The more that risk could be calibrated, the greater the opportunity to turn debt into securities that could be sold or held in trading books, with lower capital charges than regular loans.

如果越多的风险能够被校准，那么在交易账户中以资本费用低于正常贷款而在交易账户中记录被出后或持有的可转换债券的机会就越多。

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Second, it has been trading in low-risk, low-return Treasury debt and buying higher-yielding private debt—discount loans to banks, commercial paper, and mortgage-backed securities, for example.

其二，美联储已经在交易低风险，低回报的国债和购买高收益的私人债券-例如银行贴现贷款，商业票据，和抵押担保证券。

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Through analysis of these risks, this text has put forward the control method agaist risk . Involving three respects content mainly: the technology safety control of the online securities trading;

通过对这些风险的分析，提出了针对风险的控制方法，主要涉及两方面内容：网上证券交易的技术安全控制；

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But the specifics of Glass-Steagall, which were created in 1934, underwriting securities and trading in securities are no longer in the current financial system the things that pose the greatest risk.

WHITEHOUSE: Press Briefing

The drawbacks related to the funds of funds of funds approach recommended to pensions by their investment consultants today are enormous and can be summarized as follows: a pension may end up having hundreds of millions of dollars or approximately 20% of its assets invested with over 150 largely unregulated high-risk money managers scattered throughout the world whose identities, securities holdings, trading costs and custodians are unknown.

FORBES: Pensions Perilously Binging Upon Hedge Funds, Funds of Funds and Funds of Funds of Funds (March 20, 2007)

Since banking, trading, derivatives and securities are all conducted by the same firms that pose the greatest risk to the system, why not create a super-regulator that consolidates the watchdog roles under one roof?

FORBES: Mary Schapiro's SEC Exit An Opening For Greater Reforms