ISDA 担保术语词汇表

ISDA 担保术语词汇表
ISDA 担保术语词汇表

ISDA Glossary of Collateral Terms - Chinese Translation -

ISDA 担保术语词汇表

-中文翻译-

First Edition – January 2006

2006年1月第一版

Copyright ? 2006 by International Swaps and Derivatives Association, Inc

版权所有?2006 国际掉期及衍生工具协会

O BJECTIVES OF THE G LOSSARY OF C OLLATERAL T ERMS –C HINESE T RANSLATION

The Glossary is intended to:

?serve as an educational reference tool for collateral practitioners;

?provide an overview of the key collateral terms used in the Credit Support Annex and Credit Support Deed as published by ISDA;

?serve as a practical guide for collateral practitioners in relation to OTC derivatives trades only when the use of both English and Chinese languages are required.

担保术语词汇表 – 中文翻译

编制本词汇表之目的在于:

?为担保从业人员提供教育性的参考工具;

?就ISDA出版的信用支持附件和信用支持契据所使用的主要担保品术语提供概览;

?为担保从业人员在场外衍生交易需要使用英文与中文文本的场合提供实用指南。

N OTE

For reference and further information, please also review the following collateral documents and reference materials as provided by ISDA:

1. 2005 ISDA Collateral Guidelines

2. ISDA Collateral Asset Definitions

3. ISDA Margin Surveys

4. Recommended Practices for

Portfolio Reconciliation

5. 2001 ISDA Margin Provisions

6. User’s Guide to 2001 ISDA Margin

Provisions 7. 1995 ISDA Credit Support Annex

8. 1995 ISDA Credit Support Deed (Security

Interest – English Law)

9. 1994 ISDA Credit Support Annex (Security

Interest – New York Law)

10. User’s Guide to the ISDA Credit Support

Documents under English Law

11. User’s Guide to the 1994 ISDA Credit

Support Annex

Please visit https://www.360docs.net/doc/002487723.html,/publications/pubguide.html for further details on ISDA publications.

IMPORTANT DISCLAIMERS

ISDA wishes to bring to the attention of all users of this Glossary of Collateral Terms - Chinese Translation (the “Glossary”’) the following important warnings and disclaimers:

1. The precise documentation of each individual collateral agreement remains the responsibility of the parties

concerned. ISDA assumes no responsibility for any use to which this Glossary may be put, including, without limitation, any use of the Glossary in connection with any collateral agreement.

2. ISDA assumes no responsibility in relation to the suitability of the collateral terminology described in this

Glossary or the use to which the Glossary is put.

3. This document has been made available for educational and discussion purposes in relation to OTC

derivatives trades only. It does not constitute formal advice, and ISDA accepts no responsibility for errors, omissions or inaccuracies.

4. All users of the Glossary are strongly advised to seek their own independent verification of all information

presented and to seek their own independent legal, tax, accounting and other advice as appropriate before undertaking any form of collateral management activity.

5. This Glossary is provided as a practical guide for collateral practitioners in relation to OTC derivatives trades

only and has not been reviewed in detail by any legal advisors. Any inconsistencies within this Glossary or with other ISDA documents should be brought to the attention of ISDA.

6. The Glossary may be subject to periodic revision and may be published exclusively online, so please check

the ISDA website for updates.

重要免责声明

国际掉期及衍生工具协会(“ISDA”)提请《担保术语词汇表中文翻译》(“本词汇表”)的所有使用者注意以下警告和免责声明:

1.每一具体的担保协议的有关方应对准确编制合同文本负责。ISDA对以任何方式使用本词汇

表、包括但不限于就任何担保协议使用本词汇表,概不承担任何责任。

2.ISDA 对于本词汇表中所描述的担保术语的适宜性、及其以任何方式被使用,概不承担任

何责任。

3.本文件仅就场外衍生交易供教育及讨论之用,不构成正式的意见,且ISDA对文件的错误、

遗漏或不准确概无任何责任。

4.强烈建议本词汇表的所有使用者就本词汇表所载的全部资料进行独立核证,并且在从事任

何形式的担保品管理活动之前,应首先寻求适当的独立法律、税务、会计和其它专业意见。

5.本词汇表仅就场外衍生交易为担保从业人员提供实务指引,不曾被任何法律顾问详细审

阅。本词汇表若与其它ISDA文件有任何歧义,请提请ISDA注意。

6.本词汇表可定期修改,也可以仅在互联网上公布,因此敬请留意ISDA网站的最新资料。

Summary of Collateral Terms:

担保术语表:

1. Base Currency 基准货币

2. Call 要求

3. Cash 现金

4. Close Out 终止

5. Collateral 担保品

6. Collateral Arrangement 担保安排

7. Collateral Opinion 担保意见

8. Collateralised Transactions 有担保的交易

9. Credit Support 信用支持

10. Credit Support Amount 信用支持金额

11. Credit Support Annex 信用支持附件

12. Credit Support Balance 信用支持余额

13. CSA CSA

14. Delivery Amount 交付金额

15. Dispute Resolution 争议解决

16. Distributions 派息

17. Eligible Collateral 合格担保品

18. Eligible Credit Support 合格信用支持

19. Eligible Currency 合格货币

20. Event of Default 违约事件

21. Exchange 交换

22. Exposure 风险敞口

23. Haircut 折减

24. Independent Amount 独立金额

25. Initial Margin 初始保证金

26. ISDA Master Agreement 国际掉期及衍生工具协会主协议/ ISDA主协议

27. Margin 保证金

28. Mark-to-Market 按市值计算

29. Master Agreement 主协议

30. Minimum Transfer Amount 最低转让金额

31. Multi-branch Party 多分支机构当事方

32. Netting 净额结算

33. New Credit Support 新信用支持

34. Notification Time 通知时间

35. Original Credit Support 原信用支持

36. OTC 场外交易

37. Outright Transfer 买断式转让

38. Paragraph 11 第11段

39. Paragraph 13 第13段

40. Perfection 完善

41. Pledge 质押

42. Pledgor 出质人

43. Pledgee 质权人

44. Posting 提供

45. Provider 提供人

46. Reconciliation 和解

47. Rehypothecation / Re-Use 再质押 / 再使用

48. Return Amount 返还金额

49. Resolution Time 解决的时间

50. Rounding Amount 取整金额

51. Schedule 附录

52. Set-off 抵销

53. Secured Party 担保权人

54. Security Interest 担保物权

55. Substitution 替代

56. Termination Events 终止事件

57. Threshold Amount 起点金额

58. Title Transfer 所有权转让

59. Transferee 受让人

60. Transferor 转让人

61. Unpaid Amount 未付金额

62. Valuation Agent 估值代理人

63. Valuation Date 估值日

64. Valuation Frequency 估值的频率

65. Valuation Percentage 估值百分比

66. Valuation Time 估值时间

Glossary of Collateral Terms 担保术语词汇表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 and

securities) 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。估值百分比所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-of-

the-money, it may have to return it.

As the Exposure moves back in-the-

money, 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。

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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。

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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-balance-

sheet 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。

41. Pledge

A method of passing Collateral

transfer in which a Security Interest

in Collateral is created. The

Collateral Provider, the Pledgor,

retains the legal ownership of the

assets. The Collateral Pledgee has

the right to keep the assets in the

Event of Default by the Collateral

Provider. 质押

指一种通过转移担保品而在该担保品上设立担保物权的方法。担保提供人,即出质人,保留资产的法律上所有权,担保受让人,即质权人,有权在担保品的提供人违约时保留资产。

42. Pledgor

Under a NY law CSA, the party

giving the Collateral; the Collateral

Transferee being ‘the Secured

Party’. 出质人

在适用纽约州法律的信用支持附件项下, 指提供担保品的一方;担保品的受让人是“担保权人”。

43. Pledgee

Under a NY law CSA, Collateral

granted by the Pledgor over its

property to another, the Pledgee.质权人

在适用纽约州法律的信用支持附件项下, 提供其财产上的担保品的一方是出质人,接受担保品的一方是质权人。

44. Posting

Posting Collateral is a term

associated with the NY law CSA, but

still widely used to indicate a

Collateral transfer. 提供

“提供担保品”是一个与适用纽约州法律的信用支持附件相关的术语,但仍被广泛地用于表达担保品的转让。

45. Provider

The unexposed party. Referred to

as Transferor in the English law CSA

and Pledgor in the NY law CSA and

other Pledge documentation. 提供人

指无风险敞口的一方。在适用英格兰法律的信用支持附件中,指转让人;而在适用纽约州法律的信用支持附件和其它质押文件中,指出质人。

Q – R

46. Reconciliation

A trade-by-trade comparison which

allows two parties to agree on the

number of transactions and their

mark to market value.和解

就每项交易逐个进行比较,以使双方对于交易的数目及其市值可以达成一致意见。

47. Rehypothecation / Re-Use

This allows a Pledgee under a

Pledge agreement (Pledgee) to re-

use Collateral received. 再质押/再使用

允许质押协议项下的质权人再次使用收到的担保品。

48. Return Amount

In cases where the Transferee holds

excess Collateral, the Provider may

demand the return of this excess

Collateral such that the value of

Collateral held (Credit Support

Balance) again equals the Exposure

to be collateralised (Credit Support

Amount). 返还金额

若受让人持有多余的担保品,提供人可要求返还该等多余的担保品,以使受让人持有的担保品的价值(信用支持余额)与被担保的风险敞口金额(信用支持金额)相等。

49. Resolution Time

The deadline for resolution of a

dispute following consultation

between the parties. The CSA

provides for a Dispute Resolution

mechanism if the parties fail to solve

a dispute by the Resolution Time.

See Dispute Resolution.解决的期限

指有关方在进行协商后解决争议的期限。信用支持附件规定了有关方未能在解决的期限解决争议情况下的争议解决机制。

请参考争议解决。

50. Rounding Amount

The process of rounding the

Collateral transfer amounts up or

down to incremental levels specified

in the Collateral agreement. For

example, if an agreement specifies

an increment of US$10,000 and the

calculated Delivery Amount is

US$275,000, the amount is rounded

up to US$280,000, the nearest

multiple of US$10,000.

Rounding Amounts are set to

facilitate the operational aspects of

managing Collateral agreements.

Market standard is for Delivery

Amounts to be rounded up with

Return Amounts rounded down.

A small Rounding Amount, to say

€10,000 equivalent, is fairly standard

market practice and has no real

impact on credit utilisation. 取整金额

指将担保转让金额按照担保协议规定的变化标准上下取整的过程。例如,若一份协议规定变化倍数为10,000美元,而计算出的交付金额为275,000美元,则应按照最接近的10,000美元的倍数将该金额取整为280,000美元。

取整金额的设定是为了便于管理担保协议的操作。市场的惯例是交付金额被向上取整,而返还金额被向下取整。

采用小数值的取整金额(比如 10,000欧元的等值额)是相当标准的市场惯例,这对信贷的使用没有实质影响。

S

51. Schedule

An attachment to the ISDA Master

Agreement, which contains the

variable nominations and

amendments (or elections and

variables) to the ISDA Master

Agreement. It allows the parties to

customise the agreement.

See also Paragraph 11 and

Paragraph 13. 附录

指ISDA主协议的附录,其中包括针对ISDA主协议条款作出的各种指定和变更(或选择与变量),使得各方可按实际需要定制协议。

请参阅第11段和第13段。

52. Set-off

The discharge of opposite

obligations to the extent of the

smaller obligation; a right to Set-off

may exist generally at law or by

agreement between the parties

(contractual Set-off); Netting has the

same commercial result but may be

achieved in different ways.抵销

指按照较小的责任金额解除相应的责任;抵销权通常由法律或有关方的协议(合约抵销)而产生。净额结算具有同样的商业结果,但实现的方式可能不同。

53. Secured Party

Under the NY law CSA, the exposed

party that takes in Collateral.

Referred to as Transferee in the

English law CSA and Pledgee in the

NY law CSA and other Pledge

documentation. 担保权人

指适用纽约州法律的信用支持附件项下接受担保品的具有风险敞口的一方。在适用英格兰法律的信用支持附件中,被称为受让人,而在适用纽约法律的信用支持附件和其它质押文件中被称为质权人。

54. Security Interest

The method of creating a lien over

Collateral. If the Pledgor fails to

meet its obligations, the securities

can be sold and the proceeds used

by the Pledgee to offset any losses. 担保物权

指在担保品上设立留置权的方法。如果出质人未能履行义务,可出售担保品,质权人就出售所得收益抵销任何损失。

55. Substitution

The Substitution of Collateral

delivered for another piece of

Collateral, of at least equal market

value. Sometimes a party wants to

get an asset back that it has

delivered as Collateral. It may have

to return it to where it was borrowed

from, or it may have a better use for

it. The Collateral Provider, or

Pledgor, requests that the Pledgee

switches Collateral it holds for a

different agreed type. The CSA

gives explicit guidelines of when the

parties have to make their Collateral

moves. New Collateral always has

to be delivered before the Collateral

to be substituted has to be returned.

The Secured Party has to be able to

satisfy itself that the new asset is in

its control, and is of sufficient market

value.

This is a NY law CSA term. The

equivalent term in the English Law

CSA is “Exchange”. 替代

指对于已经交付的担保品,以另一件至少市场价值与之相等的担保品来替代。有时,一方会希望将已被作为担保品交付的资产取回,可能是因为该一方应当将借来的担保品退还,或该一方可能有更好的方式利用该担保品。担保的提供人或者出质人就要求质权人将其持有的担保品转换为另一种双方同意的类型。信用支持附件载有双方何时必须变动担保品的明确指引。在被替代的担保品被退还之前,总是应先交付新的担保品。必须要使担保权人满意该等新的资产已在其控制之下并具有足够的市场价值。

这是适用纽约州法律的信用支持附件所使用的术语。在适用英格兰法律的信用支持附件文件中使用的相等术语是交换(Exchange)。

T

56. Termination Events

Under the ISDA Master Agreement,

events beyond the control of a party

that allow for Close Out of either the

transactions affected by the event or

the entire portfolio. 终止事件

在ISDA主协议项下,指属于一方所无法控制的、将允许受影响的交易或所有交易被终止的事件。

57. Threshold Amount

This is a specified amount of current

Exposure that the Collateral Provider

is not required to secure by Posting

Collateral. It reflects the unsecured

Exposure that a party will take

against its counterparty

For example, if the net valuation of a

portfolio of trades outstanding

between two parties was Euro 11M,

but a Threshold of Euro 5M was

specified, the Collateral requirement

would be Euro 6M.

If the Exposure fluctuates above the

threshold, Collateral will be moved to

reflect the Exposure less the

threshold.

Thresholds are usually either set at

zero, a fixed level or linked to each

party’s credit rating. 起点金额

指当前风险敞口的某一确定数额,且在此情况下担保品的提供人无需提供担保品。这反映了交易一方就其交易对手而承担的不受担保保护的风险敞口。

例如,如果双方现有交易组合的净值为1100万欧元,规定的起点金额为500万欧元,则担保要求应为600万欧元。

如果风险敞口扩大到起点金额之上的数额,担保金额将变动至风险敞口减去起点金额后的程度。

起点通常或者被设定为零,或为一个固定水平,或与每一方的信用评级挂钩。

58. Title Transfer

A Collateral Arrangement based on

the transfer of

title to Collateral by outright sale.

See also Outright Transfer.所有权转让

指根据担保品的所有权转让而作出的担保安排,以买断式出售方式进行。

请参考买断式转让。

59. Transferee

The exposed party, or the party

taking in Collateral as defined in the

English law CSA. Referred to as

Pledgee in the NY law CSA and

other Pledge documentation. 受让人

指适用英格兰法律的信用支持附件中定义的风险承受方或接受担保品的一方。在适用纽约州法律的信用支持附件或其它质押文件中被称为“质权人”。

60. Transferor

The unexposed party or Collateral

Provider as defined in the English

law CSA. Referred to as Pledgor in

the NY law CSA and other Pledge

documentation. 转让人

指适用英格兰法律的信用支持附件中定义的非风险承受方或担保提供人。在适用纽约州法律的信用支持附件或其它质押文件中被称为“出质人”。

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61. Unpaid Amount

Under the ISDA Master Agreement,

an Unpaid Amount that should have

been paid before Close Out was

effected. Under the English Law

CSA, the Collateral held is also

deemed an Unpaid Amount. 未付金额

在ISDA主协议项下,指在终止生效之前应付而未付的金额。在适用英格兰法律的信用支持附件项下,被持有的担保品也被视作一笔未付金额。

V

62. Valuation Agent

The Valuation Agent is the party

responsible for calculating the

Delivery and Return Amounts and

notifying the other party. The

Valuation Agent may be either party,

or both parties.

The market standard is that, on any

given Valuation Date, the party

calling for Collateral is the Valuation

Agent, while the exposed party is the

Valuation Agent during Dispute

Resolutions. Parties to an

agreement, however, may nominate

a party as the sole Valuation Agent.

That party then takes responsibility

for notifying of deliveries and returns

of Collateral for both parties. 估值代理人

估值代理人是负责计算交付金额和返还金额并通知另一方的有关当事方。可以由一方或者双方担任估值代理人。

根据市场标准,在任何给定的估值日,要求提供担保品的一方是估值代理人;在争议解决期间,风险承受方是估值代理人。某协议的双方也可提名一方作为唯一的估值代理人,该方随后将承担通知双方交付和返还担保品的责任。

63. Valuation Date

A date on which transactions are

valued for Collateral purposes. In the

majority of agreements, each

business day is a Valuation Date.

This determines the frequency of

Margin calling. Daily valuation is

strongly preferred. 估值日

指为了担保目的而对交易进行估值之日。在大部分协议中,每一个营业日均为估值日。

这一定义决定提出保证金要求的频率。恳切建议进行每日估值。

64. Valuation Frequency

The Valuation Frequency is

determined by the Valuation Date

and means how often a Margin Call

can be made by parties. 估值的频率

估值的频率由估值日决定,估值的频率决定了双方可以提出保证金要求的间隔时间。

机械类常用英语词汇大全

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商务英语业务交流常用语

商务英语业务交流常用语 下面是整理的商务英语业务交流常用语,欢迎大家阅读! 1. Our lines are mainly arts and crafts. 我们经营的商品主要是工艺品。 2. We have been in this line of business for more than twenty years. 我们经营这类商品已有二十多年的历史了。 3. In order to acquaint you with the textiles we handle, we take pleasure in sending you by air our latest catalogue for your perusal. 为了使贵方对我方经营的纺织品有所了解,特航寄我方最新目录,供细阅。 4. We shall be glad to enter into business relations with you. 我们很乐意同贵公司建立业务关系。 5. We now avail ourselves of this opportunity to write to you with a view to entering into business relations with you. 现在我们借此机会致函贵公司,希望和贵公司建立业务关系。 6. Your desire to establish business relations coincides with ours.

你方想同我方建立业务关系的愿望与我方是一致的。 7. Our mutual understanding and cooperation will certainly result in important business. 我们之间的相互了解与合作必将促成今后重要的生意。 18. Glad to see you in your company. 很高兴在贵公司见到您。 9. It’s only half an hour’s car ride. 只有半小时的车程。 10. It would be very helpful if you could send us statistics on your sales. 如果你们能将你们的销售统计资料寄给我们,那可就太有帮助了。

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机械专业英语高频词汇 metal cutting 金属切削 machine tool 机床 technology of metals金属工艺学 cutter 刀具 friction 摩擦 link 联结 drive/transmission 传动 shaft 轴 elasticity 弹性 frequency characteristic 频率特性 error 误差 response响应 allocation 定位 jig 机床夹具 term 语术 d ynamic 动力学 k inematic运动学 s tatic 静力学 a nalyse mechanics 分析力学 p ulling 拉伸 s hear 剪切 t wist 扭转 b ending stress 弯曲应力 i ntensity 强度 t hree-phase AC 三相交流电 m agnetic circles 磁路 t ransformer变压器 a synchronous motor 异步电动机 g eometrical 几何形状 p recision 精度 s inusoid 正弦形的 h itting压缩 A C circuit 交流电路 m achining allowance 机械加工余量 d eforming forc e 变形力 d eformation 变形 s tress 应力 r igidity 硬度 r igidity 刚度 h eat treatment 热处理 d ecarburization 脱碳 c ircuit 电路

f raising铰孔 semiconductor element 半导体元件 f eedback 反馈 g enerator 发生器 D C electrical source直流电源 g ate circuit 门电路 l ogic algebra//////algorithm逻辑代数 e xternal grinding 外圆磨削 internal grinding内圆磨削 p lane grinding 平面磨削 c arburization 渗碳 gearbox 变速箱 c lutch 离合器 r eamer铰刀 t hread processing 螺纹加工 s crew 螺钉 m ill 铣削 m illing cutter 铣刀 p ower 功率 w orkpiece 工件 g ear machining 齿轮加工 g ear 齿轮 m ain movement 主运动 d irection of main movem 主运动方向ent d irection of feed进给方向 f eed movement 进给运动 r esultant movement of fe 合成进给运动ed r esultant movement of cut 合成切削运动ting d irection of resultant cutting 合成切削运动方向motion c utting depth 切削深度 r ake face 前刀面 n ose of tool刀尖 r ake angle 前角 c learance angle 后角 p laning 龙门刨削 s pindle 主轴 h eadstock主轴箱 c huck 卡盘 m achining center 加工中心 l athe tool 车刀 l athe 车床 b ore 钻削镗削 t urning车削 g rinder 磨床

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TSP Total Suspended Particle 总空中悬浮物(污染指标)TST test 检查,检测 TT Testamentary Trust 遗嘱信托 TT, T/T telegraphic transfer 电汇 T.T.B. telegraphic transfer bought 买入电汇 T.T.S. telegraphic transfer sold 卖出电汇 TTY teletypewriter 电报打字员 TU Trade Union 工会,职工协会 Tue, Tues Tuesday 星期二 TV terminal value; television 最终价值;电视 TW transit warehouse 转口仓库 TWI training within industry 业内训练 txt. text 课文,电文,正文 Ty. territory 领土,(推销员的)推销区域 T&E Card travel and entertainment card 旅行和娱乐信用卡T&H temperature and humidity 温度和湿度 T&M time and material 时间和材料 T/C time charter 定期租船,计时租船 t/km ton kilometer 顿/千米

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dateline 日期、发稿地之行 big news 头条新闻 hot news 最新新闻 exclusive news 独家新闻 scoop 特讯 feature 特写,花絮 criticism 评论 editorial 社论 review, comment 时评 book review 书评 topicality 时事问题 city news 社会新闻 column 栏 letters 读者投书栏 general news column 一般消息栏cartoon, comics 漫画 cut 插图 weather forecast 天气预报serial story 新闻小说 obituary notice 讣闻 public notice 公告

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IQC ining quality control 进料质量管理人员 TQC total quality control 全面质量管理 POC passage quality control 段检人员 QA quality assurance 质量保证人员 OQA output quality assurance 出货质量保证人员 QE quality engineering 质量工程人员 FAI first article inspection 新品首件检查 FAA first article assurance 首件确认 CP capability index 能力指数 CPK capability process index 模具制程能力参数 SSQA standardized supplier quality audit 合格供货商质量评估 FMEA failure model effectiveness analysis 失效模式分析 AQL Aeptable Quality Level 运作类允收质量水平 S/S Sample size 抽样检验样本大小 ACC Aept 允收 REE Reject 拒收 CR Critical 极严重的 MAJ Major 主要的 MIN Minor 轻微的 Q/R/S Quality/Reliability/Service 质量/可靠度/服务 P/N Part Number 料号

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contributing editor 特约编辑 contribution n.(投给报刊的)稿件;投稿contributor n.投稿人 copy desk n.新闻编辑部 copy editor n.文字编辑 correction n.更正(启事) correspondence column读者来信专栏correspondent n.驻外记者;常驻外埠记者 cover vt.采访;采写 cover girl n. 封面女郎 covert coverage 隐性采访;秘密采访 crop vt.剪辑(图片) crusade n.宣传攻势 cut n.插图vt.删减(字数) cut line n.插图说明 daily n.日报 dateline n.新闻电头 deadline n.截稿时间 dig vt.深入采访;追踪(新闻线索);“挖”(新闻) digest n.文摘 editorial n.社论 editorial office 编辑部 daily 日报 morning edition 晨报 evening edition 晚报 quality paper 高级报纸 popular paper 大众报纸 evening paper 晚报 government organ 官报 party organ 党报

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