Question

谁能帮用英文我翻译一下这段话~不胜感激

本文首先对信用衍生品市场中占据主导地位的信用违约互换（Credit Default Swaps，CDS）是一种什么样的金融衍生产品进行介绍，然后论述了该衍生工具在交易过程中面临的一些主要风险，包括信用风险、交易对手风险、交易风险、流动性风险和监管风险。并在风险控制方面联系实际，对CDS交易中交易对手违约风险、流动性不足风险、OTC市场的的低透明度与政府监管缺失这些风险问题进行论述。最后通过简介次贷危机中CDS市场的发展状况，了解CDS这一金融衍生工具在次贷危机中的角色，从而得出衍生品交易要拥有防范市场风险的能力，金融监管必须与金融创新保持同步等我国金融衍生工具的发展启示。

Answer 1

As the first part, this paper explains the nature of Credit Default Swaps (hereafter as CDS) as a Financial Derivatives which domains the credit-derivative market. Followed on this paper, some major risks that occurred to such derivatives during the trading process are discoursed, which include credit risks, counterparty risks, transaction exposure, liquidity risk, and monitoring risks. Especially in regard to the risk control, this paper discusses some issues with practice, such as counterparty risks in CDS transaction, liquidity shortage risk, low transparency and lack of governmental monitoring in OTC market. As last, throughout introduction of the development states of CDS market in this subprime crisis, and making understanding of the role of CDS as a financial derivative played in subprime crisis, this paper derives suggestions on the development of financial derivatives in China, such as derivative transaction must possess the ability of market risks preventing, and financial monitoring must keep pace with financial innovation.

Answer 2

This paper firstly Credit derivatives market dominant Credit Default swap (Default Swaps, CDS) at a kind of financial derivatives are introduced, and then discusses the derivatives trading process in some major risks, including Credit risk, trading counterparty risk, liquidity risk and risk and risk supervision. And in reality, the risk control of CDS trading counterparty default risk, liquidity risk, OTC market shortage of low transparency and government lacking these problems were discussed. Risk, Through the introduction of the subprime crisis, the development situation of CDS market about the financial derivatives CDS role in the subprime crisis, derivatives trading shall have the ability to prevent market risk, financial supervision and financial innovation must keep pace with our financial derivatives such development.