如果越多的风险能够被校准，那么在交易账户中以资本费用低于正常贷款而在交易账户中记录被出后或持有的可转换债券的机会就越多。

The more that risk could be calibrated, the greater the opportunity to turn debt into securities that could be sold or held in trading books, with lower capital charges than regular loans.

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许多欧洲人倾向于对所有的交易行为规定更高的资本要求。他们认为风险博弈才是真正危险的敌人，不论这些博弈是由客户委托发起还是用银行自身账户参与的。

Many in Europe favour higher capital charges for all trading activity, arguing that risky bets are the real enemy, whether they are placed for clients or made on banks' own accounts.

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