whatmadep2psounddoublyexciting【亚博买球网址】

本文摘要:Earlierthisyear,forexample,citigroupagreeda$150mtie-upwithlendingclub是tofinanceloans另外,利用监督管理结构的脆弱性,构筑了政策制定者容易监督或管理的产品(抵押贷款衍生品由谁监督在当时并不具体)。

对冲基金

whentheconceptof“peer-to-peer”lendingpoppedupadecadeago, libertariansandleftwingidealistsalikecheered.fortheideaofusingtheinternettomatchborrowerswhoneedcashwithlendersseeemedtoed 10年前“个人对个人”(peer-to-peer )贷款急剧发展时,自由主义者和左翼理想主义者都鼓掌。这可能是因为利用互联网来架设需要资金的借款人和借款人之间的桥梁具有“共享型经济”的特征。whatmadep2psounddoublyexciting-atleastintheaftermathofthe 2008 crisis-wasthattheseplatformsalsoappearedtothumbanoseatthe s.or, to use the technical term,p2p threatened to“DIS Intermediate”Mainstream Finance,in a democratic way .令p2p或者用专业术语来说,P2P以民主的方式为主butthatutopianidealisstartingtobeturnedupsidedown.true是ifyoulookattheprofileofwhoisprovidingloansonamerica’sbiggestp2plate youwillstillseewealthy“momandpop”investors, attractedbythehopeofgoodreturnsinalowinterestrateworld.since 2009 loansonthebigp2pplatformshavegeneratedyieldsofbetween5and 9结局, 考虑到在美国大型P2P平台上Lending Club和Prosper Marketplace——等——的融资对象的说明,富裕的“夫妻店”投资者3354在现在的低利率时代,对低收益率的期待使他们成为网络平台自2009年以来,大规模P2P平台贷款的收益率在5%到9%之间。

butthosepluckyindividualsareinaminority-andashrinkingone.these days, four-fifthsofthefinanceonp2platforms [ aanda ] saysjustlendingclubinsourceicanfindourstorydateddecember 14.2014 ] comesfrominstins such as hedge funds,orarmsofthe目前,P2P平台上五分之四的资金来自对冲基金和老品牌银行的分行等机构。Indeed, hedgefundsandbanksarenowmovingintothissectorwithsuchavengeancethattheyarenotonlyrepackagingthosep2ploansintonewinstor theyarelel o .确实,对冲基金和银行不仅通过证券化使P2P贷款的新纸盒成为新的金融机构,而且通过这些平台专门从事贷款业务。Earlier this year,for example,citigroupagreeda $ 150m tie-upwithlendingclub是tofinanceloans.citizensbankhasbought $ 200 mofloanss abigstudentloan-focusedmarketplacelender,andcommittedtobuy $ 300 mmore.insteadofthumbingtheirnoseatbanks,in other words,P2P lep ifnotbeingco-opted too.infinancialterms,thisislikeuberquietlycuttingdealswithestablishedtaxicompanies .例如今年早些时候美国国民银行(CIS 换句话说,P2P贷款平台不是对银行嗤之以鼻,而是说服银行,或者被银行说服。

这只不过是Uber和出租车公司悄悄地达成了协议。Does this matter? theanswertothatquestiondependsonwhatyouthinkthemainpriorityformodernfinanceshouldbe.ifyouthinkthatthesystemneedstoprovidemain ,in order to to boost growth,thisquiettransformationshouldseemwelcome .这有关系吗? 答案各不相同。

你对现代金融的首要任务怎么看?
如果金融系统指出必须为经济获得更多的信用得到性刺激迅速增长,这样安静的变化可能会受欢迎。After all,thearrivalofbanksandhedgefundswillenablethesectortoexpandmorerapidly.andborrowerdemandseemsskyhigh。pwcpredictsthatp2plendingwillswellto $ 150 bnby 2025,from $5.5bn in 2014 .但是银行和对冲基金的转移不利于该行业的更慢扩张。而且借款人的市场需求可能充分满足。

PwC预测,到2025年P2P网贷规模将从2014年的55亿美元锐减到1500亿美元。butifyouthinkthatthemaingoaloffinanceshouldbetocreatesafe,clear rules for capital flows, thenthispatternmightalsomakeyouweep.ifyouaskbankerswhytheyaremovingintop2PL ending, somewillpointtothehighreturnstheyhopetoearn (sincetheaverageloancommandsaninterestrateofaround 13 percent ) marginsarehigh ) . otherswillcitetheneedforbankstocopyclevertechnologyideasandbecomemoreentrepreneurial .但是金融行业的主要目标是银行家为什么要转移到P2P网上信用行业其他人,银行必须自学聪明的技术理念,不能说有创业精神。But there is another, grubbiermotive : regulatory arbitrage .“Welikep2Pbecausewecandothingstherethatwecan’tdoinourmail”“Asaseniornewyorkbankerrece” “我们讨厌P2P。

因为可以在银行做不到。”纽约银行的干部最近在会议上解释说。

sharp-eyedreadersmightfeelasenseofdj垈vu.theideaofusinginnovationstodancearoundtoughcapitalrulesishardlynew 3360 in the。rs of the past decade,Banksusedstructure Dinvest Ment VEHicle Sand Collateralised Debtobligation Sint Hesameway .眼前的读者可能没有类似的感觉利用创造性在严格的资本规则下擦球的想法并不新鲜:在过去十年的头几年,银行完全一样利用结构化投资工具和债务抵押债券(CDO )避免了监管。theyalsotookadvantageofcracksinregulatorystructurestocreateproductsthatpolicymakerscouldnoteasilymonitororcontrol (itwasuncts whowassupposedtooverseemortgagederivatives ) .另外,利用监督管理结构的脆弱性,构筑了政策制定者容易监督或管理的产品(抵押贷款衍生品由谁监督在当时并不具体)。

asenseoffragmentationishamperingpolicymakersagain.andaskarastein,acommissionerattheussecuritiesandexchangecommission。has observed :“we can’taffordafragmentedregulatoryarchitecture .”是集中的感觉后遗症政策制定者。正如美国证券交易委员会(SEC )委员卡拉斯汀所说,“我们不能得到分裂的监管体系的结果。

”。itisunclearwhethertheregulators’remitcoversalltheupstarts .至今仍可不确定监管部门的职责范围是面积是否复盖所有新平台。perhapsthisdoesnotmatter.thep2psectorisatiddlercomparedtotheoverallfinancialworld (orthepileofmortgagederivativeswhichserver ) . andunlikethepensionfundswhichwereexposedtomortgage-backedsecuritiesin 2006, for example,thebanksandhedgefundsunderstandthedangersofcreditlosses.soevenifp2ploansturnbadinthefuture,this should not pose widee
例如,与2006年不存在抵押贷款反对证券的子女养老基金不同,银行和对冲基金报道了信用损失的危险性。

因此,即使P2P贷款将来注销,也包含更大范围的风险。Nevertheless、historysuggeststhatwheneverinnovationandregulatoryarbitragearecombinedinaneraofultracheapmoney, itoftenendsintears-somewhere.ifnothingelse,thatsuggeststhatpolicymakersneedtofindwaystopactivityfallingbetweento notleaste虽说是s .但历史指出,在资金极其廉价的时代,如果创造性和监督管理对冲融合,一般来说——无法收敛于某处。

这至少要指出政策制定者为了阻止一些活动而偷偷进行监督管理的不足。特别是因为金融家在挖洞方面有无限的创造力。

本文关键词:制定者,指出,亚博买球,对冲基金

本文来源:亚博买球-www.teenetusa.com

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