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南昌/同济整形美容医院祛斑南昌同济整形做隆胸手术多少钱Finance and Economics;Bank capital;Half-cocked Basel;财经;资本;操之过急的巴塞尔;Stop-gap rules on banks trading books may add perilous complexity.把交易帐户作为权宜之计可能增加了危险的复杂性。The nnew year hangover throbbed agonisingly for investment bankers this year. Blame Basel 2.5, a new set of international rules which charges banks higher capital for the risks they run in their trading books (as opposed to their banking books, where they keep assets that they intend to hold to maturity). Those charges were too low before. And heaping higher costs on banks should please politicians and Joe Public. But they add another layer of complexity to banks risk management.今年,新年遗留问题沉闷地牵动了投资家的神经。这都得归咎于巴塞尔协议2.5版(以下简称巴塞尔2.5),这是一套新的国际规则,它针对交易帐户(与账户不同,在账户里他们打算持有资产至到期日)中操作的风险性资产收取更多费用。以前收取的费用太低了。成本累加应该会讨政治家和普通百姓的喜欢。但是他们给的风险管理增加了另外一层复杂性。Basel 2.5 came into force on December 31st in most European and major world financial jurisdictions. Switzerland applied the rules a year early, and the costs are substantial. Third-quarter figures for Credit Suisse show a 28% increase in risk-weighted assets, and hence capital charges, for its investment-banking activities purely because of Basel 2.5.12月31日,巴塞尔2.5在欧洲大部分地区和世界主要金融辖区开始实施。瑞士一年前贯彻了这一法规,成本很高。瑞士信贷第三季度数据显示风险加权资产增长了28%,因为巴塞尔2.5,今后资本费用仅仅是针对投行业务的。The most notable laggard is America. US financial regulators do not oppose Basel 2.5, but it clashes with the Dodd-Frank act, Americas big wet blanket of a financial reform. Basel 2.5 uses credit ratings from recognised agencies such as Moodys and Standard amp; Poors to calibrate capital charges. Dodd-Frank expressly forbids the use of such ratings agencies, whose poor judgments are held partly responsible for the crisis. Instead American regulators are working on their own cocktail of credit-risk calibrations for Basel 2.5, using market data and country-risk ratings from the OECD. Their solution is still months away from application (though not as distant as implementation by the Russians or Argentines).最引人注意的拖延者是美国。美国金融监管机构并不反对巴塞尔2.5,但是巴塞尔2.5与美国大的金融监管改革法案《多德-弗兰克法案》却存在冲突。巴塞尔2.5使用的信誉评级从评级机构穆迪和标准普尔到校准资本收费。《多德-弗兰克法案》特别禁止了使用评级机构,他们匮乏的判断力对危机负有部分责任。而美国的校准人都忙于利用来自世界经济合作发展组织的市场数据和国家风险评级,应付他们自己在巴塞尔2.5下的信用风险校验。他们的方案距离实施仍有数月之久(虽然执行力不和俄国或者阿根廷一样虚幻)Basel 2.5 for the first time charges banks extra capital for the credit risk of what they hold in their trading portfolio (because the crisis showed that markets are not always liquid enough to be able to offload assets). That includes a charge for the risk that a counterparty goes bust. It also imposes heavy charges on securitised bundles of assets unless the credit risk of each piece of the bundle has an identifiable market price. Banks that have portfolios of trading positions which they reckon offset each other have to convince regulators that their risk models work or face being charged at a cruder, standardised rate.巴塞尔2.5第一次针对于交易性资产的信贷风险收取额外费用(因为危机显示了市场并不是一直有足够流通性来剥离资产)。这包括了交易对象破产的风险。它也对资产券化产品征收了高额的费用,除非产品包中每种资产的信贷风险有明确的市场标价。那些自己认为拥有彼此抵消投资组合的必须说监管机构他们所使用或者面临的风险模型正在被以野蛮的、标准的费率收费。The problem with Basel 2.5, recognised by regulators and bankers alike, is its complexity. The risk of a trading portfolio must now be broken down into five “buckets”—value at risk (VaR), a measure of how much could be lost in an average trading day; stressed VaR (how much could be lost in extreme conditions); plus three types of credit risk ranging from the risk of single credits to those of securitised loans. Traders are understandably confused. For some banks, developing risk models and getting them approved is just too expensive: more complex businesses will be shut down. That will please those who want banks to be more boring.监管机构和家似乎承认了巴塞尔2.5 问题的复杂性。交易性资产的风险现在必须分解成五个“桶”:风险值(VAR),估计平均每个交易日的可能损失;极限风险值(极限状态下的可能损失);再加上三个不同类别的信用风险值,从单个信贷风险到抵押贷款依次排列。交易员都觉得很困惑。对于一些而言,开发风险模型并获得通过成本太高了:更复杂的业务将被停止。这将使一些想让更加令人厌烦的人非常满意。But unintended consequences will doubtless follow. Useful products may become less tradable. Trading of riskier products could migrate to unregulated entities. Banks may be tempted into new forms of regulatory arbitrage, by juggling assets between their trading book and their banking book. Worst of all, perhaps, is the increased risk of back-office bungling because of the extra complexity.但是这无疑将招致意外的后果。实用的产品交易量会减少。风险产品的交易可能转移至不受监管的实体。可能会被交易账户和账户之间变换的资产诱惑,进入一套新的监管套利模式。最坏的情况可能是由于额外的复杂性造成的后台拙劣的工作风险增加 。Regulators recognise this risk. The Basel Committee on Banking Supervision, which drew up the rules and is also responsible for the full Basel 3 regime that will come into force in 2019, is still conducting what it calls a “fundamental review” of capital rules for banks trading books. Publication is not expected before March. Those sore heads will not soon clear.监管部门认识到了这种风险。起草规则并负责2019年开始执行的全部的巴塞尔3的巴塞尔委员会监督机构,仍在指挥着他们称之为对交易账户的资金制度“基本审查”的行动。三月前是不会发行官方文件的。头疼的问题也一时不会被解决。 /201301/220320景德镇市昌江区珠山区治疗蝴蝶斑多少钱 The prefrontal cortex is the region of the brain located just behind the forehead, where higher-level cognition occurs, such as recalling whether a word was heard aloud or . Most people show evidence of more processing on one side of the cortex, the right side. However, research has shown that many elderly people use both hemispheres more equally, thus processing bilaterally.前额皮质位于前额之后区域,作用于高级认知,比如,回忆是否听过或读过某个单词。大多数人右侧大脑皮层更发达。而研究显示,一些老年人均衡使用左右脑,因此左右脑相当。This discovery led to two opposing theories as to why. One theory supposes that this change in the prefrontal cortex is part of the general decline of the body, that bilateral processing is evidence of malfunctioning. The other theory supposes that enlisting the help of the other hemisphere of the prefrontal cortex is a way to compensate for reduced capacity in the more active hemisphere; that is, the brain is making up for its own failings.产生了两种截然不同理论来解释这一发现。一种理论是这种改变是因为整体机能衰退,大脑协调分工失常。另一种观点则认为左脑协助右脑工作,是在弥补更活跃的右脑机能的衰退,也就是说,这种情况是在弥补大脑自身机能的衰退。Scientists conducted a range of cognitive tests with older adults in their 60’s and 70’s. Then chose two smaller groups from those subjects–those who performed high on the tests, and those who performed low. The scientists then administered two of the same tests to the two groups of older adults, as well as to a group of young adults between the ages of 20 and 35 while the subjects’ brains were PET scanned. What they found was that the high-performing older adults showed significantly more use of bilateral processing than did anyone else.科学家针对60岁到70岁的老人做过一组认知测试。从中删选出两小组:一组测试表现好的;一组测试表现差的。科学家对这两组老人和一组年龄在20岁到35岁的受试者进行相同测试,并扫描受试者大脑。结果发现,比起其他两组,测试表现好的老人均衡使用左右脑。The research supports the theory that bilateral processing is a way to compensate for reduced capacity of the right hemisphere with age. Further research may examine how training individuals or using drugs to enhance bilateral processing affects diseases such as Alzheimer’s.研究结果表明后者观点是正确的,左右脑合作是为了弥补因为年老衰退的右侧大脑机能。研究的下一步是明个体能否通过训练或用药物提高左右脑功能均衡发展,预防老年痴呆症。 /201303/231059Don:Its time to go again to the A Moment of Science mailbag...唐:又到了《科学时刻》读信时间了......Yael:A listener writes: Dear AMOS, Why can some people learn a new language easily but others struggle?雅艾尔:一位听众来信:亲爱的《科学时刻》栏目组,为什么有人很轻松就能学好一门外语,而有些人却要拼命努力呢?Don:Good question! How many languages do you speak, Yael?唐:好问题!雅艾尔,你能说几种语言?Yael:Four.雅艾尔:4种。Don:Really?!唐:真的?Yael:Yep—English, Canadian, British, and Australian.雅艾尔:是的——美式英语,加拿大式英语,英式英语还有澳大利亚式英语。Don:Ha ha. Very funny.唐:哈哈。太有趣了。Yael:Sorry. But really, Im terrible at languages. But I have a friend who speaks like five. Shell travel some place and within a few weeks, it seems, shes asking for directions and having conversations in a completely new language.雅艾尔:对不起。但是,我在语言方面很差。不过,我有一位朋友能说差不多5种语言。她学习的方法就是到处旅行,用完全陌生的语言问路,与人交谈。Don:That could be because she has a large Heschls Gyrus.唐:那是因为她的颞横回较大的缘故。Yael:What?雅艾尔:什么?Don:Heschls Gyrus—its a brain structure about the size of a finger—one in the brains left side, one in the right. And scientists think that the bigger your left Heschls Gyrus, the greater your chances of being good at learning languages.唐:颞横回——一种手指般大小的脑部结构——分布于大脑左右侧。科学家们认为右边的颞横回较左边大时,你就越有可能学好一门外语。Yael:Huh—is that because the Heschls Gyrus plays an important role in how the brain processes language or something?雅艾尔:啊——是因为大脑在处理语言或其它事物时,其中颞横回扮演了很重要的角色吗?Don:Actually, no. Heschls Gyrus is usually associated with the basics of sound processing, like pitch and volume. But its not directly connected to speech.唐:实际上不是这样。颞横回通常与处理基本的声音元素有联系,比如说音高与音量。但是与言语没有直接关系。Yael:But wait—are you saying that if I happen to have a small left Heschls Gyrus I cant learn a new language?雅艾尔:但是等等——你是说如果我碰巧有较小的右侧颞横回,那我就学不了一门新语言?Don:Not at all. It might just mean that you learn languages differently. And, sure, it could mean that you dont learn new languages as easily as someone with a larger Heschls Gyrus. But you can still learn.唐:也不能这么想。只能说在你学习过程中会遇到一定的困难。当然,相比颞横回较大的人,肯定不如他们容易。但是你还是可以学会的。 原文译文属!201207/190538南昌/那里做双眼皮好些

南昌/市东湖区西湖区去痘医院哪家好南昌/大学第一附属医院冰点脱毛多少钱 南昌/县安义县进贤县除黄褐斑价格

新建区人民医院激光祛太田痣多少钱 If you visit a cave on a hot summer day, you might come away with the impression that its somewhat cold underground. Actually, nothing could be further from the truth. The Earths temperature increases steadily the deeper you go. Indeed, mine workers in deep, South African gold mines must learn to work in surroundings that are over one hundred twenty degrees—all year round.在炎热的夏日,如果你去山洞一游,离开时你可能会觉得地下有些寒冷。实际上,没有事物能够背离真理过远。往地心走得越深,地球的温度会稳步上升。在南非深邃的金矿里劳作的矿工必须学会常年在温度超过120度的地下环境工作。The temperature at the Earths center is estimated to be about seven thousand degrees fahrenheit! Where did all that heat come from? Surprisingly, much of the Earths heat is left over from when the planet originally formed, over four billion years ago. The Earth was made by the collision of billions of planetesimals, chunks of rock and ice much like todays asteroids and comets. Gravity pulled these planetesimals together, and the young Earth grew slowly, like a snowball, as more and more pieces collided with it.据估计地心的温度大约有7000华氏摄氏度!这一切热量从何而来?令人惊讶的是,地心的大多数热量大多是40亿年前地球起源初期遗留下来的。地球是由数十亿星子,和类似于今天的小行星和彗星的大块岩石和冰碰撞形成。引力将这些星子集中在一起,因此初生的地球就像滚雪球一样,吸引越来越多的碎片与它相撞。Each planetesimal would have been moving pretty quickly as it crashed into the new planet, and all that speed was converted into another form of energy—heat. This heat increased even more as the material in the Earths interior compressed and settled under the new planets growing mass. If all this happened so long ago, why do we still feel the heat left over from Earths childhood? Its for the same reason that a cave stays cool in the middle of summer: The Earth is a remarkable insulator. Heat from the Earths core takes billions of years to escape to the surface.当星子坠向地球时,移动速度非常快,而且速度会转化为另一种形式的能量——热。当这些物质在地球内部受到挤压,并被埋藏在质量日益增长的地球下时,会迸发更多的热量。如果这一切都发生在很久以前,那么我们为什么仍然会感觉到地球初期遗留下来的热量呢?这与盛夏洞穴仍然保持凉爽是同一个道理:地球是一个非凡的绝缘体。地心的热量要经过数十亿年才能从地表释放出来。原文译文属!201208/197130抚州金溪县资溪县东乡县广昌县激光脱腋毛多少钱南昌全南县寻乌县安远县瑞金市开韩式双眼皮多少钱



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