《德国调查花旗债券交易》中英文对照
2007-11-04来源:
德国调查花旗债券交易
Citigroup’s bond trades probed
知情人士昨天表示，德国监管机构正对花旗集团(Citigroup)涉嫌操纵欧元区国债期货市场的行为展开调查。
German regulators are investigating Citigroup for possible market manipulation in the eurozone government bond futures market, people familiar with the probe said yesterday.
据信，有关花旗集团债券交易员去年夏季是否在欧洲期货期权交易所(Eurex)操纵了德国国债期货市场，德国金融市场监管机构Bafin即将得出调查结论。英国金融服务管理局(FSA)也针对花旗集团在现货市场的债券交易进行了调查，Bafin在调查过程中与之进行了协调。
Bafin, the German financial market regulator, is thought to be nearing the conclusion of an inquiry into whether Citigroup’s bond traders manipulated the Bund futures market on the Eurex exchange last summer. Its investigation has been co-ordinated with a separate inquiry by the Financial Services Authority of the UK into Citigroup’s bond trades in the cash market.
如果德国监管当局发现了市场操纵的证据，花旗集团可能会面临诉讼，并引发欧洲各国政府的震怒。欧洲各国政府为该银行联合包销其国债支付了大笔费用。
If the German regulator finds evidence of market manipulation, Citigroup could face a lawsuit and the ire of European governments, which pay large fees to the bank for underwriting their syndicated debt issues.
这家美国投资银行在现货市场有争议的债券交易，自8月份以来已受到数家欧洲市场监管机构的调查。当时花旗集团在泛欧交易平台上，几乎在同一时间内按对手做市商的买入报价抛售110亿欧元债券，导致这些竞争对手蒙受估计达1700万欧元(合2200万美元)的损失。
Controversial bond trades by the US investment bank in the cash market have been under investigation by several European market watchdogs since August, when it caused an estimated €17m ($22m) of losses to rival market-makers by hitting €11bn of their bids almost simultaneously on a pan-European trading platform,.
花旗集团今年一直受到本土市场以外丑闻的困扰。9月份，日本金融监管当局勒令花旗集团关闭在日本的私人银行业务，称其违反了银行法律。随后花旗在它的最高管理人员中驱逐了三人，这些人被认为要对上述问题承担责任，其中包括花期集团国际(Citigroup International)的董事长德里克•莫恩爵士(Sir Deryck Maughan)。
Citigroup has this year been beset by scandals outside its home market. In September, the Japanese financial regulator ordered the closure of Citigroup’s private bank in Japan for violations of banking laws. Citigroup subsequently ousted three of its most senior executives, who were deemed to share some responsibility for the problems, including Sir Deryck Maughan, chairman of Citigroup International.
花旗集团8月份的债券交易震惊了市场，因为该银行首次利用EuroMTS国债现货交易平台的一项特殊规定。此项规定要求所有做市商在系统上提供连续报价。
Citigroup’s bond trades in August shocked the market as they, for the first time, took advantage of a quirk of the EuroMTS platform for trading cash government bonds, which requires all market-makers to provide continuous price quotes on the system.
花旗集团首先向现货市场大量抛出110亿美元卖单，引发对手银行卖出期货，以对冲它们在Eurex市场持有的德国国债的风险。大约半小时后，花旗集团买回了70亿欧元的债券，因而让人怀疑花旗在操纵市场。
Citigroup first flooded the cash market with €11bn sell orders, causing rival banks to hedge their exposure in the Eurex market for German government bonds by selling the futures. About a half-an-hour later, Citigroup bought back €7bn of the bonds, raising suspicions of market manipulation.
针对花旗涉嫌在法兰克福Eurex交易所操纵市场的调查，很可能集中在花旗席卷EuroMTS市场之前的交易。德国和英国金融监管当局的调查结果预计在未来几周内公布。英国监管机构已表示，如果发现花旗集团违反市场规则的证据，将对它处以罚款。花旗集团拒绝发表评论。
An inquiry into possible manipulation on the Frankfurt-based Eurex exchange would be likely to centre on trades preceding the EuroMTS sweep. The results of the German and FSA investigations are expected to be announced within the next few weeks. The UK regulator has said Citigroup could be fined if evidence of market abuse is found. Citigroup declined to comment.
Citigroup’s bond trades probed
知情人士昨天表示，德国监管机构正对花旗集团(Citigroup)涉嫌操纵欧元区国债期货市场的行为展开调查。
German regulators are investigating Citigroup for possible market manipulation in the eurozone government bond futures market, people familiar with the probe said yesterday.
据信，有关花旗集团债券交易员去年夏季是否在欧洲期货期权交易所(Eurex)操纵了德国国债期货市场，德国金融市场监管机构Bafin即将得出调查结论。英国金融服务管理局(FSA)也针对花旗集团在现货市场的债券交易进行了调查，Bafin在调查过程中与之进行了协调。
Bafin, the German financial market regulator, is thought to be nearing the conclusion of an inquiry into whether Citigroup’s bond traders manipulated the Bund futures market on the Eurex exchange last summer. Its investigation has been co-ordinated with a separate inquiry by the Financial Services Authority of the UK into Citigroup’s bond trades in the cash market.
如果德国监管当局发现了市场操纵的证据，花旗集团可能会面临诉讼，并引发欧洲各国政府的震怒。欧洲各国政府为该银行联合包销其国债支付了大笔费用。
If the German regulator finds evidence of market manipulation, Citigroup could face a lawsuit and the ire of European governments, which pay large fees to the bank for underwriting their syndicated debt issues.
这家美国投资银行在现货市场有争议的债券交易，自8月份以来已受到数家欧洲市场监管机构的调查。当时花旗集团在泛欧交易平台上，几乎在同一时间内按对手做市商的买入报价抛售110亿欧元债券，导致这些竞争对手蒙受估计达1700万欧元(合2200万美元)的损失。
Controversial bond trades by the US investment bank in the cash market have been under investigation by several European market watchdogs since August, when it caused an estimated €17m ($22m) of losses to rival market-makers by hitting €11bn of their bids almost simultaneously on a pan-European trading platform,.
花旗集团今年一直受到本土市场以外丑闻的困扰。9月份，日本金融监管当局勒令花旗集团关闭在日本的私人银行业务，称其违反了银行法律。随后花旗在它的最高管理人员中驱逐了三人，这些人被认为要对上述问题承担责任，其中包括花期集团国际(Citigroup International)的董事长德里克•莫恩爵士(Sir Deryck Maughan)。
Citigroup has this year been beset by scandals outside its home market. In September, the Japanese financial regulator ordered the closure of Citigroup’s private bank in Japan for violations of banking laws. Citigroup subsequently ousted three of its most senior executives, who were deemed to share some responsibility for the problems, including Sir Deryck Maughan, chairman of Citigroup International.
花旗集团8月份的债券交易震惊了市场，因为该银行首次利用EuroMTS国债现货交易平台的一项特殊规定。此项规定要求所有做市商在系统上提供连续报价。
Citigroup’s bond trades in August shocked the market as they, for the first time, took advantage of a quirk of the EuroMTS platform for trading cash government bonds, which requires all market-makers to provide continuous price quotes on the system.
花旗集团首先向现货市场大量抛出110亿美元卖单，引发对手银行卖出期货，以对冲它们在Eurex市场持有的德国国债的风险。大约半小时后，花旗集团买回了70亿欧元的债券，因而让人怀疑花旗在操纵市场。
Citigroup first flooded the cash market with €11bn sell orders, causing rival banks to hedge their exposure in the Eurex market for German government bonds by selling the futures. About a half-an-hour later, Citigroup bought back €7bn of the bonds, raising suspicions of market manipulation.
针对花旗涉嫌在法兰克福Eurex交易所操纵市场的调查，很可能集中在花旗席卷EuroMTS市场之前的交易。德国和英国金融监管当局的调查结果预计在未来几周内公布。英国监管机构已表示，如果发现花旗集团违反市场规则的证据，将对它处以罚款。花旗集团拒绝发表评论。
An inquiry into possible manipulation on the Frankfurt-based Eurex exchange would be likely to centre on trades preceding the EuroMTS sweep. The results of the German and FSA investigations are expected to be announced within the next few weeks. The UK regulator has said Citigroup could be fined if evidence of market abuse is found. Citigroup declined to comment.
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