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1、 天和财务: http:/ 路在脚下 天和财务天和财务: :巴塞尔协议巴塞尔协议 IIIIII 威胁亚洲贸易融资威胁亚洲贸易融资Basel III threat to Asian trade finance来源：天和网 核心提示：亚洲贸易融资市场正在为未来的恶劣金融环境做准备，这正是由巴 塞尔 III 对银行的改革造成的。Asian trade finance markets are bracing themselves for a hostile environment over the next few years, caused by the very initiative design
2、ed to foster a better banking environment the Basel III banking reforms.【据 消息】亚洲贸 易融资市场正在为未来几年的恶劣金融 环境做准备，这正是由于旨在建立一个 更好的金融环境的提议 - 巴塞尔协议 III 对银行业的改革造成的。Although these were designed with global bank safety in mind, the rules carry a host of unintended consequences, which could have a hugely detrimen
3、tal impact on the $14 trillion to $16 trillion trade finance business.虽然这些设计充分考虑了全球银行的安 全性，但是这些规则会带来一系列意想 不到的后果，这可能对 14 万亿至 16 万 亿美元的贸易融资业务有巨大的不利影 响。Kah Chye Tan, global head of trade and working capital at Barclays, said if Basel III is implemented in its current form, trade finance pricing would g
4、o up “north of 20%”, leaving it an untenable business for many banks to pursue.巴克莱银行的贸易及营运资金全球负责 人陈加财（Kah Chye Tan）说，如果以 目前的形式实施巴塞尔协议 III，贸易融 资的定价增幅会超过 20，这将导致许 多银行就不能维持其所追求的业务了。Between 80% and 90% of world trade relies on bank finance in the form of trade credit and short-term guarantees and Asia u
5、ses more trade financing instruments than anywhere else 30% of global exports and more than 80% of trade letters of credit are issued in Asia, according to figures from Standard Chartered bank.根据渣打银行的数字显示，世界贸易的 80和 90依赖于贸易信贷形式的银行 融资以及短期担保，亚洲比其他任何地 方使用贸易融资工具的都多 - 30的全 球出口量和 80以上的贸易信用证都发 生在在亚洲。It is a
6、 fragile market and actions in 亚洲是一个脆弱的市场，西方的一举一天和财务: http:/ 路在脚下 the west have big implications in the east. In the second half of last year, European banks deleveraged their exposures to Asia by $89bn, which led to a huge increase in trade finance prices in Asian markets.动对东方有很大的影响。在去年下半年， 欧洲银行削减了
7、在亚洲的 890 亿美元头 寸，这导致亚洲市场的贸易融资价格的 大幅提高。Tan said: “One doesnt have to look beyond the past few years to see the impact on trade finance. Last October, when European banks started to deleverage due to the Euro crisis, trade finance pricing in Asian countries including India and China moved from 100 basi
8、s points to 200 basis points in three weeks.”陈加财说：“你不必要去考虑过去几年 的情况去看监管对贸易融资的影响。去 年 10 月，由于欧元危机，欧洲银行开始 减债，亚洲国家，包括印度和中国，的 贸易融资价格在三个星期内从 100 个基 点增加至 200 个基点。”Basel III could hit trade finance in three ways: the leverage framework could increase the cost of cover; the liquidity framework could squeeze t
9、he supply of funding for essential project and equipment financing; and the counter-cyclical buffer to dampen the pro-cyclical nature of banking could mean banks will retreat from non-core businesses.巴塞尔协议 III 打击贸易融资方式有三 种：杠杆框架会提高覆盖成本；流动性 框架会压缩必要项目和设备融资的资金 供应；用逆周期缓冲来抑制银行顺周期 本质的做法意味着银行将退出其非核心 业务。Geor
10、ge Nast, global head of product management at Standard Chartereds transaction banking operations, said: “The knock-on effect of the new regulations will see banks pass on the capital, liquidity and leverage impact to their clients. As pricing goes up, corporate margins are eroded, which will have ne
11、gative business implications and employment consequences.”渣打银行交易银行业务产品管理全球负 责人乔治纳斯特说：“新规则的连锁效 应会目睹银行将资本，流动性和杠杆的 影响转移到他们的客户身上。随着价格 的上涨，企业利润会被削减，这将产生 负面的影响并且影响社会就业。”The biggest issue concerning the market is Basel IIIs leverage ratio proposal.就该市场而言，最大的问题是巴塞尔 III 对杠杆率的建议。It demands banks set aside the
12、 capital equivalent of the value of off- balance-sheet items using a credit- conversion factor that reflects the 该建议要求银行留出的资金相当于资产 负债表外项目价值，使用的信贷转换系 数反映了资产负债表外风险变成资产负 债表上项目的偶然事件的可能性。天和财务: http:/ 路在脚下 likelihood of a contingent off-balance sheet risk becoming an on-balance sheet item.The Basel III cr
13、edit conversion factor for trade finance is 100%, five times the current 20% figure and industry sources say this is too high and equates trade finance with much riskier products such as structured investment vehicles and particular types of derivatives that were central to the problems of the finan
14、cial crisis and for which these rules are really intended.巴塞尔协议 III 对贸易融资的信用转换 系数为 100，是目前 20的 5 倍。业 内人士称，这个数值太高了，等同于贸 易融资与风险较高的产品，例如结构性 投资工具和特定类型的衍生工具，这些 是金融危机问题的核心，也是巴塞尔协 议 III 规则真正的目的。Dan Taylor, managing director, global market infrastructures in treasury services at JP Morgan, said: “Financial products should be capitalised based on the historical default and loss rates of the individual products rather than a one- size-fits-all approach. The default and loss history for individual trade products is considerably lower than the capital required by Basel III.”摩根大通（JP Morgan）的常务董事，财
