大量采用金融关联机构、场外交易衍生产品、回购资金市场、对冲基金和证券化的影子银行的做法被带到了监管的阳光下。

Shadow banking-through large, interconnected financial firms, OTC derivatives, "repo" funding markets, hedge funds, and securitization-is brought into the regulatory daylight.

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大多数高额投资者甚至无法确定，哪些机构或者基金通过复杂的交易网络是相互关联的。

most major investors could not even determine exactly which firms or funds were connected with each other through a complicated network of trades.

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第三个改变和第二个紧密关联：托管商面对新的客户类型，包括---你可以列出来的---对冲基金和私人证券公司。

The third change is closely related to the second: custodians arecourting new kinds of customers, namely—you guessed it—hedge funds andprivate-equity firms.

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