导读：目前，市场对抵押资产的需求正在增加，但安全资产的数量是有限的。唯一的解决方法是采取“抵押资产最优配置法”。“抵押转换”能直接解决公司缺乏安全资产的问题，即通过银行获取安全资产。而银行的安全资产有限，这就让有多余资金的公司有机可乘。但是，抵押交易也是有风险的。
Collateral management
资产抵押管理
Security services
资产抵押业务
Rising demand for collateral spells a moneymaking opportunity
市场对抵押资产的需求不断上涨，捞钱的机会来了
May 26th 2012 | NEW YORK | from the print edition
COLLATERAL acts as the financial equivalent of WD-40, oiling the cogs of global markets by providing lenders with some security in the event of a default. Demand for it is rising. Regulators are pushing over-the-counter derivatives towards central counterparties (CCPs), which are usually pickier than banks about the quality of collateral they will accept. Creditors are becoming warier about lending on an unsecured basis when things are so uncertain. That creates a vicious circle: as more borrowing is secured, fewer assets are available to other creditors in the event of default.
抵押资产相当于金融业的WD-40 注1，通过在债务人拖欠债务时为债权人提供一点保障，保证全球市场顺利运转。如今市场对抵押资产的需求正在增加。监管部门目前正将可直接交易的金融衍生产品推给共同对手方(CCPs)注2 经营，共同对手方在接受抵押资产方面往往比银行更挑剔。当今市场如此动荡，贷款方在无担保的情况下发放贷款时越发谨慎了。这就形成了一种恶性循环：随着越来越多的贷款被担保，另一些债权人在其债务人拖欠债务时能获得的资产就越来越少了。
A recent report by Morgan Stanley and Oliver Wyman suggested the move to clear derivatives trades alone could generate demand for $500 billion-$800 billion of extra collateral. But there is a finite supply of safe assets, and that pool is dwindling as the creditworthiness of certain governments becomes more questionable. Many pension schemes, insurers and asset managers balk at the drag on returns associated with holding lots of safe assets to post as collateral. The only solution is to shake every last drop of WD-40 from the can.
摩根士丹利（Morgan Stanley）注3和奥纬咨询公司（Oliver Wyman）注4最近的一份报告指出，单是金融衍生产品的交易结算这一项业务额外产生的抵押资产需求就达五千至八千亿美元。但是安全资产的数量是有限的，而随着某些信誉良好的政府变得越来越不可靠，这个数量正在下降。因持有大量可抵押的安全资产而导致他们的收益下降，这是许多退休基金、保险公司及资产管理公司想避免的状况。唯一的解决办法就是让桶里的每一滴WD-40物尽其用。
One technique is “collateral optimisation”, a way of ensuring that safe assets are deployed as efficiently as possible. This means making sure high-quality government bonds, say, are not needlessly tied up as collateral for trades where lower-quality assets would be acceptable. It also means clearing trades in a manner that lessens collateral requirements—for example, by bunching transactions in a single CCP so that offsetting trades result in a reduction in overall margin requirements.
其中一个技巧是“抵押资产最优配置法”，这是一种保证安全资产尽可能得到高效配置的方法。这意味着确保高质量的公债（比如）在会接受质量较差的资产的交易中不必作为抵押资产而被套牢；同样也意味着以降低抵押资产质量要求的方式来进行交易结算——例如，通过将交易集中在一个共同对手方处，减少总法定保证金的交易得以被抵消。
Big banks and asset managers will have to do a better job of keeping track of margin requirements and the available stock of eligible collateral they have. The spreadsheets and e-mails previously used to monitor and communicate collateral requirements may be ditched in favour of dedicated applications. Smaller outfits will seek outside help. Investment banks are spending tens of millions of dollars on building sophisticated systems for managing client collateral. Banks and custodians will battle it out to provide a variety of collateral-related services in future, with third-party vendors and even CCPs themselves also vying for business.
大型银行和资产管理公司将不得不作出更多努力，以掌握法定保证金及其拥有的可用合格抵押资产量的动态。它们可能不会再用电子表格和电邮来跟踪和传达抵押资产的要求，而转用一些专用软件。较小的公司会向外界寻求帮助。投行正斥资数以百万计的美元建立一个管理客户抵押资产的先进系统。将来银行和资产托管机构会在提供多种抵押相关业务方面决一胜负，第三方卖家甚至是共同对手方本身也会参与竞争。
At a price, some firms may be able to wash their hands of the requirement to hold a portfolio of eligible assets altogether. “Collateral transformation” directly addresses a firm’s shortage of safe collateral by, in effect, swapping a riskier asset for one that can be posted as margin. The service amounts to a repurchase, or “repo”, transaction: an entity like an asset manager hands a bank a corporate or mortgage-backed bond and the bank supplies government bonds or cash in return. These assets can then be posted at a CCP on behalf of the asset manager.
一些企业也许能够无视必须持有一系列合格资产这项要求，但这样要付出很高的代价。“抵押转换”实际上是通过将风险较高的资产变为可换作押金的资产，直接解决了公司缺乏安全资产的问题。这项业务相当于一项购回（或称购回债券）交易：即一个实体，比如资产管理公司，将一家公司或被担保的债券交给银行，银行则返还公债或现金。然后这些资产可由共同对手方代表资产管理公司进行交易。
Banks may not have enough safe assets of their own to satisfy widespread demand from asset managers, pension funds and the like, so they may seek to broker deals with others. Strong demand for safe assets could produce an attractive return for firms that have excess cash to lend out, particularly if low interest rates persist.
银行自身可能没有足够的安全资产来满足资产管理公司、养老基金或此类机构广泛的需求，所以这些机构可能会设法与他方达成交易协议。对安全资产的强劲需求可能会为有多余现金可出借的公司带来可观的回报，特别是如果利率持续走低。
Yet the use of collateral transformation on such a wide scale also carries risks. Firms that lend out safe collateral will need to apply rigorous haircuts on the riskier collateral they accept to ensure they have ample security if a counterparty implodes. Otherwise there is a chance that lenders may find themselves on the hook for billions of dollars of margin in the middle of a market meltdown. Even the search for a safer form of borrowing entails dangers.
然而如此广泛地进行抵押交易也会带来风险。对于所接受的风险较高的抵押资产，出借安全抵押资产的公司将需要对其法定价格进行严格规定，以保证万一某交易对方突然崩溃时自身有足够的保障。否则，贷款方有可能发现自身在市场衰退中落入被赚数十亿美元的圈套之中。即便是寻找更安全的贷款方法也是要承担风险的。
from the print edition | Finance and economics
注1：WD-40（Water Displacement，40th Attempt）是一种注册商标的多用途润滑防锈石油制剂品牌，由总公司位于美国加州圣地牙哥市的WD-40公司制造销售。WD-40原本被发展作为一种隔水抗锈剂[1]，但产品上市后人们渐渐发现它也可以被当作轻度润滑用油或是溶剂、除胶剂、清洁剂，进而渐渐转变用途。
注2：共同对手方，又称中央对手方或共同交收对手方，指结算过程中介入证券交易买卖双方之间，成为“买方的卖方”和“卖方的买方”的机构。
注3：摩根士丹利（Morgan Stanley，NYSE：MS），财经界俗称「大摩」，是一家成立于美国纽约的国际金融服务公司，提供包括证券、资产管理、企业合并重组和信用卡等多种金融服务。
注4：Mercer Oliver Wyman是全球领先的专注金融行业策略和风险管理的著名咨询公司
Collateral management
资产抵押管理
Security services
资产抵押业务
Rising demand for collateral spells a moneymaking opportunity
市场对抵押资产的需求不断上涨，捞钱的机会来了
May 26th 2012 | NEW YORK | from the print edition
COLLATERAL acts as the financial equivalent of WD-40, oiling the cogs of global markets by providing lenders with some security in the event of a default. Demand for it is rising. Regulators are pushing over-the-counter derivatives towards central counterparties (CCPs), which are usually pickier than banks about the quality of collateral they will accept. Creditors are becoming warier about lending on an unsecured basis when things are so uncertain. That creates a vicious circle: as more borrowing is secured, fewer assets are available to other creditors in the event of default.
抵押资产相当于金融业的WD-40 注1，通过在债务人拖欠债务时为债权人提供一点保障，保证全球市场顺利运转。如今市场对抵押资产的需求正在增加。监管部门目前正将可直接交易的金融衍生产品推给共同对手方(CCPs)注2 经营，共同对手方在接受抵押资产方面往往比银行更挑剔。当今市场如此动荡，贷款方在无担保的情况下发放贷款时越发谨慎了。这就形成了一种恶性循环：随着越来越多的贷款被担保，另一些债权人在其债务人拖欠债务时能获得的资产就越来越少了。
A recent report by Morgan Stanley and Oliver Wyman suggested the move to clear derivatives trades alone could generate demand for $500 billion-$800 billion of extra collateral. But there is a finite supply of safe assets, and that pool is dwindling as the creditworthiness of certain governments becomes more questionable. Many pension schemes, insurers and asset managers balk at the drag on returns associated with holding lots of safe assets to post as collateral. The only solution is to shake every last drop of WD-40 from the can.
摩根士丹利（Morgan Stanley）注3和奥纬咨询公司（Oliver Wyman）注4最近的一份报告指出，单是金融衍生产品的交易结算这一项业务额外产生的抵押资产需求就达五千至八千亿美元。但是安全资产的数量是有限的，而随着某些信誉良好的政府变得越来越不可靠，这个数量正在下降。因持有大量可抵押的安全资产而导致他们的收益下降，这是许多退休基金、保险公司及资产管理公司想避免的状况。唯一的解决办法就是让桶里的每一滴WD-40物尽其用。
One technique is “collateral optimisation”, a way of ensuring that safe assets are deployed as efficiently as possible. This means making sure high-quality government bonds, say, are not needlessly tied up as collateral for trades where lower-quality assets would be acceptable. It also means clearing trades in a manner that lessens collateral requirements—for example, by bunching transactions in a single CCP so that offsetting trades result in a reduction in overall margin requirements.
其中一个技巧是“抵押资产最优配置法”，这是一种保证安全资产尽可能得到高效配置的方法。这意味着确保高质量的公债（比如）在会接受质量较差的资产的交易中不必作为抵押资产而被套牢；同样也意味着以降低抵押资产质量要求的方式来进行交易结算——例如，通过将交易集中在一个共同对手方处，减少总法定保证金的交易得以被抵消。
Big banks and asset managers will have to do a better job of keeping track of margin requirements and the available stock of eligible collateral they have. The spreadsheets and e-mails previously used to monitor and communicate collateral requirements may be ditched in favour of dedicated applications. Smaller outfits will seek outside help. Investment banks are spending tens of millions of dollars on building sophisticated systems for managing client collateral. Banks and custodians will battle it out to provide a variety of collateral-related services in future, with third-party vendors and even CCPs themselves also vying for business.
大型银行和资产管理公司将不得不作出更多努力，以掌握法定保证金及其拥有的可用合格抵押资产量的动态。它们可能不会再用电子表格和电邮来跟踪和传达抵押资产的要求，而转用一些专用软件。较小的公司会向外界寻求帮助。投行正斥资数以百万计的美元建立一个管理客户抵押资产的先进系统。将来银行和资产托管机构会在提供多种抵押相关业务方面决一胜负，第三方卖家甚至是共同对手方本身也会参与竞争。
At a price, some firms may be able to wash their hands of the requirement to hold a portfolio of eligible assets altogether. “Collateral transformation” directly addresses a firm’s shortage of safe collateral by, in effect, swapping a riskier asset for one that can be posted as margin. The service amounts to a repurchase, or “repo”, transaction: an entity like an asset manager hands a bank a corporate or mortgage-backed bond and the bank supplies government bonds or cash in return. These assets can then be posted at a CCP on behalf of the asset manager.
一些企业也许能够无视必须持有一系列合格资产这项要求，但这样要付出很高的代价。“抵押转换”实际上是通过将风险较高的资产变为可换作押金的资产，直接解决了公司缺乏安全资产的问题。这项业务相当于一项购回（或称购回债券）交易：即一个实体，比如资产管理公司，将一家公司或被担保的债券交给银行，银行则返还公债或现金。然后这些资产可由共同对手方代表资产管理公司进行交易。
Banks may not have enough safe assets of their own to satisfy widespread demand from asset managers, pension funds and the like, so they may seek to broker deals with others. Strong demand for safe assets could produce an attractive return for firms that have excess cash to lend out, particularly if low interest rates persist.
银行自身可能没有足够的安全资产来满足资产管理公司、养老基金或此类机构广泛的需求，所以这些机构可能会设法与他方达成交易协议。对安全资产的强劲需求可能会为有多余现金可出借的公司带来可观的回报，特别是如果利率持续走低。
Yet the use of collateral transformation on such a wide scale also carries risks. Firms that lend out safe collateral will need to apply rigorous haircuts on the riskier collateral they accept to ensure they have ample security if a counterparty implodes. Otherwise there is a chance that lenders may find themselves on the hook for billions of dollars of margin in the middle of a market meltdown. Even the search for a safer form of borrowing entails dangers.
然而如此广泛地进行抵押交易也会带来风险。对于所接受的风险较高的抵押资产，出借安全抵押资产的公司将需要对其法定价格进行严格规定，以保证万一某交易对方突然崩溃时自身有足够的保障。否则，贷款方有可能发现自身在市场衰退中落入被赚数十亿美元的圈套之中。即便是寻找更安全的贷款方法也是要承担风险的。
from the print edition | Finance and economics
注1：WD-40（Water Displacement，40th Attempt）是一种注册商标的多用途润滑防锈石油制剂品牌，由总公司位于美国加州圣地牙哥市的WD-40公司制造销售。WD-40原本被发展作为一种隔水抗锈剂[1]，但产品上市后人们渐渐发现它也可以被当作轻度润滑用油或是溶剂、除胶剂、清洁剂，进而渐渐转变用途。
注2：共同对手方，又称中央对手方或共同交收对手方，指结算过程中介入证券交易买卖双方之间，成为“买方的卖方”和“卖方的买方”的机构。
注3：摩根士丹利（Morgan Stanley，NYSE：MS），财经界俗称「大摩」，是一家成立于美国纽约的国际金融服务公司，提供包括证券、资产管理、企业合并重组和信用卡等多种金融服务。
注4：Mercer Oliver Wyman是全球领先的专注金融行业策略和风险管理的著名咨询公司
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