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Do EU27 really want euro clearing?

欧盟27国真的想要欧元结算吗?



Maybe not — given the mammoth risks involved, some regulators and politicians in the bloc are having second thoughts.

也许没有意识到这些巨大的风险,欧盟的一些监管机构和政界人士正在重新考虑这一问题。

【日期】2017年12月1日

Financialtrading worth some 1 trillion per day may be forced to move into the EU afterBrexit, according to a European Commission proposal which seeks to repatriatetransactions of euro-denominated instruments from London.

欧盟委员会的一项提议称,英国退欧后,每天约有1万亿欧元的金融交易可能被迫转移至欧盟。欧盟委员会的提案旨在将欧元清算中心从伦敦迁回欧元区。

Not everyone wants the potentially poisoned chalice.

并不是每个人都想要这个烫手的山芋。

The proposal was political through and through, but technocrats taking a closerlook now warn that financial stability may be put at risk by forcing the marketinfrastructure handling the trades — the central counter-party clearing houses(CCPs) — to move into the bloc.

这看起来是一项政治议题,但技术专家警告称,如果现在迫使市场基础设施——即中央清算机构(CCP)迁入欧元区,这可能会将金融稳定置于风险之中。

In June, the Commission proposed amendments to its landmark post-crisisderivatives legislation, called the European Market Infrastructure Regulation.Inspired by Brexit, the proposal would allow forcing CCPs to relocate into thebloc, if they pose substantial systemic risk to the EU. Otherwise, they wouldbe unable to serve European customers. 

今年6月,欧盟委员会提议对其标志性的金融危机衍生品立法进行修订,该法案被称为欧洲市场基础设施监管机制。受英国退欧的影响,如果这个行为对欧盟构成重大的系统性风险,该提议将允许强制将中央清算机构(CCP)迁往欧盟。否则,他们就无法为欧洲客户服务。

The proposal would most likely hit London’s largest clearing house, LCH, whichclears over 90 percent of euro-denominated derivatives. Regulators, includingthe European Central Bank, argue that such a high proportion of euro tradesshould move into the Continent, where they can be overseen by EU watchdogs.

该提议很可能会对伦敦最大的清算所LCH造成冲击,它清算了90%的欧元计价的衍生品。包括欧洲央行在内的监管机构认为,如此高比例的欧元交易应该转移到欧洲大陆,在那里它们可以由欧盟监管机构监管。

Most onlookers outside London immediately welcomed the proposal.

伦敦以外的大多数旁观者立即对这项提议表示欢迎。

“The rule must be that euro clearing must be done under EU jurisdiction — noifs or buts,” said Markus Ferber, a conservative German MEP, said in astatement following publication of the proposals.

“规则必须是,欧元清算必须在欧盟的管辖范围内进行,”Markus Ferber说,他是一名保守的德国议员,他在发表上述提议后发表的一份声明中说。

Saying no to risk

说没有风险的

But many are having second thoughts after six months of mulling it over andlistening to warnings from the banks, which generally oppose the idea becauserelocation would increase the cost of clearing. And some policymakers justdon’t want to risk financial instability in their own jurisdictions.

但在六个月的时间里,许多人都在考虑再三并收到了来自银行的警告。这些银行普遍反对这一想法,因为搬迁会增加清算成本。一些政策制定者不希望在自己的辖区内出现金融不稳定的风险。

In a November 13 speech, Robert Ophèle, head of French market regulatorAutorité des Marchés Financiers, outright warned against it. This is despitethe general perception that France is the biggest proponent of the Commission’sproposals given that Paris could gain the lion’s share of any relocatingeuro-denominated derivatives trading.

在11月13日的演讲中,法国市场监管机构的负责人,金融家Robert Ophèle,直接警告了这一问题。尽管人们普遍认为,法国应该是欧盟委员会提议的最大支持者,因为巴黎可能会在任何以欧元计价的衍生品交易中获得最大份额。

“Any measure that involves abrupt relocation of clearing … will hurt firstlythe European economy. It must then, in my point of view, be avoided,” Ophèlesaid.

任何涉及突然重新安置清算中心的措施,都将首先损害欧洲经济。Ophèle说,在我看来,这是必须避免的。

The use of CCPs is mandatory for certain derivatives products and is designedto reduce the risk of trading such instruments if one party collapses — ashappened during the financial crisis. However, they have been criticized forbecoming the new “too-big-to-fail” entities due to the risks to financialstability they would pose if they were to run into trouble. This has led to aseparate Brussels proposal on CCP recovery and resolution.

对于某些衍生品产品,使用CCP是强制性的,目的是防止某一方在金融危机期间倒闭,CCP设计目的初衷就是降低交易此类工具的风险。然而,它被批评为“大到不能倒”的机构,因为如果它遇到麻烦,可能会带来金融稳定的风险。这导致欧盟就解决CCP清算问题提出了另一项建议。

In an interview with POLITICO, Danuta Hübner, the rapporteur in charge of thefile in the European Parliament, said relocation should be thought of “as thelast resort.”

在接受美国政治新闻网站POLITICO采访时,欧洲议会文件报告人Danuta Hübner说,重新安置应该被认为是最后的选择。

“I would be against any automaticity of this refusal [of access to EU clients]for political reasons,” she added. “What we need is a little bit lacking in theCommission proposal — we have to have very clear criteria.”

“我反对任何出于政治上的原因,拒绝欧盟客户的主动性服务需求。”她补充说,委员会提案中缺少我们需要的一点,就是我们必须有非常明确的标准。

MEP Petr Ježek, the shadow rapporteur for the file, also said there is a “lackof clarity” in the Commission’s proposal regarding the grounds for denying aCCP access to clients in the EU, adding that any decisions “must be taken basedpurely on clear and technical criteria, and with the aim of ensuring financialstability within the single market.”

大会报告的起草人,议员Petr Ježek说,关于否定CCP迁入欧盟的建议,欧盟委员会缺乏明确具有说服力的解释,他补充说,任何决定都必须完全基于明确和技术性的标准,并以确保欧洲统一市场的金融稳定为目标。

How these concerns will ultimately affect policymakers’ decisions varies.

以上这些担忧最终将如何影响政策制定者的决策。

Some actively don’t want to take on euro clearing, as the downfall of a CCPwould be a huge responsibility for the national regulator overseeing theentity.

一些人已经不愿接受欧元清算,欧盟监管机构对CCP面临的风险负有巨大的责任。

Cooperate, not relocate

迁还是不迁

Then, there are the pragmatists. In a speech in Frankfurt on Wednesday, AndreasDombret, member of the executive board of the Bundesbank, set out a path to“obviate the need for a large-scale relocation of clearing business, at leastfrom an economic standpoint.” The alternative would rely on “intensivecooperation between U.K. and EU supervisory authorities,” and would also haveto include “far-reaching powers of information and intervention” for EUsupervision relating to U.K. CCPs, he said.

然后,还有实用主义者,德国央行执行董事会成员Andreas Dombret,周三在法兰克福的一次演讲中,他表示从经济角度来看,必须出现避免大规模的清算业务转移。他说,替代方案将依赖于英国和欧盟监管机构之间的密集合作,而且还必须包括影响深远的信息和干预措施,以及欧盟对英国的监管机构的监督。

Others just want some conditions in place before any possible move to mitigateany unwanted repercussions.

还有一些人,只是想在任何可能性出现之前,采取一些适当的措施,以减轻任何不受欢迎的后果。

In documents obtained by POLITICO, the Council asked to add four amendments tothe Commission’s proposal so that the extreme measure of forced relocation isnot immediately taken. It also wants a 12-month “adaptation period” for anyclearing house forced to move. That would allow customers in the bloc tocontinue using that CCP while it adjusts to new requirements imposed on it. TheCommission declined to comment.

在美国政治新闻网站POLITICO获得的文件中,委员会要求对提议增加四项修正案,避免立即采取强制搬迁的极端措施。它还希望为任何被迫搬迁的清算所提供为期12个月的适应期。这将允许欧盟的客户继续使用伦敦的CCP,同时它也会根据对其施加的新要求进行调整。欧盟委员会拒绝置评。

In a proposal from the Estonian presidency on behalf of a Council working groupon financial services, several conditions may need to be satisfied before a CCPwould lose access to EU-based customers. They include an appropriate adaptationperiod for the clearing house and its members and any measures to be taken duringthe adaptation period to limit costs to bank clearing members and clients.

来自委员会金融服务工作组的代表,爱沙尼亚总统在一份提议中提到,在伦敦CCP失掉对欧盟客户的业务之前,可能需要满足一些条件。它们包括为清算所及其成员提供适当的适应期,以及在适应期期间采取的任何措施,以限制银行清算成员和客户的成本。

Whether that in effect means no relocation — except in the most extreme ofcircumstances — remains to be seen. But one thing is certain: Remove politics,and EU experts are more nervous than thrilled about the politicians’ power grabfor the mammoth clearing industry.

这意味着除非发生极端情况,是否重新安置,都有待观察。但有一件事是确定无疑的:除去政治因素,欧盟的专家们对于政客们攫取庞大的清算行业的权力感到紧张不安。