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Banks and large investors are seeking to revive a derivative market widely blamed for fanning the financial crisis, as they search for ways to forestall volatility when interest rates rise.
银行和大投资者寻求重启一个衍生品市场，以便抑制利率上升时引发的波动。该市场曾被广泛指责为助燃了金融危机。
Wall Street is focusing efforts on building up single name credit default swaps, a derivatives contract that tracks the risk of default by a company that sells bonds. Regulators sought to clamp down on this market after the crisis as it was widely blamed for helping to inflate the credit bubble.
华尔街正专注于构建单一名称信用违约互换(CDS)，此类衍生品合约可用来追踪一家债券发行企业的违约风险。监管机构在金融危机过后曾寻求取缔这个市场，因为它被广泛指责为加剧了信贷泡沫膨胀。
While volumes are resilient for credit derivative indices, swaps on individual companies have lost the support of banks and investors, with volumes now running at less than a third of the peak seen in 2008, according to data from the Bank for International Settlements.
国际清算银行(BIS)的数据显示，虽然信用衍生品指数的交易量已经恢复，但针对个别公司的互换合约失去了银行和投资者的支持，如今的交易量尚不及2008年高峰时期的三分之一。
“Single name CDS offer a clean and efficient way to express credit exposure which the current market structure of the underlying secondary corporate bond market doesn’t afford us,” said Supurna VedBrat, co-head of electronic trading and market structure at BlackRock.
“单一名称CDS为表达信贷敞口提供了一种干净和高效率的方式，这是基础的二级公司债券市场当前的市场结构不能为我们提供的，”贝莱德(BlackRock)电子交易和市场结构联席主管苏普尔娜•韦布拉特(Supurna VedBrat)表示。
The demise of CDS has exacerbated the liquidity drought across the broad credit market and dealers argue that a liquid derivative alternative will benefit the buying and selling of corporate debt. “Knowing the fact that having an actively traded single name CDS market has a net positive impact on the broader underlying corporate bond market, I think that we as a market are very interested in seeing a return to liquidity in the product,” said one bank’s head of credit market structure.
CDS的消亡加剧了整个信贷市场的流动性干枯，交易商们提出，流动性较好的衍生品替代市场将有利于公司债券的买卖。“拥有一个交易活跃的单一名称CDS市场对整体的基础企业债券市场利大于弊，基于这个事实，我认为我们作为一个市场，很有兴趣看到该产品流动性的恢复，”某银行信贷市场结构的主管表示。
Efforts to limit bond market volatility, characterised by the “taper tantrum” in 2013, have focused on improving the ease of buying and selling corporate bonds in the market.
限制债券市场波动——以2013年的“缩减恐慌”(taper tantrum)为典型代表——的努力，迄今集中于提高在市场上买卖公司债券的便利程度。
Investors have piled into bonds in recent years as central banks have driven interest rates lower. The rush for bonds has sparked unease among regulators that once interest rates start rising, investors will dump their holdings, sparking a stampede for the exit.
近年来，随着央行压低利率，投资者大举买入债券。蜂拥抢购债券的现象已经引起了监管者的不安，他们担心一旦利率开始上升，投资者将抛售所持债券，引发一场争先恐后的退场浪潮。
But fixed income trading remains challenging, driven by banks retreating from their customary role as middle men in bond and credit derivative transactions, due to tougher capital rules.
但固定收益产品的交易仍具有挑战性，其背后的原因是，随着资本金规则收紧，各银行纷纷退出其作为债券和信贷衍生品交易中介的传统角色。
Less liquid debt markets have resulted in large money managers sometimes finding it difficult to buy a particular bond they want to own. A credit derivative contract provides an alternative method for gaining exposure to a particular company, without having to own its bonds.
流动性较差的债券市场意味着，大型财富管理机构有时发现难以买到他们希望拥有的某只债券。信用衍生品合约提供了获得对某一家公司的敞口、而无需持有其债券的替代方法。
The proposed solution seeks to lower capital costs for banks by moving trades into a clearing house, but that entails raising costs for other investors.
拟议中的解决方案寻求降低银行的资金成本，具体做法是把交易放到一家清算中心进行清算，但这意味着提高其他投资者的成本。
“There are dealers that have stepped away from this market, largely due to capital constraints,’’ said Michael O’Brien, director of global trading at Eaton Vance. “Making sure it remains viable to trade seems like a no-brainer to me.”
“有一些交易商已经远离这个市场，主要是由于资本约束，”亿廷繁世(Eaton Vance)全球交易总监迈克尔•奥布莱恩(Michael O’Brien)表示。“确保这个市场仍可进行交易，在我看来是毋庸置疑的。”
