比起实际的债券交易市场调整者更喜欢看到建立在标准文档里的现金结算。
Regulators also want to see cash settlement, rather than physical delivery of bonds, built into standard documentation.
《尼尔森报告》预计截至2011年，美国55%的交易将不再通过现金结算，而2005年这一比例是40%。
Nilson Report, a trade publication, estimates that by 2011 55% of transactions in America will be cashless, up from 40% in 2005.
拍卖将包含“现金结算”而非优先债券的实物交易。他因互换价值远超过这些债券的账面价值而存在。
The auctions will involve "cash settlement", rather than a physical exchange of the underlying bonds, which is needed because the value of swaps far exceeds the face value of those bonds.
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