投資:花旗風險主管力推衍生品場內交易

Citigroup’s head of risk has put himself at odds with Wall Street dealers after calling for derivatives to move to exchange trading.

花旗集團(Citigroup)首席風險官布萊恩?利奇(Brian Leach)提倡將衍生品交易改在場內進行，這令他成爲華爾街經紀商的衆矢之的。

“I think I’m the lone voice,” Brian Leach told the Financial Times. In the US, mandatory clearing of some derivatives began this week – where a clearing house stands between both sides of a trade – but the precise rules for trading venues are still being finalised.

利奇告訴英國《金融時報》：“我想沒人會附和我的說法。”在美國，對一些衍生品的強制結算（結算所在交易雙方之間作爲中介）於本週開始，不過有關交易場所的具體規定仍在敲定中。

Most large investment banks are fighting to limit the move to transparent exchanges: they would prefer to keep the status quo with bilaterally agreed contracts that protect their profits.

多數大投行都在努力抗爭，以避免將更多交易改在透明的交易所進行。他們更喜歡保持現狀，通過雙邊達成的合約來確保他們的利潤。

But Mr Leach said he supported going further on exchange trading for safety reasons. Derivatives were central to the near-failure of AIG, the insurance group that required a $180bn government bailout in 2008. “If you can improve the operational side of finance you actually extend the real economy in a positive fashion,” he said, as less capital might be needed to back derivatives.

不過利奇表示他支持擴大場內交易是出於安全原因。衍生品是美國國際集團(AIG)差點倒閉的主要原因，2008年這家保險公司曾請求政府以1800億美元進行紓困。利奇表示：“如果你能改進金融的運營層面，你實際上以一種積極的方式延伸了實體經濟”，因爲這樣可能需要較少的資本來擔保衍生品。

Mr Leach said the trading losses racked up by competitors, such as UBS in the Kweku Adoboli affair, could be averted by other improvements to financial architecture. “Where you have had some of the bigger operational losses in the industry, typically there is often a trade that’s not matching,” he said.

利奇表示，類似瑞銀(UBS)奎庫?阿多博利(Kweku Adoboli)事件這樣不斷積累起來的交易虧損，可通過金融架構的其他改善加以避免。他表示：“金融業每次出現較大的運營虧損，一般都意味着有一筆交易不匹配。”

Mr Leach wants faster progress towards uniform financial codes, so-called “legal entity identifiers”, which would help prevent failed trades that occur because computer systems identify counterparties and products using different methods. He said LEIs, which are being rolled out, should be enhanced to include settlement instructions.

利奇希望加快建立統一的金融代碼體系——也就是所謂“法人實體身份證明”(LEI)，這將有助於避免因計算機系統識別交易對手和產品的方法不同而導致交易失敗。他表示應該加強正在落實中的LEI，使其包括結算指示。