担保术语英汉对照:


A – B
1. Base Currency
This is the currency, specified in the CSA, in which Margin Calls are made. It is used to convert all transaction and Collateral amounts into a common currency. Ideally the Base Currency should reflect the currency of the majority of transactions or the termination currency of the ISDA Master Agreement. Typically the currency used is either Euro or US Dollars.
基准货币:
指信用支持附件指定的用以支付保证金的货币。基准货币的作用在于将所有交易和担保品的金额转换成共同货币。基准货币最好能反映多数交易所使用的货币或ISDA 主协议确定的终止货币。常用的货币是欧元或美元。

C
2. Call
To make a demand for Collateral from a counterparty.
要求:
向交易对手提出提供担保品的要求。

3. Cash
Cash is the preferred form of Collateral, because it is the most liquid. However, it can cause problems because Cash requires a rate of return to be paid to the Collateral Provider. Many institutions still find it awkward to generate a return internally on small overnight balances of Cash. The overnight reference interest rates used for Cash Collateral are
typically: Effective Federal Funds for USD, EONIA for Euro, SONIA for GBP, Sterling Reuters page AFMZ for AUD.A spread maybe subtracted from the rate e.g. 25 basis points. When subtracting such a spread it is important to recognise that this may
discourage the Collateral Provider from Posting Cash.
现金:
由于最具流通性，现金是受欢迎的担保品形式。但是，由于接受现金担保需要向担保品提供人支付回报，也就会带来问题。许多机构仍然认为小额隔夜现金是很难产生内部回报的。现金担保通常使用的隔夜参考利率是：·美元的有效联邦基金·欧元的欧元隔夜平均指数（EONIA）
·英镑的英镑隔夜平均指数（SONIA）·路透社荧屏AFMZ 页所显示的澳大利亚元利率中可减去价差，例如 25 个基点。但应该明白，减去价差可能会妨碍担保品提供人提供现金的积极性。

4. Close Out
To terminate the transactions under a derivatives agreement. Close Out can affect one, several or all transactions, depending on the event that triggers the Close Out. See Netting.
终止:
指终止衍生产品协议项下的交易。视引发终止的事件情况，终止可能影响一项、几项或所有交易。请参考净额结算。

5. Collateral
(i) Cash in any currency; (ii) securities of any kind;and (iii) any asset commonly used as Collateral.
担保品: (i) 任何货币的现金；(ii) 任何种类的证券；和(iii)通常用作担保品的任何资产。

6. Collateral Arrangement
Any Margin, Collateral or security arrangement or other credit enhancement related to a Netting agreement entered into, including(without limitation): (i) a Pledge or any other form of Security Interest in Collateral; (ii) a security arrangement based on the transfer of title to Collateral, whether by outright sale or by way of security, including (without limitation)
a sale and repurchase agreement or an irregular Pledge; and (iii) any guarantee, letter of credit or reimbursement obligation by or to a party to one or more qualified financial contracts, in respect of those qualified financial contracts.
担保安排:
与订立的净额结算协议有关的任何保证金、担保品或担保安排或其他信用提升，包括 (但并不限于)：(i) 在担保品上设立的质押或任何其他形式的担保物权；(ii) 根据担保品所有权的转让作出的担保安排，不论是以买断式出售还是担保形式作出，包括 (但并不限于) 买卖协议或不寻常的质押；和(iii) 由或向一份或多份合格金融合约的一方就该等合约出具的任何保证、信用证或偿付责任。

7. Collateral Opinion
A Collateral Opinion is often obtained from external legal counsel to discuss whether Collateral Arrangements are enforceable in a particular jurisdiction. ISDA provides Collateral Opinions for its members on more than 35 jurisdictions. Similarly, ISDA provides legal opinions on the enforceability of close-out Netting.
担保意见:
担保意见通常由外部律师提供，主要探讨某项担保安排在某司法管辖区是否可执行。ISDA 向其成员提供超过35 个司法管辖区情况的法律意见。ISDA 还提供关于终止净额结算可执行性的法律意见。

8. Collateralised Transactions Many firms cannot collateralise all products and offices/ branches covered by their ISDA Master Agreement, so it is important to specify precisely any sub-set of transactions to be covered by the CSA.
This is typically done by defining product types e.g. interest rate swaps and branches e.g. London, Paris, New York to be included in the CSA, in the Amendment to the ISDA Master Agreement that links the CSA to the ISDA Master Agreement. It may also be defined in the CSA itself.(Some firms will also list products that are to be excluded from the CSA.)
有担保的交易:
由于许多公司无法为其在ISDA 主协议项下所有产品和所有分支机构一一提供担保，因此应准确具体地列明哪些类型的交易适用于信用支持附件。通常的作法是，对信用支持附件以及连接信用支持附件与ISDA 主协议的相关ISDA主协议修订条款所载的产品类别（例如，利率掉期）和分支机构（例如，伦敦、巴黎、 纽约）进行定义。也可在信用支持附件本身内作出定义。（有些公司还会列出信用支持附件不包含的产品的清单）

9. Credit Support
The term used in ISDA documentation for all forms of credit risk mitigation techniques.
信用支持:
指ISDA 文件中用于说明各种形式的信用风险减轻技术的术语。

10. Credit Support Amount
The Transferee’s Collateral requirement, based on the value of all Collateralised Transactions adjusted for any Threshold Amount or Independent Amount.
信用支持金额:
指受让人提出应有担保品的要求。该要求是根据全部有担保的交易的价值，按照起点金额或独立金额具体约定而调整计算得出的。

11. Credit Support Annex - CSA
The CSA describes the terms of the collateralised relationship between the two parties. It includes legal, operational and credit provisions. ISDA provides 2 CSAs. The first, NY law CSA, creates a Security Interest/Pledge. The second, English law CSA, creates a Title Transfer.
信用支持附件 - CSA:
信用支持附件载有描述双方之间担保关系的条款，其中包括法律、操作和信用条款。ISDA 提供两份信用支持附件。第一份是适用纽约州法律的信用支持附件，该附件设立一项担保物权/质押。第二份是适用英格兰法律的信用支持附件，该附件设立一项所有权转让。

12. Credit Support Balance
The total value of Collateral held by the exposed party, after any Haircuts.
信用支持余额:
指风险承受方持有的担保品经折减后的总价值。

13. CSA
See Credit Support Annex.CSA
请参考信用支持附件定义。

D
14. Delivery Amount
The amount of Collateral required to satisfy a Collateral Call.
交付金额:
指满足担保品的要求的担保品金额。

15. Dispute Resolution
The process of either agreeing or revaluing the portfolio or Collateral when a party disputes the calculated Delivery Amount, Return Amount or Credit Support Balance.
争议解决:
指当一方质疑已经计得的交付金额、返还金额或信用支持余额时，有关方商定或重新评估证券组合或担保品价值的程序。

16. Distributions
Amounts transferred by the (Collateral) Transferee to the Collateral Provider, of equivalent value to coupons arising from
securities held by the Transferee.
派息:
指（担保品）受让人向担保品的提供人转让的金额，与受让人持有的证券的息票价值相等。

E
17. Eligible Collateral
Eligible Collateral is a term used in the NY law CSA, and has the same meaning as Eligible Credit Support in the English law CSA. It is the Collateral (Cash and securities) that both parties to the CSA have agreed to accept to satisfy Collateral
demands.
合格担保品:
合格担保品是适用纽约州法律的信用支持附件中使用的术语，与适用英格兰法律的信用支持附件所述的合格信用支持意义相同，为信用支持附件各方已经同意接受的担保品（现金和证券），用以满足担保品的要求。

18. Eligible Credit Support
It is the Collateral (Cash andsecurities) that both parties to the CSA have agreed to accept to satisfy Collateral demands.
合格信用支持:
指信用支持附件各方已经同意接受用以满足担保品的要求的担保品（ 现金和证券）。

19. Eligible Currency
An additional currency ( which can include the Base Currency) that parties agree can be used as Collateral as well. Parties need to include the Eligible Currency under Eligible Credit Support if they wish to include Cash as Eligible Collateral.
合格货币:
指各方同意可作为担保品的额外货币(可包括基准货币)。如果希望将现金当作合格担保品，交易各方应当将合格货币列入合格信用支持之内。

20. Event of Default
Any event nominated under the ISDA Master Agreement which allows a party to Close Out the Master Agreement, all underlying
trades and the attached CSA.
违约事件:
指ISDA 主协议指定的使一方得以终止ISDA 主协议、所有相关交易及其附带的信用支持附件的事件。

21. Exchange
An Exchange of Collateral that has already been posted, for another form of Eligible Credit Support of equal value. This term is specific to the English Law CSA (Title Transfer).
See Substitution.
交换:
指用已经被提供的担保品来交换另一形式的等值合格信用支持的做法。这是适用英格兰法律的信用支持附件（所有权转让式）中特有的术语。
请参考替代。

22. Exposure
The Mark-to-Market value of all collateralised trades.
风险敞口:
指所有有担保的具体交易的按市值计算的价值。

F – H
23. Haircut
A Haircut may be applied to Collateral held to give the Transferee additional protection from a fall in the value of the Collateral held during the Close Out period. The size of the Haircut is usually based on the volatility of the security, the expected holding period and market liquidity. The term “Haircut” is widely used by practitioners although ISDA
documentation refers to Valuation Percentage. Valuation Percentage indicates what percentage of the actual market value of the asset will be used to calculate the value allowed for Credit Support e.g. 95%. A “Haircut” would indicate what
percentage to reduce the value by e.g. 5%. This is a term used in the repo markets.
折减:
折减适用于被受让人持有的担保品。这是为了防止在终止期间因持有的担保品价值下跌而给予受让人的额外保护。折减幅度的多少通常取决于担保品的价格波动性、预期持有期间和市场流动性。“折减”是业内人士广泛使用的术语，而ISDA 文件通常称其为估值百分比。估值百分比表示的是用资产的实际市值的多少个百分率（例如95%）来计算信用支持的估值。而“折减”所表示的是在价值基础上
应该减去的百分率（例如5%)。“折减”是回购市场所使用的术语。

I
24. Independent Amount
This means an additional Collateral requirement ‘independent’ of the Exposure. Independent Amounts are included in the Credit Support Amount to determine the overall Collateral requirement. This means that if the party holding the Independent Amount is far out-ofthe-money, it may have to return it. As the Exposure moves back in-themoney,the Independent Amount is
again posted.Parties may elect to modify the Credit Support language to segregate the Independent Amount from the Exposure calculation,ensuring it is always posted with one party, regardless of Exposure.Independent Amounts may be trade specific or portfolio based and typically calculated as a percentage of notional. Some firms use VaR techniques. Independent Amounts
are sometimes only activated by a credit event such as a rating downgrade or the fall in net asset value of a fund.
独立金额:
指“独立”于风险敞口以外的一项额外的担保品要求。为确定整体的担保品要求，独立金额被包含在信用支持金额之内。也就是说，如果持有独立金额的一方处于大幅度价外位置，该方需返还独立金额；如果风险敞口回归价内位置，仍需再次提供独立金额。各方可选择更改信用支持的表述，以使独立金额与风险敞口计算分开，确保不论风险敞口如何，独立金额始终只提供给一方。独立金额可视交易特性而不同或者与作为抵押品的证券组合相关，但通常是以名义金额的百分比来计算表示的。有些公司采用风险价值(VaR) 技术。有时候，只有在发生信用事件时，例如某基金的评级被调低或资产净值下跌，才会导致适用独立金额。

25. Initial Margin
See Independent Amount.
初始保证金
请见独立金额。

26. ISDA Master Agreement
The document governing most cross border and domestic privately negotiated OTC derivative trading relationships.
ISDA 主协议:
指管辖绝大部分跨境的或国内的私下谈判之场外衍生产品交易关系的文件。

J – M
27. Margin
See Collateral.
保证金
请参考担保品。

28. Mark-to-Market
The present value of a transaction(s) based on current market rates.
按市值计价:
指按当前市场利率计算的某交易的现时价值。

29. Master Agreement
An ‘umbrella’ agreement governing a group of transactions.
See ISDA Master Agreement.
主协议:
指管辖一组交易的“伞”状协议。请参阅ISDA 主协议。

30. Minimum Transfer Amount - MTA
The MTA is an amount designed to reduce frictional costs associated with moving small amounts of Collateral back and forth. Hence a reasonably large MTA is preferred to prevent frequent Collateral movements. With a larger portfolio, counterparties might consider a bigger MTA since it will be increasingly difficult and time consuming to reconcile and resolve small differencesor counterparties might adjust the Rounding Amount to reduce the number of reconciliations of larger portfolios.
The MTA may add another level of Exposure that should be taken into consideration when assessing suitable Threshold Amounts.
最低转让金额 - MTA:
指为了减少与反复转让少量担保品有关的零头费用而设计的一笔款额。因此，为减少转让担保品的次数，应为最低转让金额规定一个合理的较大数值。作为担保品的资产组合的规模越大，就其低值差额进行调整和解决就越为困难和耗费时间，因此对手应考虑规定更大额的最低转让金额，或者，调整取整金额，以减少较大的资产组合的调整次数。最低转让金额可能会额外增加多一层的风险敞口，在评估适当的起点金额时须对此予以考虑。

31. Multi-branch Party
The ISDA Master Agreement will stipulate which branches are included in the agreement. In the CSA you can elect the branches you wish to include for Collateral purposes, as a sub-set of the branches included in the ISDA Master Agreement. For example,
you may not be able to receive daily Mark-to-Market positions from a certain branch due to operational restraints, and may therefore elect to exclude trades from the Collateral agreement transacted by that branch.
多分支机构当事方:
ISDA 主协议会规定协议将适用于哪些分支机构。在信用支持附件中，您可为担保的目的选择分支机构以作为ISDA 主协议中的一组分支机构。举例说，由于操作方面的限制原因，您可能无法从某一特定的分支机构每天收到与该分支机构有关的风险敞口的按市值计算的资料，因此您可选择将该分支机构排除在担保协议交易之外。

N
32. Netting
Close-out Netting is the ability, under a Master Agreement e.g. ISDA Master Agreement, to Close Out a portfolio of transactions by offsetting the trades in which you owe money to your counterparty against those that your counterparty owes you money. You should seek legal advice to determine whether the relevant courts would uphold such a position in the event of your counterparty’s insolvency. (The risk being that you, as the solvent party, will be required to meet your commitments on trades where you owe your counterparty, but they will not pay you.)See Collateral Opinion
净额结算:
终止净额结算指交易各方在主协议项下，譬如ISDA 主协议项下，可以通过结算互欠款项而终止多项交易的能力。您应该寻求有关的法律意见以确定当您的交易对手破产时有关法院是否仍会允许这种做法。(您面临的风险是，作为有能力偿还债务的一方必需履行在各项交易中对交易对手的承诺，但是您的交易对手将不会向您支付任何款项。)请参考担保意见。

33. New Credit Support
The Collateral that the Provider transfers to the Transferee to initiate an Exchange for the Original Credit Support.
新信用支持:
指提供人为了实现与原信用支持的交换而
向受让人转让的担保品。

34. Notification Time
The deadline for a Collateral Call or to request a return of Collateral.The CSA provides that if notification of a Collateral Call is received by the Notification Time, Collateral has to be transferred by the next local business day, subject to standard settlement conventions.
通知时间:
指提出担保品的要求或要求归还担保品的最迟时间。信用支持附件规定，如果在通知时间或之前收到担保品的要求通知，在符合标准结算惯例的前提下，担保品须至迟于下一个当地营业日转让。

O
35. Original Credit Support
In an Exchange, Collateral that the Transferee returns to the Provider upon receiving the New Credit Support.
原信用支持:
指在一项交换中，受让人在收到后归还给提供人的担保品。

36. OTC - Over The Counter
Privately negotiated transactions, as opposed to standardised on an stock exchange, include most off-balancesheet
instruments, such as interest rate swaps and options and currency swaps and options.
场外交易:
即柜台交易，指私下谈判达成的交易，以区别在交易所进行的标准合约交易，包括大多数资产负债表外工具，例如利率掉期和期权以及货币掉期和期权。

37. Outright Transfer
A method of Collateral transfer in which full legal title of the assets is transferred. If Exposure decreases,the Transferee is obliged to return equivalent Collateral. Compare Pledge.
买断式转让:
指一种转让担保品的方法，根据该方法，资产的所有权被完全转移。当风险敞口降低时，受让人有责任返还相同的担保品。请参考比较质押。

P
38. Paragraph 11
The final paragraph of the English Law ISDA CSA containing all elections and variables many of which must be completed.
Paragraph 11 is similar by way of format to the Schedule to the ISDA Master Agreement.
第11 段:
适用英格兰法律的ISDA 信用支持附件的最后一段，其中列明了所有的选择和变量，而许多的选择和变量必须填写完成。第11 段在格式上与ISDA 主协议的附录相似。

39. Paragraph 13
The final paragraph of the NY law ISDA CSA containing all elections and variables many of which must be completed. Paragraph 13 is similar by way of format to the Schedule to the ISDA Master Agreement.
第13 段:
适用纽约州法律的ISDA 信用支持附件的最后一段，其中列明了所有的选择和变量，而许多的选择和变量必须填写完成。第13 段在格式上与ISDA 主协议的附录相似。

40. Perfection
Perfecting a Pledge is a procedure that ensures courts in a given jurisdiction recognise a Pledge. The procedure differs from one jurisdiction to another, but may involve registering the Pledge with a public official. Non-perfected Security Interest in most jurisdictions would result in the Security Interest being void and unenforceable.
完善:
对质押进行完善是指确保质押在指定司法管辖区的法院被认可的程序。虽然各司法管辖区的具体程序不尽相同，但都可能涉及向公共机构进行质押的登记。在大部分司法管辖区，如果未对担保物权进行完善会导致该担保物权无效和不可执行。

上一篇 : 独立电商或将是电子商务的新未来             下一篇 : 板栗 “6个栗子等于1碗饭” 板栗吃多了易发