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1、ISDA International Swaps and Derivatives Association,Inc ISDA Glossary of Collateral Terms-Chinese Translation-ISDA 担保术语词汇表担保术语词汇表-中文翻译中文翻译-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 ISDA International Swaps and
2、 Derivatives Association,Inc ISDA Glossary of Collateral Terms Chinese Translation Page 2 of 23 First Edition January 2006 OBJECTIVES OF THE GLOSSARY OF COLLATERAL TERMS CHINESE TRANSLATION The Glossary is intended to:serve as an educational reference tool for collateral practitioners;provide an ove
3、rview 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.担保术语词汇表担保术语词汇表 中文翻译中文翻译 编
4、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。NOTE 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
5、Definitions 3.ISDA Margin Surveys 4.Recommended Practices for Portfolio Reconciliation 5.2001 ISDA Margin Provisions 6.Users 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 I
6、nterest New York Law)10.Users Guide to the ISDA Credit Support Documents under English Law 11.Users Guide to the 1994 ISDA Credit Support Annex Please visit http:/www.isda.org/publications/pubguide.html for further details on ISDA publications.ISDA International Swaps and Derivatives Association,Inc
7、 ISDA Glossary of Collateral Terms Chinese Translation Page 3 of 23 First Edition January 2006 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 precis
8、e 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
9、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 advi
10、ce,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 undertakin
11、g 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
12、 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.重要免责声明重要免责声明 国际掉期及衍生工具协会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
13、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
14、，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。ISDA International Swaps and Derivatives Association,Inc ISDA Glossary of Collateral Terms Chinese Translation Page 4 of 23 First Edition January 2006 Summary of Collateral Terms:担保术语表担保术语表: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.Coll
15、ateral 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 C
16、ollateral 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 Agree
17、ment 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 ISDA International Swaps and Derivatives Association,Inc ISDA Glossary of Collateral Terms Chinese Translation Page 5 of 23 First Edition January 2006 35.Or
18、iginal 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
19、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 Dat
20、e 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 ISDA International Swaps and Derivatives Association,Inc ISDA Glossary of Collateral Terms Chinese Translation Page 6 of 23 First Edition January 2006 Glossary of Collateral Terms 担保术语词汇表担保术语词汇表 A B 1.Base Curren
21、cy 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 Agreeme
22、nt.Typically the currency used is either Euro or US Dollars.基准货币 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 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,
23、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 Co
24、llateral 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
25、 Cash.现金现金 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。ISDA International Swaps and Derivatives Association,Inc ISDA Glossary of Col
26、lateral Terms Chinese Translation Page 7 of 23 First Edition January 2006 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
27、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 agre
28、ement 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
29、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
30、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
31、 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 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。ISDA International Swaps and Derivatives Association,Inc ISDA Glossary of Co
32、llateral Terms Chinese Translation Page 8 of 23 First Edition January 2006 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 C
33、SA.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 li
34、st products that are to be excluded from the CSA.)有担保的交易有担保的交易 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
35、documentation for all forms of credit risk mitigation techniques.信用支持信用支持 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 Transferees Collateral requirement,based on the value of all Collateralised Transactions adjusted for any Threshold Amount or Independent Amount.信用支持金额信用支持金额 指受让人提出应有
36、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 sec
37、ond,English law CSA,creates a Title Transfer.信用支持附件 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.信用支持余额信用支持余额 指风险承
38、受方持有的担保品经折减后的总价值。ISDA International Swaps and Derivatives Association,Inc ISDA Glossary of Collateral Terms Chinese Translation Page 9 of 23 First Edition January 2006 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.
39、交付金额交付金额 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 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
40、transferred by the(Collateral)Transferee to the Collateral Provider,of equivalent value to coupons arising from securities held by the Transferee.派息 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 El
41、igible 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 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
42、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 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
43、 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 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。ISDA International Swaps and Derivatives Association,Inc ISDA Glossary of Collateral Terms Ch
44、inese Translation Page 10 of 23 First Edition January 2006 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 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
45、 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 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 va
46、lue of all collateralised trades.风险敞口 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 volatili
47、ty 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 a
48、llowed 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 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
49、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。ISDA International Swaps and Derivatives Association,Inc ISDA Glossary of Collateral Terms Chinese Translation Page 11 of 23 First Edition January 2006 I 24.Independent Amount This means an additional Collateral requirement independent o
50、f 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