外国债权人一直青睐用股票作为俄罗斯债务的担保，因为证券更容易获取。

Foreign creditors have favored securing Russian debt with shares because securities are easier to seize.

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最近，出现了一点关于评级机构的丑闻，因为他们将一些次级证券评为 AAA 级。

Recently, there is a bit of a scandal regarding these rating agencies because they gave AAA ratings to some subprime securities.

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今天的银行业者因为持有更多证券，所以总资产的贷款率比较低，而且也有机会将交易纳入影子银行系统。

Banks have fewer loans as a percentage of total assets nowadays (because they hold more securities) and they also have the chance to gain business that had been going to the shadow-banking system.

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So the debt market is something worthy of studying because it really represents a market for time itself.

债券市场很值得研究,因为它恰恰代表着,证券市场的时间价值

耶鲁公开课 - 金融市场课程节选

That is, it tends to be bigger and that is because less developed countries have less developed securities, regulation and laws, and traditions.

也可以说,银行体系势必会更加庞大,因为欠发达国家,没有完善的证券系统,法律法规和历史经验

耶鲁公开课 - 金融市场课程节选

The Fed is taking on a serious risk in doing this because these assets that it takes on in exchange for Treasury securities could fail.

美联储这样做很有风险,因为这些他们作为国库证券交换来的,资产可能是个烂摊子。

耶鲁公开课 - 金融市场课程节选