金融机构因祸得福？
The Gold At Crunch\'s End
尽管债券市场危机让大投资银行的收益报告充满了变数，但有一个领域可以让它们稳操胜券：自身债务额下降所带来的利润。
这些投资银行可以借此记入数亿美元的利润，从而帮助它们抵消因对杠杆收购做出的融资承诺而需付出的数十亿美元支出。
现在，一些银行可能也会从它们自身的霉运中获得类似的收益。Analyst\'s Accounting Observer称，花旗集团(Citigroup Inc.)、美国银行(Bank of America Corp.)和摩根大通(J.P. Morgan C

What exactly is meant by the word "risk"? The word is certainly used frequently in everyday conversation and seems to be well understood by those using it.
　　To most people, risk implies some form of uncertainty about an outcome in a given situation. An event might occur and, if it does, the outcome is not fa

We now turn our attention to the classes into which risk can be placed. This is different from scrutinizing the actual idea of risk, we are now looking at the whole concept of risk and grouping together similar classes of risk. Of the many classes, we will look at three.
Financial and non-financial risks
　　A fin

Over the past few decades we have seen a steady movement towards a more managerial response to these forms of risk. What has emerged is the discipline of risk management. We could define risk management as "the identification, analysis and economic control of those risks which can threaten the assets or earning capacity

zaibatsu [Japanese]
财阀〔日语〕；大财团
zero coupon bond
无息债券
zero growth
零增长
zero-based budgeting
零基预算
zonal charge
分区收费
Zurich Stock Exchange

Yamaguchi Bank, Ltd.
山口银行
Yankee bond
扬基债券；美国本土债券
Yasuda Trust & Banking Co. Ltd.
安田信托银行
Yasuda Trust Asia Pacific Limited
安田信托亚太有限公司
year of assessment
课税年度；估

Wing Hang Finance Company Limited
永亨财务有限公司
Wing Lung Bank Limited
永隆银行有限公司
Wing Lung Finance Limited
永隆财务有限公司
Winnipeg Commodities Exchange
温尼伯商品交易所
Winnipeg Commodity Clearin

wage
工资
waiver
宽免；豁免；放弃
waiver of fees
宽免费用
waiver of loan
免除还款
warehouse
仓库
warrant
认股权证；拨款令；支款授权书
warran

variable interest securities
浮息证券
variation
波动
variation of contract
更改合约的条款
vendor
卖方；出售人；售卖人
venture capital
创业资金；风险资本
Venture Capital

valid and subsisting bill
有效及现存的汇票
valid bilateral netting arrangement
有效双边净额结算协议
valid branch registration certificate
有效分行登记证
valid business registration certificate
有效商业登记证
valid

unit value index
单位价格指数
United Chinese Bank Ltd.
中国联合银行有限公司
United Kingdom Royal Mint
英国皇家铸币局
United Nations Commission on International Trade Law [UNCITRAL]
联合国国际贸易法委员会
Unite

UCO Bank
合众银行
ultimate controlling company
最终控股公司
ultimate controlling interest
最终控制权益
ultimate holding company
最终控股公司
umbrella fund
伞子基金
unabso

total receipt
收入总额
total revenue
总收入
total shipping income
总航运入息
total shipping profit
总航运利润
total tax payable
应缴税款总额
tourist price index

T+2 rule
T+2结算制度〔交易后两个工作天结算制度〕
tacking
按揭优先清偿
Tai Po Industrial Estate Loan
大埔工业贷款
Tai Sang Bank Ltd.
大生银行有限公司
Tai Yau Bank Ltd.
大有银行有限公司
take a

source of fund
资金来源
South Sea Bubble
南海泡影；南海泡沫事件
South-East Asian Central Banks [SEACEN]
东南亚中央银行组织
sovereign risk
政治风险；主权风险
soybean futures
大豆期货；期豆