考研英语阅读例题：firstmover先行者

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1、Firstmover先行者[2010.10.07]TheEconomistSWISSbanks’reputationforsafetyisnotjustapieceofmarketing.Historicallytheirregulatorshaveaddeda“Swissfinish”tointernationalcapitalrulesthatrequiredtheirbigbankstocarrythickersafetybuffersthanfirmsinothercountries.SupervisorsjudgedthatSwissbank

2、sneededextrasafeguardstocalmthenervesofclientsoftheirhugeprivate-bankingarms.Giventhebanks’sizerelativetoSwitzerland’seconomy,taxpayersneededmoreprotection,too.Thecrisishasonlymadethoseargumentsstronger.UBSsufferedoneoftheworstlossratesofanylargebankintheworld.Thegovernmentwasfo

3、rcedtoinjectcapitalintoit;manyofitsclientsfled.ToaugmentthenewBasel3capitalrules,agovernment-createdcommitteeofexpertsthisweekrecommendedanewversionoftheSwissfinishforthetwobiggestfirms,UBSandCreditSuisse.WhereasBasel3requiresbankstocarrycorecapitalof7%ofrisk-adjustedassets,theS

4、wissbankswillneed10%.Ontopofthistheywillhavetocarryanotherninepercentagepoints’worthofcontingent-capital,or“CoCo”,bondsthatconvertintoequityifcore-capitalratiosfalltoofar.Theproposalsarealmostcertaintobeadopted,andthebankswillhavetocomplyby2019.Forthebankstheimmediatequestionish

5、oweasyitwillbetoissuethenewinstruments.AlthoughacoupleofCoCobondshavebeenissuedbyfirmselsewhere,thescaleoffund-raisingrequiredisonanentirelynewlevel,especiallycomparedwithSwitzerland’ssmallcorporate-bondmarket.Thetermsofthenewbonds,whichwillconvertintoequityintwotrancheswithdiff

6、erenttriggerpoints,willmakethemfiddlytovalue.Still,claimsthatthebondswillbeimpossibletosellormoreexpensivetoissuethanequitylooksilly.Beyondthealternativeuniverseofbanking,creditorsalwayscarryaremoteriskofextremeloss.Thebondscanbeviewedasakindofcatastropheinsuranceforwhichapremiu

7、misreceivedinreturnforasmallchanceofabigloss.Ifabitdauntedbythepracticalitiesofcreatinganewmarketfortheseinstruments,bothSwissfirmsseemreasonablyconfidentofmeetingthenewruleswithoutcripplingtheirbusinesses.BankselsewheremaypitytheSwiss.Infactthereisafairchancethatalllargeglobalf

8、irmswillberequiredtoaugmenttheircorecapitalwith