The scale of the TSLF raises concerns that the Fed, in its attempt to reduce liquidity risk, is taking on too much credit risk.

定期证券借贷安排的规模引起人们开始关注，美联储在采取行动减少流动性危机的时候，却冒着很大的信贷风险。

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The TSLF is different: it is a bond-for-bond arrangement aimed explicitly at providing liquidity to markets beyond those where cash is traded.

但定期证券借贷安排却不同：它是一种以债券换债券的方式，而且目标锁定在那些现金交易以外市场，为它们提供流动性。

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The TAF is for depository institutions, which are essentially banks, and the TSLF is for security dealers.

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