的月份。
Are CDSs driving the market? Trading activity in European sovereign CDSs jumped to almost $60 billion in January, making it the most active month so far, according to Barclays Capital.
真的是信用违约交换（CDS）这商品在驱动市场吗?在一月份，由巴克莱Barclays Capital提供的数据指出，欧洲国家公债CDS的交易总额跃升到将近六百亿美金，让一月成为有史以来交易最活络的月份。
Are CDSs driving the market? Trading activity in European sovereign CDSs jumped to almost $60 billion in January, making it the most active month so far, according to Barclays Capital.
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