美国SFIG执行董事、总裁Richard Johns先生
Mr. Richard Johns, Executive Director of SFIG
编者按 / Synopsis
中国的资产证券化市场已经发展成为亚太地区最大的证券化市场，预计很快将成为全球的第二大证券化市场。随着证券化规模的不断壮大，如何借鉴海外成熟的证券化市场发展的经验、教训，是摆在监管部门、从业人员面前的重要课题。
相比之下，金融危机后的美国已对其证券化市场展开了深刻的反思和制度变革，其中的经验和教训无疑为我们提供了宝贵的借鉴。美国证券化行业组织（SFIG，Structured Finance Industry Group）的董事会秘书、资深法律专家Jason Kravitt，在2015年中国证券化论坛年会上主持的“美国证券化监管改革对中国的借鉴”的专题讨论，集结了来自美国证券化领域的各路精英，为我们全面剖析美国证券化市场发展的的问题和教训， 其中包括：（1）如何警惕证券化市场的膨胀信号，监督保证市场的适度发展；（2）从风险评估的实时调控来反思可交易性的弊端；（3）如何协调发行人、投资者、债务人等主体之间利益的一致性，以此保证资产的信用质量；（4）监管如何增加金融机构承担风险的能力并限制其参与高风险活动来控制系统性风险的发生；（5）重视信息披露的透明度以及加强监管规则应对复杂化的结构产品的更新等等；（6）精简出10条美国证券化危机中得来的教训；（7）最后对中国资产证券化市场目前的发展阶段作出了相应评价和建议。
这场讨论，可谓是有关证券化知识的一场饕餮盛宴。
以下是Richard Johns主题演讲的实录分享。
As the first country to carry out the securitization in the world, the United States has formed a relatively complete securitization operation and management mechanisms in practice. And its market experience can safeguard the healthy development of the industry for China's asset securitization market, which is in development.
In "2015 Annual Conference of China Securitization Forum" , SFIG's Executive Director, Mr. Richard Johns, delivered a keynote speech. In which, he introduced the promotion of securitization to the real economy and offered a proposal for the development of China Securitization, with particular emphasis on "Simple, Transparent, Comparable" standard, and finally made a comment on how to build regulatory measures.
The following is the record of Mr. Richard Johns keynote share.
演讲实录/ Transcript of the speech
大家早上好！
Good morning!
非常感谢论坛的邀请，能作为这个主题的发言人我感到十分荣幸。
Thank you very much for inviting me here today. It is a great honor and opportunity to be your keynote speaker.
在开始演讲之前，我想要说明，也许我今天的许多观点会反映SFIG的立场，但也仅仅代表我的个人想法而不代表整个团队。同时，我很感激穆迪公司向我提供我今天将要使用的数据。
Before I jump in, I would like to clarify that while many of my comments today may very well mirror positions established by the Structured Finance Industry Group, commonly known as SFIG, via its membership, they are not specifically designed to do so and represent my own views and not those of our members. At this time, I would also like to recognize Moody’s Investor Service, who provided much of the data that I will use to here today.
一、SFIG的简要介绍
A. Brief Introduction to SFIG
我简要介绍一下SFIG。SFIG大概有300个机构成员，代表着证券化行业的所有部门，包括发行人、投资者、经理人、服务者、受托人、评级机构、律师事务所、会计师等等。简而言之，SFIG的会员系统是一个真正代表整个证券化产业的广阔平台。作为一个行业组织，SFIG强调证券化是实体经济发展必不可少的资金来源。基于这个理念，我们致力于培养市场参与者，促进在政策问题上达成共识并运用所达成的共识与立法者进行合作，以支持证券化市场持续稳定的发展。
Let me begin by explaining a little about our organization. SFIG has approximately 300 institutional members representing all segments of the securitization industry, including issuers, investors, broker dealers, servicers, trustees, rating agencies, law firms, and accountants. In short, SFIG’s membership is a broad cross-section that is truly representative of the entire securitization industry. As an organization we are centered on one core premise – notably that Securitization is an Essential Source of Core Funding for the Real Economy. Our focus is on educating market participants and building consensus around policy issues and using that industry consensus to work with rule makers to support the responsible continued development of the securitization markets with a view to supporting that provision of funding to the real economy.
这次会议的主题是“国际视野”与“稳定发展”，我想要以证券化在美国的应用以及如何延伸影响至中国经济作为开头，讨论如何建立一个具有流动性的市场，以及相应的保护措施以确保市场的发展建立在一个合理且稳定的基础之上。
This conference highlights “Global Vision” in conjunction with “Stable Development,” I would like to begin by referencing the application of securitization within the U.S. and how that may ultimately extend to the Chinese economy. I will also review some of the key elements necessary to establish a liquid market, along with some of the safeguards that may need to be applied to ensure market growth is undertaken on a responsible and stable basis.
作为一个行业团体，SFIG是由不满意现有经营格局的人员所建立的，以期重塑自己的立场，保持优势同时积极改善以弥补以往的劣势。SFIG的这些目标与同CSF分享过去的经验具有一致性，符合SFIG对会员资格的要求，也满足CSF以及中国监管者支持实体经济发展的目的。SFIG创建了中国市场委员会，广泛的参与是SFIG所有成员对CSF建设的最有力回应。
As an industry group, SFIG was formed by members who had grown dissatisfied with existing industry representation and elected to rebuild their voice, keeping all that was good about past organizations and looking to add improvements to make up for weaknesses experienced in the past. The similarity between those goals and the opportunity to share insight with the CSF by applying lessons from the past was not lost on our membership, nor were the goals of both the CSF organization and the Chinese regulators in terms of supporting funding of the real economy. SFIG immediately created a Chinese Market Committee, and I am pleased to say that the number of active participants makes that committee perhaps our most vocal out of all of SFIG’s committees.
二、资产证券化如何促进实体经济的发展
B. How Securitization Supports the Real Economy
接下来，我们来谈谈实体经济。
So let’s now turn to funding the real economy.
作为当今世界最发达的资本市场，美国最大规模的运用证券化以促进实体经济的发展。在2014年，美国大概有6万亿美元的债券发行，其中的1.6万亿与证券化相关。
As the most developed capital market in the world, right now, the U.S. represents the largest use of securitization as a means to fund the real economy. Of the approximate $6 trillion of bond issuance in the U.S. during 2014, $1.6 trillion was related to securitization.
即使相较于全球经济危机之前（占总额的50%）有明显下滑，abs占债券发行总额的30％仍表明它属于经济的一个重要方面。
At 30 percent, ABS as a share of total bond issuance is significantly down from nearly a 50 percent share prior to the global credit crisis, but nevertheless still represents a significant part of the economy.
具体而言，这个市场包括抵押支持证券化（主要是通过政府赞助的实体Fannie Mae和Freddie Mac），以及汽车贷款，信用卡和学生贷款证券化。
To be specific, the markets we are talking about include: mortgage-backed securitization (primarily through the government-sponsored entities Fannie Mae and Freddie Mac), auto, credit card and student loan securitizations.
这些证券化市场是日常生活的重要方面。详言之，这些可以让消费者在一个能够容忍的利率下住进房子，拥有一辆车并来往于住处与工作单位之间。在回家的路上，可以在一个杂货店停留并购买食物给自己的家庭。当孩子长大了，证券化市场能够帮助家庭负担孩子的学生贷款以至于孩子们也能够获得一份好的工作，买一辆自己的车，同时拥有一幢房子。一旦孩子们得到了良好的教育，拥有好的工作并住在了不错的房子里，证券化便又能够使得父母安心享受退休生活。
These securitization markets are fundamental aspects of everyday life. To put this statement in perspective, these markets allow consumers to live in a house at a reasonable interest rate, own a car to drive from that home to work, and stop at the grocery store on the way back home to buy food for their families. And as their children grow up, these same markets help fund their children’s student loans so that he or she can get a good job, buy their own car, afford their own house and hopefully allow their parents to enjoy retirement, knowing that their kids have been well educated, with good jobs, and a nice house.
然而，证券化的经济影响力不仅仅只针对消费者，它同样对商业产生影响。
However, securitization’s economic impact affects much more than just consumers. It also finances the commercial side of the economy.
在2014年，通过证券化完成了对商业企业超过2000亿美元贷款的筹措。在2014年年末，贷款抵押证券，即CLO，大约支撑了8430亿美元杠杆贷款的一半。这个数字相较于经济危机以前有所下降，但仍旧是一个非常大的数字。
Over $200 billion of loans to commercial enterprises were financed through securitization during 2014. Collateralized loan obligations, or CLOs, funded nearly half of the $843 billion of all leveraged loans outstanding at the end of 2014. That’s down from pre-crisis highs, but at close to half, it is still a very large number.
对于汽车业而言，证券化不仅帮助消费者筹措资金，同时也提供资金给汽车生产商，例如GM和Chrysler都充分利用了证券化市场。举个例子，如果乘坐飞机来参加这个会议，那飞机所属的航空公司很有可能早已进入了证券化市场以获得资金支持。另外，如果在Burger King购买汉堡作为午餐，CLO便提供资金支持了店内每个汉堡的制作而消费者的部分开销将用来偿还CLO。
For automobiles, securitization produces much more than consumer car finance. It also finances the company that manufactures that car, such as GM and Chrysler – both of whom have used the CLO market. If you boarded a United, Delta, or American airlines plane to attend this conference, for example; you may very well have used an airline that has accessed the CLO market to receive financing. If you purchase a burger for lunch from Burger King, part of that burger’s cost helps pay the CLO that financed the very making of that burger.
另一方面，证券化提供了不同的产品使得公司能够发展和创造新的工作机遇。除了CLO，商业抵押支持证券，即“CMBS”，提供了6250亿美元，占商业抵押市场的27%。在2014年，通过CMBS建造了7800个资产。这意味着，证券化不仅为工作单位的建造支付款项，还包括居住的公寓以及旅行下榻的酒店。
Securitization also provides different products that companies may use to grow and create jobs. Beyond CLO’s, commercial mortgage-backed securities (“CMBS”) have funded $625 billion or 27 percent of the commercial mortgage market. In 2014, CMBS funded over 7,800 properties. This means that securitization also pays for the building you work in, the apartment where you live and the hotel where you vacation with your family.
接下来，让我们一起展望退休的时光。在一生中，我们一直在通过汽车贷款、抵押和信用卡，将现金流投入到证券化中。
Next let’s think forward to our retirement years. We’ve been paying the cash-flows into the securitization system all our lives through auto loans, mortgages and credit cards.
所有的这些开销一直在资产支持证券或者ABS方面向投资者提供优惠，包括退休基金。现在，这些投资可以支撑退休生活。
All of those payments have been providing a coupon to investors in asset-backed securities, or ABS, including the pension funds that hold our retirement savings that we have invested in during our working years. Those same investments will now help to pay for our retirement years.
即使是在退休的最后一段时间中，证券化仍能继续帮助人们维系生活，使得人们能够住上医院以及使用生活辅助设施。
Even in the later years of retirement, securitization continues to stimulate our ability to keep living through hospitals and assisted living facilities.
这就是证券化促进实体经济发展的方式。
That is the way how securitization promote the development of the real economy.
三、如何推动中国资产证券化的发展？
C. How to prompt Securitization in Chinese Market?
然而，我们并不生活在美国。现在来谈谈中国的状况。对比1.6万亿美元在美国的发行，中国3000亿人民币的发行很明显相形见绌，这只占美国市场规模的2％，但是这个数据有望在2015年翻一番，并发展的越来越好。
However, we are not in the U.S., we are in China.Versus $1.6 trillion issued in the U.S., China is clearly a smaller market in comparison with just 3000 RMB, which represents 2 percent of the size of the U.S. market. But that 2 percent is expected to double again in 2015, and grow well into the future.
简而言之，中国存在着潜在的更加直线型的发行过程，以及持久地对于银行转变为更小的、顾客导向型的企业的鼓励。随着汽车业的持续发展，中国的汽车产量在世界范围内保持领先，每年增长8%。随着CLO潜力的增长，银监会最近规定，14.4万亿元的银行贷款可能有资格开展证券化业务。
To start simply, there is the potential for further streamlining of the issuance process and the continued encouragement of banks to shift toward growth of smaller, consumer orientated companies. With continued growth in the auto sectors, Chinese auto production continues to lead the world and grow at 8 percent peryear. With the amount of CLO potential,the China Banking Regulatory Commission (“CBRC”) recently predicted that $14.4trillion dollars of outstanding bank loans may be eligible for securitization.
考虑到CLO自身潜力的增长，2014年对于RMBS的重新引入以及对于其他资产类别例如消费贷款和设备租赁等的引入，可以看到未来中国多重发展的清晰路径。
Just taking that expansion potential on its own, then layering in the re-introduction of RMBS in 2014 and the potential introduction of other asset classes such as consumer loans and equipment leases – there is a clear path for large multiple expansion in China over the forthcoming years.
因此，最基本的问题变成了“中国如何促成这样的发展呢？”或者说，更重要的问题是，“中国如何使这种情况发生而不用发展的太快？”第一个问题由市场决定，而第二个问题更加具有挑战性，因为它涉及到市场如何在规则下有效率的运行。
The fundamental question then becomes “how does China make this expansion happen?” Or perhaps the more important question is “how does China make this happen without growing too fast?” The first is a question thatis almost entirely driven by markets and the second is about how markets should work effectively with regulation, which is a more challenging question.
让我们首先来谈一谈市场。是什么让市场具有流动性呢？在概念层面，这个可能不是一个如同第一眼看起来那么困难的问题。市场依赖于供给和需求。所以，为了创造一个具有效率和流动性的市场，需要确保供给和需求的每一个方面都得到了满足。
Let’s discuss markets first. What does it take to make a market liquid? At a conceptual level, this may not be as hard a question as it first appears. Markets depend on supply and demand. To create an efficient and liquid market, both sides of that equation must be satisfied.
首先来看供给方面。
Let’s take the supply side first.
发行人并不仅仅致力于获得一个低成本的贷款。即使这是重要的，发行人同样需要对他能够进入到市场保有信心，不论是在好的还是坏的时期。这种确定性需要如下几个关键点：
Issuers are not solely focused on attaining low cost of funds. While that is important, issuers also need to be confident that they can access the market through good and bad times. This certainty of execution element includes a few key points:
Low barriers to entry and the ability to repeat issue – If issuers aregoing to embed a form of financing into their strategic funding plan, then they have to be sure they can access that form of funding time and time again.
Price visibility – Issuers needa continued understanding of where a security is likely to price so that they have certainty as to whether it will be economical to bring a transaction to market. A liquid market therefore must give issuers an ability to benchmark issuance against a market and to understand what is driving the price.
Market resiliency – Issuers need to know that when they bring supply there will be demand; and therefore they need a deep and developed investor base.
Duration – Issuers also need to know that a transaction will not require immediate refinancing and may require the ability to transfer risk.
Transaction efficiency – Issuers must also be able to conduct transactions of sufficient size so that upfront structuring costs and fees can be amortized over the life of a deal and do not upend the efficiencies of the transaction.
在需求方面，投资者并非仅关注价格。事实上，投资者的需求在很多方面反应了发行人的需求。
On the demand side, investors are not solely focused on price. In fact, an investors’ needs in many ways mirror issuers’ needs.
投资者不会只在一个证券上进行投资。如果他们打算投入很多的资源和努力来了解一个资产类别或者发行人，同时花时间来培育职员，那么他们希望了解到投资的机会是能够被重复的。投资者是如此的需要知道他们正以一个市场价格获得了证券。所以，这里再一次强调，投资者需要定价的透明度，需要了解能够决定价格的因素以及有能力来监控它们。同时，投资者也需要相关信息的充分公开，使得能够全面了解即将投资的证券所包含的风险。
Investors are not looking to make an investment in onesecurity. If they are going to put a lot of resources and effort into understandingan asset class or an issuer, while also spending time to educate staff - they want to know the investment opportunity will be repeated. They too need to know that they are getting a security at market price – so again they need pricevisibility, and an understanding of the factors that drive price and an abilityto monitor them. They need to be able to understand the asset class and the factors that drive performance; and they need full disclosure of what they deem to be material information, to have a full understanding of the risk they are being asked to buy.
除抵押物本身，投资者必须清楚的知道证券的结构，使得抵押物的实现能够从本质上实现透明。交易越复杂，这之间的关系将更难得到建立。投资者同样需要低门槛来进入这个市场。当然，当一个投资者想要出售证券时，他们希望市场能有一个清楚的出价容许他们进行考虑。
In addition to the collateral itself, investors must have a clear understanding of the security’s structure so its performance will be transparent from the nature of the collateral. The more complicated a transaction, the less easily this connection can be made. Investors also need low barriers of entry into the market. And of course, in the event an investor wants to sell a security, they want to have a clear bid in the market to consider.
目前，欧盟银行管理局和IOSCO/Basel的联合工作小组都致力于为交易定义一个“标准”，或许可以称这个“标准”为“高质量”。
Right now, both the European Banking Authority and a joint IOSCO/Basel task-force are working to define a “standard” for transactions that might designate them as “high quality.”
SFIG倾向于认为，应该对在违反这个标准都会产生负面影响的基础上划分“好”或“坏”的abs的观点保持谨慎态度。然而，由IOSCO/Basel所采用的“简单、透明、可比性”这个概念确实推动了一些关于这个概念能够被运用于促进新市场发展的讨论的进行。
While we at SFIG would urge some caution about therisk of creating a dividing line between what designates “good” and “bad” ABS on the basis that it could create a negative impact to anything that fails to meet the standard. However, the concepts adopted by IOSCO/Basel of “Simple;Transparent; Comparable” certainly warrant some additional discussion as they can be applied to helping to grow new markets.
我们当然不会鼓励发展一些以前的结构，比如CDOs将杠杆的分层引入进交易。所以，简单就是一种好的开始。
We certainly would not want to encourage some of the structure of the past, such as collateralized debt-obligations (“CDOs”) squared, which introduced layers of leverage into a transaction. So perhaps “simple” is a good place to begin.
然而，在全球金融危机期间，一些表现的很好的资产类别，比如信用卡，并不具备简单的结构。也许有人将这种结构定义为“直线型”，因为它仅有一个资产类别和一组现金流。基于对手头资产属性的了解和通过直线型交易结构对现金流的运用，你能够确保证券的实现是可预期的。因此，一个直线型的交易也许能够长期的满足投资者的需求。
However, some of the best performing asset classes during the crisis, such as credit cards, actually do not have a simple structure. One could perhaps define thestructure as “straightforward,” on the basis that there was only one asset class and one set of cash flows, for example. A security’s performance is predictable based on an understanding of the nature of the asset in hand and the application of its cash-flows through a straightforward transaction structure. So a straightforward transaction may go along way towards meeting an investor’s needs.
回到IOSCO/Basel的概念，“透明度”也很重要。一个直线型交易就能够促进证券实现的透明度。此外，还需要清晰的确定角色、明确职责，审核过程以及执行计划，这样，一旦出现差错，人们就会知道是谁应该做些什么；同时，交易从一开始便可以满足发行人和投资者的需求。
Coming back to the IOSCO/Basel concepts, “transparency” is also important. A straightforward transaction in and of itself will help support transparency of a security’s performance. Additionally, there is a need to clearly define roles, responsibilities, review processes and enforcement actions, so that if something does go wrong, everyone knows who is supposed to be doing what; and the transaction begins to satisfy both issuer and investor needs.
根据资产时间点和业绩数据披露的适当规则来进行分层，投资者便能了解影响证券业绩的因素，并能获得帮助他们分析其所承担的风险的数据资料。
Layer in appropriate regulations around disclosure of asset “point in time” and “performance” data, and investors will be provided with the ability to understand both the driving factors behind the security’s performance and also the hard data with which they can assess the risk they are taking.
然而，如果不能将风险与其他类似风险将比较，投资者仍然不能有效的评估风险，这也是“可比性”标准同样重要的原因。但是，可比性并不意味着所有的交易都应当相同。事实上，如果交易都一模一样，他们便失去了对比的意义。不同的发行人会有不同的公开程序，并且对于信息要素会有不同的关注点。因此，对于市场而言，全盘标准化并不是一个好的结果。倘若发行人之间的不同点已经被公开，那么提供被推荐的披露范围或者提供最佳的实践性指导，将是确保交易可比性的最有力的方式。这是与任何一个发展中的市场都相关的事情，毕竟过度的强调所规范的标准将会扼杀市场的创新性与潜在的发展力。
However, investors will be unable to price that risk effectively without the ability to compare it to other similar risks, which is why the “comparable” criteria is also important. However,comparable does not mean all transactions need to be identical. In fact, it means the opposite. If transactions were identical, then they would never need to be compared. Different issuers will have different disclosure processes and may place different emphasis on different elements of information. Therefore, full standardization is not a positive outcome for a market. Yet, presenting recommended ranges of disclosure or best practice guidance is a very powerful way of ensuring that transactions are comparable, provided transparent disclosure of where one issuer differs from another is given. This is even more relevant for any growing market, where overly prescriptive standards will stifle innovation and potentially impact growth of that market.
这些是对于“简单、透明、可比性”的概略，伴随着从简单变到直线型的趋势。
That is a high-level overview of simple, transparent and comparable – with a slight tweak changing simple to straight forward.
但是大体而言，交易都应该被清楚的结构化，使得它的实现能够衍生于资产的实现；信息应该被公开，使得投资人能够获取到信息；成交应该在某种程度上被类似的结构化，使得投资者能够在适当的环境中审阅这些信息并作出投资决定。
But generally transactions should be clearly structured so that the performance can be derived from the performance of the asset. Information should be clearly disclosed to ensure that an investor can derive that information, and deals should be structured somewhat similarly so investors are able to view that information in an appropriate context and make sound investment decisions.
现在我们来讨论直线型的发行过程。高度流动的市场依赖于“市场速率”，我不想讲太多这个问题，仅仅意识到，如果我们回到一年前，即发行人不得不进行事前审批的时候，在市场中投机取巧的能力便丧失了。发行人变成了接受定价的人，这不是进入市场的动机。
Let’s now turn to streamlining the issuance process. One thing that highly liquid markets depend on what I would loosely term “market velocity.” I don’t want to dwell too much on this aspect, but merely recognize that if we go back a year or so, whenissuers had to get each transaction pre-approved, the ability to be opportunistic in the market is lost. Issuers then become price takers, which is not an incentive to come to market.
市场消除了一个有点矛盾的基础，即产品的匮乏并不必然导致价格的上涨。当市场稳定且具有流动性时，价格上升；同时，一个稳定且流动的市场需要更多的发行（供给）。为了创造更多的供给，发行人需要具备灵活性，使得能将交易带进市场。这意味着，当需求充裕时，发行人有能力去快速进行交易并且能够获得预构建的文件。
Markets work off a somewhat paradoxical basis where scarcity of product does not necessarily drive price upwards. Prices increasewhen markets are deep and liquid; and a deep and liquid market requires more issuance (supply). In order to create more supply, issuers need flexibility to bring transactions to market. That means issuers need the ability to develop a transaction quickly when demand ishigh and to be therefore be able to access pre-constructed documents.
这将带来更多的发行，创造更大的流动性。最近消除事前审批程序，允许发行人在“阶梯式”的基础上进行登记的措施，可以说是前进了一大步。
This brings more issuance, creating deeper liquidity,and the recent steps taken to eliminate the pre-approval process and allow issuers to register on a “shelf-like” basis is a large step forward, which we congratulate and applaud the regulators for taking.
现在谈谈定价的透明。
Now on to price transparency.
二级市场是确保美国市场运行效率的关键。当投资者在市场上购买债券时，他们希望确保能够将债券再行出售。做市商积极的支持ABS市场，确保当一个投资者想要出售债券时市场就会有标价，并且能够持有证券到期，使得投资者对于在一级市场购买债券保有信心，同时暗示其他投资者该债券具有流通性。
The secondary market is absolutely key to ensuringU.S. markets work effectively. When an investor buys a bond on the market, he wants to ensure retains the ability to sell that bond. Having a market maker actively support the ABS market ensuring that when an investor wants to sell, there is a bid, and to be able to hold that bond until it can be offered ensures that investors feel confident to buy in the primary market and sends an additional signal to other investors that the bond is liquid.
二级市场能够告诉我们债券可以用来交换什么，以及哪里的一次发行需要定价。投资者不得不在二级市场中关注同质的风险或者成熟的表象和哪里进行交易。
Knowing what a bond trades like on the secondary market also provides insight into where a primary issuance should price, as an investor simply has to look to a similar risk/maturity profile in the secondary market and where it trades.
定价的透明对投资者和发行人均有利，因为大家会知道这是在一个正确的地方购买了债券。当然，二级市场的发展也吸引了发行人的关注，使得二级市场成为投资者最想要投资的地方。
This price transparency works both in the favor of the investor and the issuer as everyone knows they will be buying new issue in theright “ball-park”. And of course those secondary market spreads also highlight to an issuer, where investors have the most appetite to invest.
在美国，ABS行业中的保险公司是二级市场上典型的做市商，并且在二次流动中表现的活跃，向其他交易商或者第三方提供了ABS。
In the U.S., the ABS underwriter is typically themarket maker in the secondary market and operates active secondary flow that offers ABS to other broker-dealers or third-party investors.
美国的二级市场比英国的更加活跃，投资者更倾向于购买并持有债券，相应的也给市场的流动性带来了负面影响，即使在金融危机之前也如此。
The secondary market is far more active in the U.S.versus Europe, where investors have tended to be far more buy-and-hold type investors, which has had a correspondingly negative impact on market liquidity,even in the years before the global credit crisis.
在某种程度上，在市场上买卖资产与过程中没有任何交易相矛盾。事实上，这对于具有高度发展潜力的年轻市场是尤其重要的。发展需要被有效的控制，避免市场急剧贬值或急剧升值的风险。控制发展速率是交易商的重要职责，他们会在华尔街限定的债券清单中寻求其他公司的投标，同样的，他们也会在其他公司的清单中进行投标。
While we are talking about buying and selling assets on a market, it can sometimes be paradoxical to remember that there is no exchange in this process. In fact, this is particularly important in young markets with high growth potential but little history. Spreads need to be controlled efficiently without risk of market freefall or massive appreciation.Controlling volatility is a key element of a broker-dealers’ role. They will work within the confines of WallStreet with lists of bonds soliciting bids from other firms and similarly they may bid on lists offered by other firms’ lists.
同科学一样，这是一门艺术。毋庸置疑，这是迄今为止美国市场上推动流动性发展的关键因素之一，包括美国经济危机之后相较于其他市场的快速复苏。
It is an art form as well as a science, and without adoubt it is one of the key distinguishing factors that has been responsible forthe deep liquidity in the U.S. markets of today and the past, including the faster post-crisis recovery that was seen in the U.S. relative to other market jurisdictions.
我相信，对于中国ABS市场而言，一方面需要支持现有的流动性，另一方面需要对一级市场发行的有效定价问题进行不断探索，以期拥有高度的流动性和自由的证券交易。重要的是，离岸银行作为主要促进者的二级市场是未来中国ABS市场发展的关键要素。
I strongly believe that for the Chinese ABS markets to enjoy the level of liquidity and free trading of securities needed to support both ongoing liquidity and effective price discovery for primary market issuance. Just as importantly, an active secondary market, with off-shore banks as major contributors, is a key element to the future success of the Chinese ABS market.
那么，中国应该如何发展证券化市场来支撑实体经济呢？
So how can China grow the securitization markets to support responsible funding for the real economy?
回到供求多样性：
Let’s come back to my list of supply and demand variables:
Low barriers to entry and the ability to repeat issue – Investors need low barriers to entry and the ability to repeat issue. We covered the issuer side with the shelf-like registrationand removal of pre-approval. I am going to keep moving on, but let’s not forget there is an investor entry barrier discussion to be had, which I will avoid now for the sake of time.
定价透明度——如前面所言，投资者同样需要定价的透明，以及持续的了解一个证券可能在哪里进行定价，使得发行人对于这个证券是否具有经济性而能给市场带来交易保有确信，并能够针对一个市场来基准测试发行，同时了解是什么在二级市场上主导了定价。
Price visibility – As I said before, investors also need price visibility, the continued understanding of where a security is likely to price so that an issuer is not guessing as to whether it will be economical to bring a transaction to market. An ability to benchmark issuance against a market and to understand what is driving the price from the secondary market totransaction comparability is also necessary
Market resiliency – Issuers need to know that when they bring supply there will be demand; and therefore they need a deep and developed investor base. Again, there is a conversation to be had about removing barriers to entry and educating off-shore investors.
Transaction efficiency –Issuers must also be able to conduct transactions of sufficient size so that upfront structuring costs and fees can be amortized over the life of a deal and do not upend the efficiencies of the transaction. While I have not discussed it, removal of deal quotas can make a big impact to transaction efficiency together with theability to use a shelf and repeat issue with effectively that same documents.
作为构建流动性市场的基础性要件，我们必须强调，投资者并不仅仅在一个证券上进行投资，他们之所以会努力地去了解一个资产类别或者一个发行人，花时间在上述资产类别或者发行人上培育员工，是因为他们希望知道投资机会是可以重复的。
This bears repeating as it is a fundamental concept for building a liquid market. Investors are not just looking to make the investment in one security. They will put theeffort into getting to know an asset class or an issuer, spend time educating staff on said class or issuer and, because of all that effort they want to know the investment opportunity will be repeated.
投资者也需要知道他们正在以市场价格获得一个证券——再一次强调，他们需要定价的透明，同时了解并掌握能够主导定价的因素，例如交易的可比性和二级市场交易。
They need to know that they are getting a security at market price – so again they need price visibility and an understanding of the factors that drive price and an ability to monitor them,such as transaction comparability and secondary market trading.
投资者必须能够知道资产类别以及影响资产实现的因素。投资者需要相关信息的充分公开，从而能够全面了解即将投资的证券所包含的风险。这个要求使得透明度和公开性十分重要。
Investors must be able to understand the asset class and the factors that drive performance. They need full disclosure of what they deem material information that will provide a full understanding of the risk they are being asked to buy. This requirement makes both transparency and disclosure key.
同样的，除了抵押物本身，投资者需要了解证券本身的结构，使得证券的实现能够从抵押物自身实现透明。交易越复杂，这之间的联系便越难建立。简单的交易增强了证券的可比性。
Similarly, in addition to the collateral itself, investors need a clear understanding of the security’s structure so its performance will be transparent from the nature of the collateral. The more complicated a transaction, the less easily this connection can be made. Simplicity enhances the comparability of securities.
当然，投资者希望出售证券，希望在二级市场上能有一个清楚的标价。
And of course, in the event they want to sell a security, investors want a clear bid in the market to take the sell the security through secondary markets.
Summarizing the key elements again, they are:
再次概括一下关键要素：
1.直线型，透明且具有可比性的结构；
Straightforward, transparent and comparable deal structures;
2.阶梯式的过程以激励可重复的交易；
A shelf process to encourage repeatable transactions;
3.稳定，高度发达的二级市场。
Strong, developed secondary markets.
以上三个要素对于中国市场的发展十分重要。当然，投资者的发展和培育、离岸障碍的消除等对于拓宽机遇也很关键。
These three key elements are required to enable the growth of the Chinese markets. I would certainly add investor development and education, removal of off-shore barriers and other aspects as further areas of opportunity.
四、如何促进实体经济的发展？
D. How to support the real economy?
讨论完如何构造一个流动性的市场后，现在需要解决的问题是如何使市场促进实体经济的发展。
Having covered how to build liquid markets, we should now address how to grow the markets to support the real economy responsibly.
这个是行业与监管部门共同致力于解决的问题，也是中国证券化论坛希望促进相关合作的方面。
This is where the industry working together effectively with regulators is of absolute and paramount importance, and the Chinese Securitization Forum is perfectly placed to provide an effective forum for such collaboration.
中国确实拥有一个将自身发展地更好的机会，这个建造的过程类似于三只小猪的寓言故事。
China really does have an opportunity to build something better than it has been built before. In thinking about this building process it is helpful to think about the fable of the three little pigs.
在美国有一个寓言故事：一个猪妈妈让她的三个小猪儿子独自生活。一号小猪非常的懒，仅用稻草建造了房子；二号小猪相对不太懒，但是仍不能够胜任这个任务，用木棍搭造了房屋；三号小猪用砖筑成了房屋。毋庸置疑，在这个故事的最后，大坏狼吹倒了一号和二号小猪的房子，使得他们不得不躲进三号小猪的房子里。
In the U.S. there is a fable about how “Mother Pig” sends her three sons off into the world to make their way in life. Pig number one is lazy and builds his house of straw, pig number two is a little less lazy but still not fully up to the task and builds his house of sticks and of course we have responsible pig number three who builds his house from bricks. Needless to say, the big bad wolf in this fable ends up blowing down the houses of pig one and two and they all have to seek refuge in pig number three’s house.
因此，用砖建造房子是必要的。不可避免的是，未来将会有另一次经济危机：市场泡沫，经济萧条，流动性危机等，这些都将发生。我们能够做的是，在危机确实发生的时候，确信已经建造好了能够抵御危机同时屹立不倒的市场结构。
Build your house of bricks. There will inevitably bean other crisis. Market bubbles happen. Market upsets happen. Liquidity crises happen. What we have to do is ensure that when they do happen, we are prepared with market structures that can weather the storm and stay standing.
这意味着，行业必须与监管机构合作，确保市场在规则下运行。中国证券化论坛为这种合作提供了一个平台。
That means the industry must work in conjunction with regulators to determine market practices that work with regulation, and the China Securitization Forum is perfectly placed to provide a forum for suchcollaboration.
总的来说，规则不能过于严格，否则当需要规则来规范时会缺少弹性，同时会成为市场发展的绊脚石，因为发展中的市场倾向于更多的变革，因此需要更大的弹性。这使得对于市场参与者而言，负责任的行为和对于最佳操作方式的采纳更为重要。
In general, regulation cannot be overly prescriptive,which can create a lack of flexibility in times when it is needed and is perhaps a bigger restrictor for growing markets which tend to be more evolutionary and therefore require more flexibility. This puts responsible behavior and adoption of best practices even more to the forefront for market participants.
规则之间相互不冲突也十分重要，但这并不意味着不规定任何的限制。总的来说，适度的公开或者风险滞留对于证券化市场十分有利，因为那样可以汇集利益并且确保投资者有足够的信息来做投资决定。
It is important too that regulations do not conflict with one another. That does not mean every rule has to open the doors to securitization without any controls or protocols. Having a set of appropriate disclosure or risk retention rules may very well be in the interests of the securitization market as a whole in that it may align interests and ensure investors have enough information to make credit decisions.
如同其他任何规则，宽泛的、缺少限制的要求通常会带来无意识的或者负面的后果。举个例子，Basel的流动性覆盖率禁止银行将资产支持证券份额归类为流动性资产，这给许多普通的ABS带来了麻烦，例如汽车贷款和信用卡，这些的表现远胜于企业债券。在产品中消除作为潜在投资者的银行，是与欧洲、美国以及中国将私人证券化资金作为促进实体经济发展的财政目标相悖的。
As with any rule, broad and poorly defined requirements often have unintended or negative consequences. Take for instance Basel’s liquidity coverage ratio (“LCR”), which specifically eliminates banks from being able to classify any ABS holdings as liquid assets. This is particularly troubling from the perspective that many plain vanilla ABS categories, including prime auto and credit cards, out performed corporate bonds significantly. Eliminating banks as a potential investor in this product appears contrary to European, U.S. and Chinese goals of supporting private securitization capital as a means to providing meaningful finance to the real economy.
那么，讨论一些值得考虑的监管措施。
So let’s discuss a few regulations that may be worth considering.
利益联盟
ⅠAlignment of interests.
利益联盟是很好的事情。在经济危机期间，次级车贷和信用卡的证券化发展很好，这一点也不令人惊奇。汽车制造商由于利益联盟而不得不有效益的出售车辆，而信用卡发行人的利润也是基于同样原因得以留存，最终利益取决于能给投资者带来多少利益。
Alignment of interests is a good thing. It is no surprise that prime auto and credit card ABS performed well during the crisis. Auto manufacturers had an alignment of interests in that they had to have financing available to sell their cars and card issuers profit was driven by exactly the same performance factors that provided returns to investors.
然而，如果证券化变成了一种与提供资金相反的真实的商业模式，那么，在交易环节所带来的利益将对利益联盟带来风险。
However, if securitization becomes an actual business model as opposed to a form of funding, then the gain on sale can create a risk to such an alignment of interests.
风险保留同样有助于利益联盟。但是，正如我刚才所言，广泛的规定会带来无法意料的结果。如果没有考虑到资产的特质，那么建立一种处理方式并将其运用于每一个资产类型就会带来不良后果。例如，围绕贷款设计一个模型，再将这个模型运用于汽车证券化中，是明显不可能起效的。
Risk retention can also be a good tool for aligning interests. But, as I said before, broad rules have unintended consequences. It would be detrimental to develop one solution and apply it to each asset type without regard for the characteristics of that asset. Taking a model designed around mortgage and applying it against auto ABS for example, simply would notwork.
深入来讲，美国有不同的CLO商业模式，这些商业模式不是作为原始权益人和发行人的银行的高质量负债，而是通过二级市场将负债变为杠杆贷款，同时通过先于发行的抵押品管理人形成资产池。评估一个相反于抵押品管理人的保留因素将会对美国CLO行业的整体商业模式带来风险。有趣的是，这个可能更加适合于中国的CLO模式。
Going a step further, let’s look at CLO’s. Due to the different business models around CLOs in the U.S., where rather than being high quality loans originated by a bank that is both originator and issuer, the loans are sourced as leveraged loans through the secondary market and pooled via a collateral manager prior to issuance. Assessing a retention factor against a collateral manager who is not part of the origination structure createsa risk to the entire business model for the U.S. CLO industry. Interestingly,it may be more fitting to the Chinese CLO model.
最关键的一步是确保没有采用一种“以一概全”的方式，而是应当使每一个规则都被起草且被测试，来确保规则满足了战略性目标而没有破坏每一个企图保护的市场。
However, the most important first step would be tomake sure that no “one-size-fits-all” approach is taken and that each regulation is crafted with the industry and always tested to ensure it meets the strategic goals of the regulation without hurting the very market it is designed to protect.
信息透明
Ⅱ Transparency of information
缺少透明度和调查可能导致不适当的风险评估，目标应该是增加透明度以及激励投资者调查。这个不容易实现平衡，并且在美国和英国导致了无数的争论。
Lack of transparency and diligence may have led to in appropriate risk assessment. The goal should be to increase transparency and incentivize investor diligence. This is not an easy balance to get right and is a subject that created enormous debate in both the U.S. and Europe.
该事项需要在以下要素中获得很好的平衡：
The challenge is getting the balance right between:
1.为作出一个好的信贷决策提供充足的投资者信息。
Providing an investor sufficient information to allow for a well-informed credit decision;
2.不去创造一个强制发行人公开所有信息或者导致公开成本过大的过于繁重的体制——二者都会导致发行人退出市场。
Not creating an over-burden some regime that forces an issuer to disclose proprietary information or to incur too much cost in providing that disclosure – both of which can cause them to withdraw supply from the market.
因此，我有一些建议。
Therefore, I have a few pieces of advice.
首先，规则是必不可少的——并不仅仅是去强制实现透明，同时也要促进长久的公开。
First, rules are necessary - not just to enforce transparency but also to promote consistency of disclosure.
其次，采取资产置换的方式很重要。不同的经营模式和贷款产品对于实现方式或者信用标准有不同的关注点。例如，对于循环信用卡资产池而言，真正有用的并不是那些对于汽车应收帐款分期资产池必不可少的要素。
Second, it is important to take an asset-by-asset approach. Different business models and loan products place different weight on various performance or credit criteria. For example, what is useful for are volving credit card pool is not going to be the same as what is necessary for an amortizing pool of auto receivables.
让我们来看看在ABS中逐渐复杂的结构。
Let’s take a look at increased complexity in ABS structures.
在美国，毋庸置疑是逐渐复杂的ABS结构导致了经济危机。简而言之，这使得信用评级机构和监管者很难了解，同时一些结构可能会被处理以满足对于交易“直线型”的需要。
There can be no doubt that the swift development of increasingly complex structures in the U.S. contributed to the financial crisis– in short, making it difficult for both credit rating agencies and sometimes regulators to remain up to date on new structures. Some of that may be cured by the need to keep deals “straightforward.”
这里有一些替代方式能够在某种程度上缓和危机，包括对于评级机构模式的改变。然而，除了要提防复杂性的增加，设定一些旨在对抗复杂性的规则也是很明智的措施。记住，简单和直线型并不总是相同概念。
There are other alternatives that may in some part gotoward mitigating this risk, which may include changes to rating agency models for example. However, beyond guarding against increased complexity in general, it would be wise to take a cautious approach to setting up rules targeted against complexities. Remember, simple and straightforward are not always the same.
对于适当程度的监管失职可能没有真正的替代措施。简而言之，一个聪明的监管者会是一个更好的监管者。同时，规则应该实施于行业中，以确保在分享与产品和市场发展有关的教育上规则能与监管者进行有效的合作。
There can be noreal substitute to appropriate levels of regulatory oversight. In short, a smarter regulator is a better regulator – and it must fall upon the industry to ensure it partners effectively with the regulators to share education around both product and market developments.
禁止过量
Ⅲ Not to take a broad brush
在美国市场上，申请证券化时的系统风险申请已经被过度地惩罚了。
Systemic risk application when specifically applied to securitization has been overly punitive when we look within the U.S.
如果考虑用一个模型来解决不平衡的大量交易，在这个模型中风险能够被转移，那么在无法意料的损失中为损失额创造一个资金优惠是十分重要的。
When you think about a model for off balance sheet transactions, where risk has been transferred, it is important to create acapital benefit for reductions in unexpected losses. Where accounting warrantsit, off balance sheet treatment should be allowed to reduce loss reserves.
总结以上观点，在美国，监管资本要求与契约协议存在不协调。从会计角度来看，美国会计假定一个发行人将会选择去变动契约条款来吸收已经转嫁到投资者的风险，同时发行人被强制持有资本以避免亏损。当这些假想与投资者也需要持有资本以避免安全性风险的事实相悖时，监管结构会在金融体系内创造两倍于预期风险的资本。这样不仅增加了贷款成本，同样限制了贷款的供给，这是与向实体经济提供资金的目标背道而驰的。
To put these comments into context, in the U.S. thereis a misalignment between regulatory capital requirements and contractual agreements. From an accounting perspective, the U.S. accounting assumes that an issuer will choose to vary its contractual terms to absorb risk that had been transferred to the investor –and issuers are forced to hold capital against that risk of loss. When these assumptions are applied against the fact that an investor is also required to hold capital against the risk of the security, then regulatory structure creates two times the amount of capital in the financial system versus the expected risk. This outcome not only increases the cost of credit but also limits the supply of credit, two results that appear incongruent with the goals of providing funding to the real economy.
促进国际合作
Ⅳ Encourage global consistency
这并不意味着要跟随每一个国家的脚步，而是意味着参与全球化来确保市场参与者了解市场的所有方面，并且有机会去帮助构建一个受过教育的全球监管者，以此来接纳那些能够保护所有市场而不损害流动性的规则。
This does not mean follow everyone else. It means engage globally to ensure that market participants understand the perspectives of all markets and have an opportunity to help shape an educated global regulator to adopt sensible rules that can be appropriately applied to protect all markets without harming liquidity.
在之前的一段时间内，我曾试图构造出一个“实体经济”的天堂，以及理解行业如何在与监管者的合作之下致力于发展长期且深入的市场流动性，同时如何运用实践来确保市场参与者得到适当的保护，确保市场能够有弹性的应对未来危机。
In a short amount of time I have tried to lay out a“real economy” nirvana, coupled with how the industry can focus on developing sufficient long term and sustainable deep market liquidity while working with regulators and employ the best practices to ensure market participants are appropriately protected and, equally important, that markets are resilient to future crises.
再次感谢你们，能够被邀请我感到十分的荣幸！现在进入自由提问环节。
Thank you for your time, again, we are deeply honored to have been invited here. And at this point I think maybe we can open it up for a few questions.
【本编微信文章的编辑负责人为：（1）江沁娟，中伦律师事务所资产证券化团队；（2）王文娟，中伦律师资产证券化团队；（3）马仙莉（Natalie Imamura），中国证券化论坛秘书处。】
[This News is edited by the following professionals: (1) Jiang Qinjuan, Securitization Team of Zhong Lun Law Firm; (2)Wang Wenjuan, Securitization Team of Zhong Lun Law Firm; (3)Natalie Imamura, Secretariat of China Securitization Forum.]
中国资产证券化论坛（CSF）定于2016年4月7日至9日在国家会议中心举办规模预计超过3000人的“2016年中国资产证券化论坛年会”，目前已经初步完成基于CSF微信公众号基础上的论坛微网站、年会微网站建设，大家可以通过关注CSF微信公众号：China-Securitization，点击“进入公众号”即可查看页面底部三个菜单，依次为：“论坛微网”，“年会微网”和“MENU”。大家可以更加方便地（1）在线申请会员，建立自己的证券化业内交流 ”个人账户“；（2）了解论坛详细情况，积极参加论坛各委员会的组建、选举；（3）了解年会详细情况，报名参加“2016中国资产证券化论坛年会”。
"2016 Annual Conference of China Securitization Forum" will be held by China Securitization Forum (CSF) in April 7-9, 2016 at the Beijing National Convention Center. More than 3000 people will attend. Now it has completed the construction of CSF WeChat Website and the Annual Conference WeChat Website. You can follow the CSF WeChat channel public number: China-Securitization, click on the "Enter the public number" to see the bottom of the page three menus as follows: "CSF Website" , "Annual Conference Website" and "MENU". You can easily (1) online apply for membership, create "My Account"; (2) understand the details of CSF, participate in the election of the committees of CSF; (3) understand the details of the annual conference , participate in the "2016 Annual Conference of China Securitization Forum".
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