因此，大多数的信贷违约掉期没有触发。
信贷违约掉期(CDSs)会推动市场吗？
直到去年，作为一个现代金融奇迹，信贷违约掉期(CDSs)还在接受欢呼。
Until last year credit-default swaps (CDSs) were hailed as a wonder of modern finance.
受信贷违约掉期影响的银行债务相对稳定，这于年初出现的银行股价大幅波动形成鲜明的对比。
In marked contrast to the pounding that their shares have taken since the start of the year, credit-default-swap spreads on bank debt have remained relatively static.
与此同时，美国最大的保险公司，美国国际集团已经陷入困境而出售信贷违约掉期。
At the same time, the nation's biggest insurance company, American International Group, had gotten into trouble selling credit default swaps.
欧洲尝试在不必为信贷违约掉期合同埋单的情况下削减希腊主权债务，这更加剧了下行螺旋。
This downward spiral may have been exacerbated by Europe's efforts to cut the value of Greek sovereign debt without triggering a payout on credit-default-swap contracts.
根据惠誉国际信用评级有限公司去年的报告，雷曼兄弟公司是市场中信贷违约掉期的十大提供方之一。
Lehman was one of the 10 largest parties in the market for credit default swaps, according to a Fitch Ratings report last year.
最后一个信号就是“信贷违约掉期”市场，一个为已发行的债券购买（违约）保险的费用标准。
The final signal is in the credit-default swaps (CDS) market, a measure of the price paid to insure debt issued.
近来信贷违约掉期的市场交易者们不寻常的押注也许并不令人惊奇：美国可能会拖欠它的债务。
Perhaps it is no surprise that traders in the credit-default swaps market have recently made bets on the unthinkable: that America may default on its debt.
几乎每一笔财务处理，从某人买了一杯咖啡到某人交易了1万亿美元的信贷违约掉期，都是通过软件完成。
Practically every financial transaction, from someone buying a cup of coffee to someone trading a trillion dollars of credit default derivatives, is done in software.
作为卖空交易的替代选择，你还可以购买信贷违约掉期。这是债务保险的一种形式，担保的未必是你自己的债务。
As an alternative to short selling, you can buy a credit default swap, which is a form of insurance on debt-not necessarily your own debt.
金融工程包括为利用财务杠杆创造出人为的金融衍生工具，例如，债务抵押证券和信贷违约掉期等。
Financial engineering involved the creation of synthetic financial instruments for leveraging credit with names like Collateral Debt Obligations and credit Default Swaps.
例如信贷违约掉期，在雷曼抛出其策略之后，保险费率从4.75个百分点上涨到了6.10个百分点。
The insurance, known as credit default swaps, rose to 6.10 percentage points from 4.75 percentage points after Lehman rolled out its strategy.
在对银行受到焦虑的欧洲投资者冲击的恐惧过后，摩根股价出现小幅回升。摩根信贷违约掉期息差飙升。
Morgan Stanley's share price recovered somewhat after fears about the bank's exposure to Europe unnerved investors. Credit-default swap spreads for Morgan Stanley jumped.
由于信贷违约掉期还被投机者用来在市场恐慌情绪突然增加时获利，因而可能夸大了债券持有者的忧虑程度。
Because CDS are also used by speculators simply to profit from sudden increases in market panic, they might be exaggerating the degree of concern among debt holders.
伦敦的一些经纪人称，紧缩方案公布后法国债券的信贷违约掉期(CDS)息差反而跃升至创纪录的236个基点。
After the announcement, the cost to insure French debt using credit default swaps jumped to a record 236 basis points, according to brokers in the City of London.
主权信贷违约掉期（一种押注某个国家无法偿还其借款的可能性的方式）在信贷活动中的角色也引发了相当大的争议。
The role of sovereign credit-default swaps (CDS), a way of betting on the likelihood of a country’s failure to repay the money it has borrowed, has proved particularly controversial.
一个被广泛接受的共识是，“规范化”的信贷违约掉期应当通过中央结算系统降低风险转移失败所可能带来的系统风险。
There is broad agreement that “standardised” CDSs should go through a central clearing house, in order to reduce systemic risk when counterparties fail.
信贷违约掉期（一种防范违约的保险产品）的溢价已经从去年8月份的400个基点（4%）涨至目前的3500基点。
Spreads on credit default swaps (CDS), a form of insurance against default, have risen from around 400 basis points in August 2008 to over 3, 500 today.
美国、欧洲和加拿大的银行在AIG为此类证券购买了信贷违约掉期，AIG承诺在这些证券出现违约的情况下为这些银行提供赔付。
Banks in the U.S., Europe and Canada bought credit-default swaps on these securities from AIG, which in turn promised to compensate them if the securities defaulted.
比如说，美国对冲基金BlueMountain Capital已经与法国农业信贷银行达成协议，承担部分信贷违约掉期风险。
For example, BlueMountain Capital, an American hedge fund, has agreed to take on some risks on a credit-default swap portfolio from credit Agricole, a French bank.
美国、欧洲和加拿大的银行在AIG为此类证券购买了信贷违约掉期，AIG承诺在这些证券出现违约的情况下为这些银行提供赔付。
Banks in the U. S., Europe and Canada bought credit-default swaps on these securities from AIG, which in turn promised to compensate them if the securities defaulted.
从而一旦出现债务违约，信贷违约掉期的发行人将赔偿你，于是你就可以从中获利，正如空头在他看空的股票或债券价格下跌时获利一样。
So if there is a default, the issuer of the credit default swap pays you, and so you gain just as the short seller gains when the price of the stock or bond that he's shorted falls.
将意大利、葡萄牙和爱尔兰现如今的信贷违约掉期（CDS）与2011年7月1日进行对比，便能在一定程度上说明选择破产策略的必要性。
The validation of the failure strategy at least partially comes in comparing the credit default swaps of Italy, Portugal and Ireland from July 1, 2011 to today.
周四市场的震荡在一定程度上是因为信贷违约掉期（CDS）市场出现了较大的波动。在这个市场，交易员可以为某个国家违约的可能性押下重注。
Thursday's frenzy was whipped up in part by big moves in the credit-default swap markets, where traders can take big bets on the likelihood of a country defaulting.
这句话的大意是：利用CDS(信贷违约掉期：一种违约保险)的价格作为正确资本结构的指南，这种做法可以在全能的监管者不存在的情况下得以实现。
This could be achieved in the absence of an all-wise regulator by using the cost of credit-default swaps (CDSs), which insure against default, as a guide to the right capital structure.
在一家国际评级机构大幅下调对乌克兰的评级以及信贷违约掉期溢价显示出70%的违约概率之后，乌克兰坚持认为自己拥有足够的资金来避免违约的发生。
Ukraine insists it has the funds to avoid default, in the wake of a sharp downgrade by an international ratings agency and CDS spreads that suggest a 70% likelihood of default.
据摩根大通（JPMorgan）透露，今年欧元区的债券净发行额度将会达到4.250亿欧元（合5.800亿美元；信贷违约掉期的净头寸（刨去平仓合约）只有640亿欧元。
JPMorgan says net euro-zone bond issuance this year will be 425 billion ($580 billion); net CDS positions (removing offsetting contracts) are just 64 billion.
据摩根大通（JPMorgan）透露，今年欧元区的债券净发行额度将会达到4.250亿欧元（合5.800亿美元；信贷违约掉期的净头寸（刨去平仓合约）只有640亿欧元。
JPMorgan says net euro-zone bond issuance this year will be 425 billion ($580 billion); net CDS positions (removing offsetting contracts) are just 64 billion.
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