从货币掉期到利息掉期仅需一小步。
It was a short step from currency swaps to interest-rate swaps.
摩根·斯坦利现在开始提供掉期交易。
不过，一些银行将会出售信用违约掉期。
此外两种掉期的偿付有着不同的触发方式。
Moreover, payouts on the swaps are triggered in different ways.
信贷违约掉期(CDSs)会推动市场吗？
自从市场崩溃，信用违约掉期的发行少了很多。
Since the market collapsed, far fewer credit-default swaps have been issued.
在掉期协议下，雅加达可以用买入人民币代替。
Under the swap agreement, Jakarta could instead turn to yuan.
掉期交易买卖双方很可能被要求披露更多信息。
Buyers and sellers of swaps will probably be required to disclose more information.
信用违约掉期并非金融衍生品耻辱柱上的唯一成员。
CDSs are not the only members of the derivatives hall of shame.
白宫，虽然不愿实施掉期交易禁令，但没有公开反对它。
The White House, though queasy about a swaps ban, has not publicly opposed it.
世界银行率先使用货币掉期，用以抵御外汇和利率风险。
The World Bank pioneered currency swaps, and USES swaps to protect against foreign exchange and interest rate risk.
交易者称大多数货币掉期业务会是在美元和人民币之间。
traders said most currency swaps will likely be between the dollar and the yuan.
股息掉期使得投资者能够将收益从股票资金回流中分离出来。
Dividend swaps allow investors to separate the income from the capital return of equities.
评级机构被期望宣布，希腊一旦债券掉期发生，就选择沉默。
Ratings agencies are expected to declare Greece in selective default once the bond swaps occur.
但如果所有的债权国被迫同意掉期，那就可能算是信用事件了。
But a credit event probably would occur if all bondholders were forced into the switch.
关于主权信用违约掉期的辩论是烟幕，掩盖了一个令人不快的真相。
The sovereign-CDS debate is a smokescreen to obscure an unpalatable truth.
浮动利率(变化利率)借款人可以与那些固定利率的借款人进行掉期。
Borrowers on floating (variable) rates could swap with those on a fixed rate.
主权信用违约掉期在任何情况下都比公司信用违约掉期更加难以解读。
Sovereign CDSs are in any case harder to interpret than corporate CDSs.
在其中一起交易中，伯克希尔显著提高了在信用违约掉期领域的敞口。
With one, Berkshire significantly increased its exposure to credit-default swaps.
巴菲特的拥护者认为，信用违约掉期和期权都会随着时间推移逐渐带来回报。
Mr. Buffett's defenders argue that both the CDS and options will pay off over time.
与外汇掉期不同，货币掉期包含利率支付，有效期更长——通常有一至五年。
Currency swaps differs from foreign-exchange swaps in that they include interest-rate payments and typically have longer durations-one to five years.
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.
此外，信用违约掉期和债券的价格往往一起移动，而不是一个驱使另一个的价格。
Moreover, CDS and bond prices have tended to move together, rather than one driving the other.
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。
And the mayhem in the swaps market has shown the importance of on-exchange trading, so that trading remains orderly in times of stress.
巴克莱估算，单单在葡萄牙信用违约掉期的交易量就超过现金债券交易量的10%。
Barclays calculates that only in Portugal are CDS trading volumes bigger than 10% of cash-bond volumes.
但除非这种外汇掉期额度能在未来可靠地实行，否则新兴国家将无意停止对储备的囤积。
But countries will not be persuaded to stop accumulating reserves unless such credit lines can be relied upon in future.
该应用程序的一个方面可能需要获得关于信用违约掉期交易中引用的公司的当前市场数据。
One aspect of this application might need to obtain current market data about the firms referenced in credit default swap trades.
银行家和投资者说，总收益掉期是重获青睐的工具之一，这类衍生品在危机期间受到了冷落。
Total return swaps — a type of derivative that lost favor during the crisis — are among the instruments regaining popularity, bankers and investors say.
银行家和投资者说，总收益掉期是重获青睐的工具之一，这类衍生品在危机期间受到了冷落。
Total return swaps — a type of derivative that lost favor during the crisis — are among the instruments regaining popularity, bankers and investors say.
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