全文共分四章：第一章是证券化资产的会计确认。
This thesis is divided into four chapters:The first chapter is the accounting recognition of the securitized asset.
许多大型银行都是金融市场的老手，包括衍生性金融产品及证券化资产市场。
Many large banking organizations are sophisticated participants in financial markets, including the markets for derivatives and securitized assets.
不过，即使其证券化资产只有20%回归，也将抵消其资产负债表近期所作的瘦身。
But even the return of just 20% of its securitized assets could offset the firm's recent balance-sheet reduction.
此外，明年初会计准则的改变要求银行把大量的证券化资产放回到自己的资产负债表上。
In addition, changes to accounting rules at the beginning of next year will require Banks to move a large volume of securitized assets back onto their balance sheets.
美国银行由于其监管机构对其限定杠杆比率，因此他们有将证券化资产进行表外操作的激励。
Those American banks whose regulator imposed a leverage ratio had an incentive to move assets off their balance-sheets.
在风险加权资本体制下运作的欧洲银行则可以购买此类证券化资产，由于此类资产需要较低的资本补充。
European banks which operated only under a risk-weighted capital regime were able to buy those very same assets because they attracted a low capital charge.
他们也从事投行业务，从包销股票、债券发行、一揽子的证券化资产、信用卡收据以及汽车质押贷款等。
And they'd work to build up investment banking activities ranging from underwriting stock and bond offerings to selling packages of securitized mortgages, credit card receipts and car loans.
阐述了拟证券化资产的构建，讲述了证券化资产的特征及其转让性，讨论了未来收益的资产证券化问题。
It expatiates available asset for asset securitization, character and transferable of the asset and the issues of future income and bad asset.
何种资产可以转让，如何构建一个合格的SPV，以及如何转让可证券化资产将成为这一阶段的重要问题。
Which credit asset can use to securitize, how to transfer the receivables and how to build a SPV are the most important problems during the transferring procedure.
美国美富律师事务所的AnnaPinedo认为证券化投资信托，即证券化资产存放机构，的税法地位模糊不清。
According to Anna Pinedo of Morrison & Foerster, a law firm, there is also fogginess around the tax status of securitisation trusts, the entities into which securitised assets are placed.
对此人们各执一词，但这场危机的一个长期影响将是为对证券化资产购买者提供同小额零星存款者的担保类似的制度性担保而告终。
Whisper it softly, but one of the lasting effects of this crisis could end up being institutionalised guarantees for buyers of securitised assets to sit alongside guarantees for retail depositors.
目前为止，美国大部分的信贷崩溃都源自于资产证券化的失败。
So far most of the credit collapse in America has come from the demise of securitisation.
在目前已经破灭的房地产泡沫背后，有着从追求高回报的海量全球流动性，到私人资产证券化的兴起等许多原因。
There were many reasons for the housing bubble that has now burst, from huge amounts of global liquidity seeking high returns to the rise of private-label securitisation.
会计规则的平行改变现在将证券化最常见的形式带入资产负债表。
Parallel changes in accounting rules will now bring the most common forms of securitizations onto the balance sheet.
证券化使资产更易出售，而衍生品如果使用得当，能增加金融市场的灵活度。
Securitisation makes assets easier to sell. Derivatives, used well, increase financial flexibility.
和华尔街的其他各大投行类似，雷曼最初的裁员计划锁定在其抵押贷款创设和资产证券化两个部门。
Like other Wall Street Banks, Lehman focused its initial job cuts on its mortgage origination and securitization businesses.
该法案要求对证券化的结构，包括资产和创设人的深度透明。
The Act requires deep transparency into the structure of securitizations, including information about the assets and originators.
(除了上面提到的故事)，这里有一个恐怖故事，据说汇丰的资本定义是不包含资产证券化过程中的市值损失。
Against this there is a horror story. It says that HSBC's definition of capital excludes mark-to-market losses on asset-backed securities (ABS).
信贷资产证券化不仅是一种经济现象，更是一个法律过程。
Securitization of credit assets is not only an economical phenomenon, but a legal process.
传统的信用风险管理办法，例如分散化，银行贷款出售和资产证券化，只提供了控制信用风险暴露的部分办法。
The conventional methods of managing credit risk, such as diversification, bank loan sales, and asset securitisation, offer only a partial solution to controlling credit risk exposure.
OWS的创始人是戴维•谢尔，前雷曼兄弟（Lehman Brothers）董事总经理兼证券化业务国际主管。他于2008年离开雷曼兄弟，创立OWS，专门交易资产抵押证券。
OWS was founded by David Sherr, a former Lehman managing director and global head of the firm's securitization business, who left in March 2008 to start OWS to trade asset-backed securities.
第三章是资产证券化的会计确认。
The third Chapter is accounting recognition of asset securitization.
6个月内翻倍，或在汇丰压力测试中的可能损失的估计值的10倍，都表明资产证券化的损失是不稳定的。
The ABS loss has been very volatile, doubling in six months and stands at ten times HSBC's "stress test" estimate of the probable hit.
贷款服务机构可以是信贷资产证券化发起机构。
A loan servicer can be the originator of the securitization of credit assets.
目前，美国、欧洲已形成了相当规模的资产证券化市场。
Now, the United States and Europe have already formed a asset securitization market with considerable scale.
目前，美国、欧洲已形成了相当规模的资产证券化市场。
Now, the United States and Europe have already formed a asset securitization market with considerable scale.
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