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1、本科毕业论文（设计）外文翻译题目Derivatives,riskandregulation:chaosorconfidence?外文出处InternationalJournalofBankMarketing外文作者R.Dixon,R.K.Bhandari原文：Derivatives,riskandregulation:chaosorconfidence?IntroductionThepaperbeginswithanexaminationofderivatives:whattheyareandwheretherearecallsfortheirusetoberegulatedi
2、nbothUKandglobalcapitalmarketsandeconomies.Theformsregulationcouldtake,asproposedbytheSecuritiesandFuturesAuthority(SFA),areconsidered.Thepaperthenreviewstheprincipalconcernsofregulatorybodiesandconcludeswithalookatthelatestdevelopmentsintradingandregulation.Recommendationsweresubmittedtopla
3、yersinthecapitalmarketsandtheircommentssoughtbymeansoftelephoneinterviews.Thesecommentsarelisted.Theprincipalaimofregulation–thereductionofanymarketvolatility–isdiscussedandsomesuggestedregulatoryinstrumentsevaluated.Whatarederivatives?Riskmanagementtechniquesareprimarilystructuredtoreduceri
4、sk.Derivativeinstruments,usedasriskmanagementtools,havepotentialtobemoreriskythantheunderlyingcashinstrument,thoughtheexchangesonwhichmanyderivativeinstrumentsaretradedhelptospreadrisk.Whentwocompaniesdoadeal,aclearinghouse,usuallyownedandoperatedbyexchangemembers’firms,stepsintobecomethecou
5、nterpartytobothtrades.Ifonepartydefaults,theotherwillnotsufferunlessthedefaultissohugeastoexhausttheexchange’sowncapitalreserves.However,theover-the-counter(OTC)marketsdonothavethisconceptofacentralclearinghouse,anditisquitepossiblethatriskmanagementstrategiesmayprovetobefatalintheeventofadv
6、ersepricemovement.Combinationsoffactors–likenewmethodsandrisks,thelackofarelevantframeworkforkeepingrecords,andthefocusofderivatives’activityamongonlyafewlargeplayersinthemarket–couldresultinaprecarioussituation.Nevertheless,asdeBoissieustates:Derivativesprovideanimportantandefficientmeansof
7、riskmanagementforfinancialandnon-financialfirms.In1993theCommodityFuturesTrading13Commission(CFTC)reportedthat:Byanymeasure,theworldwidegrowthoftheover-the-counter(OTC)marketsinderivativeproductsduringthepastdecadehasbeenextraordinary.Thefactofthei
