A 2008 Eurostat report, however, says questions about how to account for off-market swaps like the one used in Greece were raised as early as 2007.
不过，欧盟统计局2008年的一份报告说，针对如何监管希腊所用的这类场外互换的问题早在2007年就被提出了。
They include Banks and hedge funds that have acquired credit-default swaps (CDSS), the cornerstone of the market.
他们中包括购买了作为市场基石的信用违约互换(CDSs)的银行和对冲基金。
Many of these same people hold influential positions at other clearinghouses, or on committees at the powerful International Swaps and Derivatives Association, which helps govern the market.
这些人中许多同样的人对其他的清算所也具有影响力，或者在帮助管理市场，又有影响力的国际互换和衍生产品协会的委员会中具有影响力。
Compare this to the failure of Lehman's unregulated credit default swaps and non-cleared interest rate swaps, which triggered chaos in the market because these contracts were not centrally cleared.
相比之下，雷曼未受监管的信贷违约互换和非清算利率互换合约则引发了市场的混乱，因为这些合约没有进行集中清算。
And the mayhem in the swaps market has shown the importance of on-exchange trading, so that trading remains orderly in times of stress.
掉期市场的一片混乱业已表明互换交易的重要，此交易在紧张时期依旧井然有序。
But because rate and foreign-exchange swaps make up the bulk of the market, American banks will have to move only 10% or less of their $218 trillion (notional) combined derivatives holdings.
但是因为利率和汇率互换占美国市场的大部分，美国银行将只需要移除其218万亿合并衍生品的10%或更少。
The final signal is in the credit-default swaps (CDS) market, a measure of the price paid to insure debt issued.
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。
Banks that own corporate bonds may use the swaps market to hedge against a company defaulting.
持有公司债券的银行在互换市场中对冲企业违约的风险。
Although stocks fell and credit-default swaps on American debt widened when the news broke, the bond market remained oddly unruffled: yields ended lower on the day.
尽管当这一消息爆出之后，美国的股市出现下跌，国债的信贷违约互换利差也有所拉大，但是债券市场表现却异常平静，当日收益率仍以低位收盘。
Reflecting just how complex this market has become, most universities borrow at variable rates and then hedge their interest-rate risk through swaps.
这就反应出了市场变得是多么的复杂，很多大学贷款的比例都不一样，然后通过交换来保护利率风险。
The most obvious manifestation of this crisis of confidence, and one on which large sums of money are already being wagered, is in the market for credit-default swaps (CDS).
这场信心危机的最显著表现，以及巨量金钱下注的筹码之一，是市场中的信用违约掉期（CDS）合约。
Credit default swaps "didn't cause the problem, but they certainly exacerbated the financial crisis," said Leslie Rahl, President of Capital Market Risk Advisors, a consulting firm in New York.
信用违约互换“没有引起问题，但是他们确实恶化了金融危机。”纽约的一家咨询公司纽约咨询公司主管Leslie Rahl说。
But it will also be a test for the dauntingly large market for credit-default swaps (CDSs).
然而这对于令人望而却步的信用违约互换(CDSs)巨大市场来说也是个检验。
Since the market collapsed, far fewer credit-default swaps have been issued.
自从市场崩溃，信用违约掉期的发行少了很多。
Of course, options market participants are already wise to this, and option premiums are high enough to deter many investors from making use of plain-vanilla volatility swaps.
当然，期权市场参与者对此很明智，期权定金很高足以阻止许多投资者利用单纯型选择权波动交换。
More importantly, it is a giant in the over-the-counter derivatives market, and number one by a long way in credit-default swaps.
更重要的是，摩根大通是柜台交易衍生品市场的巨头，在信用违约掉期业务上长期处于霸主地位。
Another irony is by playing loose with the "voluntary" nature of haircut, they may have undermined the credit default swaps market.
还有一个具有讽刺意味的是，放宽“自愿性”减记的措施，可能使他们已经破坏了信用违约的调期市场。
But less than a decade ago, the credit-swaps market barely existed.
但是在不到十年以前，债务互换市场还未存在。
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.
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。
GREECE denied that it was planning to restructure its debt this week (see Economics focus), even as traders in the credit-default-swaps market made bigger bets that it would.
尽管信用违约掉期市场的交易员更相信希腊会进行债务重组，但是这周希腊否认他们有这种计划。
CCPs are the norm in exchange-based markets but they have been scarce among surging over-the-counter (OTC) derivatives, notably the gigantic market for credit-default swaps (see chart).
集中交易对手在交易市场中很常见，但在热度高涨的衍生品场外交易市场中却十分罕有，尤其是在信用违约掉期的巨大市场中更是如此(见表)。
Lehman was one of the 10 largest parties in the market for credit default swaps, according to a Fitch Ratings report last year.
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。
This is a nexus of private-equity and hedge funds, money-market funds and auction-rate securities, non-banks such as GE Capital and new securities such as CDOs and credit-default swaps.
“影子银行业系统”是一种由私募股权、对冲基金、货币市场基金以及拍卖利率证券，外加诸如通用电气资本等非银行机构和债务抵押证券、信用违约掉期等新型证券所组成的网络。
Interest rate swaps is a financial derivative, is the swaps transaction used in interest rate market.
利率互换，是一种金融衍生品，是互换交易在利率市场上的应用。
As the leading dealer in the market for credit-default swaps (CDS), contracts used to punt on a company's ability to repay its debt, JPMorgan Chase could find itself dragged into another maelstrom.
作为信贷违约互换产品（CDS）的主要经营商，合约常常用于支撑一家公司偿还账务的能力。摩根大通也许发现他们正被卷入另一场漩涡中。
The market for credit default swaps is pointing to a surge in defaults on corporate bonds.
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.
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。
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