2. thanks to securitization, private equity, hedge funds, and over-the-counter trading, financial markets have become less transparent.

因为证券化、私人直接投资、对冲基金和场外交易，金融市场变得越来越缺乏透明度了。

© Project Syndicate 1995 – 2011

http://www.project-syndicate.org/ 11.01.2011

© Project Syndicate 1995 – 2011

http://www.project-syndicate.org/ 11.01.2011

Third, we need better supervision and regulation of the financial system, including regulation of opaque or highly leveraged financial institutions such as hedge funds and even sovereign wealth funds.

第三，我们需要对金融体系更好的监管，包括对不透明性或者像对冲基金甚至主权基金这样的高杠杆金融机构的监管。

© Project Syndicate 1995 – 2011

http://www.project-syndicate.org/ 11.01.2011

© Project Syndicate 1995 – 2011

http://www.project-syndicate.org/ 11.01.2011

And then there are the numbers that sound very large and are hard to interpret: $300 trillion in “derivative” securities; $3 trillion managed by 12,000 global “hedge funds”; $1.2 trillion a year in “private equity.”

还有一些巨大而令人费解的数字：300万亿美元的“衍生”证券；其中3万亿美元由12000个“对冲基金”管理；每年有1.2万亿美元以“私募 股权”的形式存在。

© Project Syndicate 1995 – 2011

http://www.project-syndicate.org/ 23.12.2010

© Project Syndicate 1995 – 2011

http://www.project-syndicate.org/ 23.12.2010

Since then, hedge funds have grown in importance, and secret bank accounts have flourished.

自此以后，对冲基金的重要性日益增长，而秘密银行帐号也经历了空前的繁荣。

© Project Syndicate 1995 – 2011

http://www.project-syndicate.org/ 23.12.2010

© Project Syndicate 1995 – 2011

http://www.project-syndicate.org/ 23.12.2010

An “Eddie” in Los Angeles sent me an email asking if I wanted to serve on the advisory board to his new hedge fund.

洛杉矶的一位“埃迪”给我发了一份邮件询问我是否愿意在他的新成立的对冲基金的顾问委员会任职。

© Project Syndicate 1995 – 2011

http://www.project-syndicate.org/ 29.10.2010

© Project Syndicate 1995 – 2011

http://www.project-syndicate.org/ 29.10.2010

Charlie McCreevy, the EU’s internal market commissioner, is staunchly resisting any move towards greater control of private equity and hedge funds.

担任欧盟内部市场委员会委员的查理•迈克里维（Charlie McCreevy）坚决抵制对私募投资基金和对冲基金加强监管的任何企图。

© Project Syndicate 1995 – 2011

http://www.project-syndicate.org/ 16.02.2011

© Project Syndicate 1995 – 2011

http://www.project-syndicate.org/ 16.02.2011

For example, we need stronger consumer protection for retail financial products, stricter disclosure requirements for new securities, and better-designed vehicles for hedging risks.

比如，我们需要加强对零售金融产品消费者的保护，对新债券实行更为严格的披露机制，并且设计出更好的避险工具。

© Project Syndicate 1995 – 2011

http://www.project-syndicate.org/ 26.01.2011

© Project Syndicate 1995 – 2011

http://www.project-syndicate.org/ 26.01.2011

The gains or losses derived from the invalid hedges of the current period.

本期无效套期形成的利得或损失。

© 中国投资指南

http://www.fdi.gov.cn/index.htm 01.04.2011

© Invest in China

http://www.fdi.gov.cn/index.htm 01.04.2011

To reasonably set up an aim for transactions of financial derivatives, and hedging strategies;

合理制定金融衍生品交易的目标、套期保值的策略；

© 中国投资指南

http://www.fdi.gov.cn/index.htm 01.04.2011

© Invest in China

http://www.fdi.gov.cn/index.htm 01.04.2011