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本文译自TheBanker2 0 0 1年 7月号TheBirthofaNewMarket一文 ,编译过程中有一定的补充和删节。资产证券化本来是成熟市场处理不良资产的重要手段之一 ,信贷衍生商品则是随着衍生商品技术的发展和市场规模的扩大而产生的新型金融工具 ,其价值日益受到重视。目前 ,金融工程师正致力于将资产证券化与信贷衍生商品结合起来 ,即通过对信贷衍生商品进行证券化提高资产的流动性 ,同时为投资者提供能满足其特殊需要的投资对象。尽管信贷衍生商品市场还处于发展的初期 ,但已展现出所有银行资产都能够证券化的诱人前景。当然 ,其中蕴含的高风险也对风险管理者提出了严峻的要求。
This article translated from TheBanker2 0 0 1 July TheBirthofaNewMarket a compilation process, there are some additions and deletions. Asset securitization is one of the most important means to deal with nonperforming assets in mature markets. Credit derivative products are the new type of financial instruments that come into being with the development of derivative product technology and the expansion of market size, and its value is paid more and more attention. Currently, financial engineers are working to combine asset securitization with credit-derivative products, namely, securitization of credit derivative products to enhance the liquidity of assets and provide investors with investment objects that can meet their special needs. Although the credit derivatives market is still in the early stages of development, it has shown the alluring prospect of securitization of all bank assets. Of course, the high risk involved also poses a serious challenge to risk managers.