貨幣市場基金
2023復習正是強化復習階段，在考研英語中占了40分，所以考研英語閱讀是英語科目中重要的一項。名師老師曾建議過考研生需要堅持每天泛讀10-15分鐘的英文原刊。強烈推薦了雜志《經濟學人》.雜志中的文章也是考研英語的主要材料來源.希望考研考生認真閱讀，快速提高考研英語閱讀水平。 Money-market funds 貨幣市場基金 Faking the buck 偽造面值 America sets new rules for a common short-terminvestment 美國針對常見短期投資設定監管新規 IT IS a huge investment class: a 2.8 trillion one, tobe exact. And it had long been thought of as a mundane one, just a notch moreadventurous than a current account. Yet writing new rules for America s money-marketfunds, which invest in short-term commercial and government debt, has been one of themost flawed and controversial deliberations ever undertaken by the Securities andExchange Commission, Wall Street s main regulator, according to Luis Aguilar, the only one ofthe five commissioners in office throughout the process. 貨幣市場基金是一個巨大的投資產業：準確而言，其資產規模達2.8億美元。它長期以來都被認為無甚特別，只是比活期賬戶稍具風險性罷了。然而，據美國證交會辦公室五個委員之中唯一參與整個監管新規制定進程的路易斯阿吉拉爾稱，美國證券交易委員會目前針對投資于短期商業和政府債務的貨幣市場基金出臺了新規，這份規章是作為華爾街主要監管機構的證交會有史以來最具缺陷的和爭議的商議之一。 By a 3-2 vote on July 23rd, the SEC at last approved two big changes. The first allowedfunds to impose fees on redemptions or suspend them for up to ten days to prevent runs.The second requires that the most volatile funds, which cater to institutions and invest incorporate debt, disclose the value of a share to a fraction of a penny. 7月23日，美國證券交易委員會的五名委員以3比2的投票結果批準了兩項監管規定的大變革。其一是允許基金在贖回時征收流動性費用或將贖回期暫緩十天，以防止擠兌;其二是要求投資公司債券、面向機構投資者的優質市場基金不再維持每單位1美元的固定股價。 The second change is more important than it sounds. By convention, money-market fundsare priced at a steady dollar a share; changes in value are reflected only in the interest theypay. Variations in the value of the underlying assets are small because they mature in amatter of days, but they do occur. In the past, that has been hidden by tiny amounts ofrounding. Though this ruse will now be banned for some funds, those that cater to individualinvestors will still be allowed to use it. 第二個變革比聽起來更加重要。按照慣例，貨幣市場基金的價格固定為每單位1美元，價值的變動僅僅反映在支付的利息上。因為數日后即已到期，其資產價值變動很小，然確實有變化。在過去，資產價值的變動一直被微量的四舍五入所隱藏。雖然現在一些資金已禁止進行此類處理，那些面向個人投資者的基金仍被允許繼續使用這種手段。 That matters, since the fixed value contributed to the impression that money-market fundsoffered the safety of bank deposits with higher returns. In September 2008 that notion waspunctured when the Reserve Fund, which had a little over 1% of its assets invested in debtissued by Lehman Brothers, was forced by the investment bank s collapse to break thebuck: reveal a decline in the value of its shares to slightly less than 1. That sparkedpanicked redemptions at it and other funds. 這很能說明問題，固定價值給人的印象便是貨幣市場基金擁有可比擬銀行存款的安全性，且能提供更高收益。然而就在2008年9月，這一概念被撤下神壇。主要儲備基金將其略高于1%的資產投資于雷曼兄弟發行的債券，其后，雷曼投行破產，儲備基金的單位資產凈值跌破面值：每單位價格下降至略低于1美元，引發儲備基金和其他基金大規模恐慌性贖回。 The panic, in turn, crunched credit for firms that relied on short-term debt and fanned fearsof a systemic meltdown. In response, the Treasury provided temporary guarantees formoney-market funds, now lapsed. In 2010 and again in 2023 the SEC tightened restrictionson the kinds of securities funds could buy. But it rejected a plan to require funds to holdbuffers of capital like banks, for fear it would further dent a battered business. 這股恐慌情緒反過來影響到依靠短期債務的企業信貸，激起人們對系統性崩潰的擔憂。對此，美國財政部不得不對貨幣市場基金提供臨時擔保。在2010年與2023年，美國證券交易委員會加強了對各類證券資金的購買限制。但它否決了一項要求基金如銀行般持有緩沖資本方案，以免其進一步削弱遭受重創的業務。 Mary Jo White, the SEC s chairwoman, says the new rules will protect investors and thefinancial system in a crisis. But the two dissenting commissioners fear they may do moreharm than good. Allowing funds to suspend redemptions may actually spark runs, asinvestors rush to pre-empt any curbs, argues one of them. The other worries that thechanges will divert the gullible to even more misleading investments, notably stablevalue funds. These cater to much the same niche as money-market funds and, despitetheir name, offer no guarantees. Rather than trying to protect investors from risk, the SECmight do better to ensure that the risks they are running are clearly disclosed. 美國證券交易委員會的女主席瑪麗?喬?懷特說，新規則將于危機中保護投資者和金融體系。但是存有異議的兩個委員擔心此舉可能弊大于利。其中一人認為，由于投資者遇到困境時總會匆匆先發制人，基金的暫緩贖回實際上可能激發擠兌風潮。另一人則擔心這些變革將輕信的人轉至更為誤導性投資，尤其是穩定價值基金上。略去它們的名稱，這類基金與貨幣市場基金面向大致相同的市場，且未提供擔保。比起試圖保護投資者使他們免于面臨風險，美國證券交易委員會最好還是確保對運作中的風險進行明確披露。 詞語解釋 1.according to 根據，按照;取決于 They do everything according to Hoyle. 他們一切都按照規定辦理。 According to the Christian religion,Jesus Christresurrected from death. 根據基督教的說法，耶穌基督曾死而復生。 2.cater to 迎合;為服務 You do not, I repeat, do NOT have to cater to the whims of your local PTA. 我重復聲明，你不需要去迎合你當地家庭教師協會的幻想。 He also said that despite the importance of the Asian market, the company does little to alterdesign to cater to Asian tastes. 他還說，雖然亞洲市場很重要，但是江詩丹頓公司很少會為迎合亞洲顧客的品位而更改其設計風格。 3.allow to 使能夠 This test simulation tested users working as fast as machine speed will allow to test the CMServer. 這種測試模擬測試用戶速度會像機器速度那樣，以允許測試 CM 服務器。 Finally, the other interesting parameter is the handle inheritance model, this will allow toshare this resource with a child process if is required. 最后一個有意思的參數就是句柄繼承模型了。 它允許在必要的時候，可以喝子進程共享資源。 4.in response 作為回答 In response to the question How satisfied are you with your life in general? 在回答這個問題一般情況下你對于生活有多么滿足? Rather than do nothing in response, I d suggest we get some perspective on the rootcause of this crisisnot human beings but the cultures within which they operate. 我的反應并不是什么都不做，我建議從這場危機的根源找到一些看問題的視角這不在于人類，而在于人類運行其間的諸種文化。
2023復習正是強化復習階段，在考研英語中占了40分，所以考研英語閱讀是英語科目中重要的一項。名師老師曾建議過考研生需要堅持每天泛讀10-15分鐘的英文原刊。強烈推薦了雜志《經濟學人》.雜志中的文章也是考研英語的主要材料來源.希望考研考生認真閱讀，快速提高考研英語閱讀水平。 Money-market funds 貨幣市場基金 Faking the buck 偽造面值 America sets new rules for a common short-terminvestment 美國針對常見短期投資設定監管新規 IT IS a huge investment class: a 2.8 trillion one, tobe exact. And it had long been thought of as a mundane one, just a notch moreadventurous than a current account. Yet writing new rules for America s money-marketfunds, which invest in short-term commercial and government debt, has been one of themost flawed and controversial deliberations ever undertaken by the Securities andExchange Commission, Wall Street s main regulator, according to Luis Aguilar, the only one ofthe five commissioners in office throughout the process. 貨幣市場基金是一個巨大的投資產業：準確而言，其資產規模達2.8億美元。它長期以來都被認為無甚特別，只是比活期賬戶稍具風險性罷了。然而，據美國證交會辦公室五個委員之中唯一參與整個監管新規制定進程的路易斯阿吉拉爾稱，美國證券交易委員會目前針對投資于短期商業和政府債務的貨幣市場基金出臺了新規，這份規章是作為華爾街主要監管機構的證交會有史以來最具缺陷的和爭議的商議之一。 By a 3-2 vote on July 23rd, the SEC at last approved two big changes. The first allowedfunds to impose fees on redemptions or suspend them for up to ten days to prevent runs.The second requires that the most volatile funds, which cater to institutions and invest incorporate debt, disclose the value of a share to a fraction of a penny. 7月23日，美國證券交易委員會的五名委員以3比2的投票結果批準了兩項監管規定的大變革。其一是允許基金在贖回時征收流動性費用或將贖回期暫緩十天，以防止擠兌;其二是要求投資公司債券、面向機構投資者的優質市場基金不再維持每單位1美元的固定股價。 The second change is more important than it sounds. By convention, money-market fundsare priced at a steady dollar a share; changes in value are reflected only in the interest theypay. Variations in the value of the underlying assets are small because they mature in amatter of days, but they do occur. In the past, that has been hidden by tiny amounts ofrounding. Though this ruse will now be banned for some funds, those that cater to individualinvestors will still be allowed to use it. 第二個變革比聽起來更加重要。按照慣例，貨幣市場基金的價格固定為每單位1美元，價值的變動僅僅反映在支付的利息上。因為數日后即已到期，其資產價值變動很小，然確實有變化。在過去，資產價值的變動一直被微量的四舍五入所隱藏。雖然現在一些資金已禁止進行此類處理，那些面向個人投資者的基金仍被允許繼續使用這種手段。 That matters, since the fixed value contributed to the impression that money-market fundsoffered the safety of bank deposits with higher returns. In September 2008 that notion waspunctured when the Reserve Fund, which had a little over 1% of its assets invested in debtissued by Lehman Brothers, was forced by the investment bank s collapse to break thebuck: reveal a decline in the value of its shares to slightly less than 1. That sparkedpanicked redemptions at it and other funds. 這很能說明問題，固定價值給人的印象便是貨幣市場基金擁有可比擬銀行存款的安全性，且能提供更高收益。然而就在2008年9月，這一概念被撤下神壇。主要儲備基金將其略高于1%的資產投資于雷曼兄弟發行的債券，其后，雷曼投行破產，儲備基金的單位資產凈值跌破面值：每單位價格下降至略低于1美元，引發儲備基金和其他基金大規模恐慌性贖回。 The panic, in turn, crunched credit for firms that relied on short-term debt and fanned fearsof a systemic meltdown. In response, the Treasury provided temporary guarantees formoney-market funds, now lapsed. In 2010 and again in 2023 the SEC tightened restrictionson the kinds of securities funds could buy. But it rejected a plan to require funds to holdbuffers of capital like banks, for fear it would further dent a battered business. 這股恐慌情緒反過來影響到依靠短期債務的企業信貸，激起人們對系統性崩潰的擔憂。對此，美國財政部不得不對貨幣市場基金提供臨時擔保。在2010年與2023年，美國證券交易委員會加強了對各類證券資金的購買限制。但它否決了一項要求基金如銀行般持有緩沖資本方案，以免其進一步削弱遭受重創的業務。 Mary Jo White, the SEC s chairwoman, says the new rules will protect investors and thefinancial system in a crisis. But the two dissenting commissioners fear they may do moreharm than good. Allowing funds to suspend redemptions may actually spark runs, asinvestors rush to pre-empt any curbs, argues one of them. The other worries that thechanges will divert the gullible to even more misleading investments, notably stablevalue funds. These cater to much the same niche as money-market funds and, despitetheir name, offer no guarantees. Rather than trying to protect investors from risk, the SECmight do better to ensure that the risks they are running are clearly disclosed. 美國證券交易委員會的女主席瑪麗?喬?懷特說，新規則將于危機中保護投資者和金融體系。但是存有異議的兩個委員擔心此舉可能弊大于利。其中一人認為，由于投資者遇到困境時總會匆匆先發制人，基金的暫緩贖回實際上可能激發擠兌風潮。另一人則擔心這些變革將輕信的人轉至更為誤導性投資，尤其是穩定價值基金上。略去它們的名稱，這類基金與貨幣市場基金面向大致相同的市場，且未提供擔保。比起試圖保護投資者使他們免于面臨風險，美國證券交易委員會最好還是確保對運作中的風險進行明確披露。 詞語解釋 1.according to 根據，按照;取決于 They do everything according to Hoyle. 他們一切都按照規定辦理。 According to the Christian religion,Jesus Christresurrected from death. 根據基督教的說法，耶穌基督曾死而復生。 2.cater to 迎合;為服務 You do not, I repeat, do NOT have to cater to the whims of your local PTA. 我重復聲明，你不需要去迎合你當地家庭教師協會的幻想。 He also said that despite the importance of the Asian market, the company does little to alterdesign to cater to Asian tastes. 他還說，雖然亞洲市場很重要，但是江詩丹頓公司很少會為迎合亞洲顧客的品位而更改其設計風格。 3.allow to 使能夠 This test simulation tested users working as fast as machine speed will allow to test the CMServer. 這種測試模擬測試用戶速度會像機器速度那樣，以允許測試 CM 服務器。 Finally, the other interesting parameter is the handle inheritance model, this will allow toshare this resource with a child process if is required. 最后一個有意思的參數就是句柄繼承模型了。 它允許在必要的時候，可以喝子進程共享資源。 4.in response 作為回答 In response to the question How satisfied are you with your life in general? 在回答這個問題一般情況下你對于生活有多么滿足? Rather than do nothing in response, I d suggest we get some perspective on the rootcause of this crisisnot human beings but the cultures within which they operate. 我的反應并不是什么都不做，我建議從這場危機的根源找到一些看問題的視角這不在于人類，而在于人類運行其間的諸種文化。
