In theory, this helps the Banks to reduce risk, makes money for intermediaries who trade the securities, and allows the investors to pick tranches of debt that match their risk appetite.

理论上，此举有助于银行降低风险，券商可从中获益，投资者也能选择一些符合其风险偏好的债务组合。

youdao

Because the mainstream theory of financial intermediaries cannot explain it reasonably, it is necessary to establish a brand-new theoretic framework.

由于主流的金融中介理论无法对此做出合理解释，因此有必要确立全新的理论框架。

youdao