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1、上个月，日本金融服务厅（FSA）引人注目的放宽了对商业银行如何同其证券业务分行进行合作的监管，这对日本金融市场是一种暗示。The old system laid huge burdens on financial groups. It prevented bankers from suggesting services that were provided by the same firm but housed in a different unit. Foreign banks, lacking the same holding-company structures as domestic

2、rivals, were the worst hit. Until recently, grouses an employee of a big bank, its Japanese unit generated more paperwork than the rest of its operations across Asia combined. Domestic firms also suffered. And a system designed to minimise risk increased it, says an executive. “If the country manage

3、r asks the head of the securities unit, Hows business?, he cant say because he is in a different legal entity.”旧的制度让财团们承受着巨大的负担。它限制银行家提供建议服务，这些服务其实是由同一家公司提供的，但是却分属不同的部门。外资银行由于缺少和其国内竞争者相同的控股公司的架构，更是遭受到严重打击。直到最近，一家大型银行的员工的抱怨这家银行在日本的分行所产生的书面文件比其在亚洲其他国家的业务部门加起来还多。国内公司也同样深受其害。一项本来用于降低风险的制度却恰恰相反增加了风险，一位员工

4、说道：“如果银行的区域总经理问证券部门的领导业务怎么样？他根本没有办法回答，因为证券部门属于另外一个法人实体。”The new rules simplify things. The reform allows employees to work across different units. So support staff can perform tasks for both the banking and securities units, which should increase efficiency, lower costs and improve risk management.

5、It also lets employees cross-sell products, provided that a robust system exists to prevent conflicts of interest. Previously, corporate customers had to opt in to enable the banking group to share client information. Now they must opt out. 新的制度让事情简单了。改革后的制度允许银行员工在各部门之间交叉工作。这样员工可以同时完成银行部门和证券部门的业务，从而

6、提高效率，降低成本，以及提高风险管理水平。新的制度还允许员工交叉销售金融产品，并且通过有力的制度来预防利益冲突。以前，为了让银行间共享客户信息，企业客户必须参与进来，而现在，他们则必须退出。The new responsibility placed on companies to monitor themselves partly explains harsh sanctions that have been handed down by the FSA recently. Hapless Citigroups bad run continues: it has been barred fro

7、m promoting its retail bank in Japan for a month, starting in mid-July, because of inadequate controls on money-laundering. And Mitsubishi UFJ Financial Group, a huge local bank, was slapped with sanctions for failing to prevent data theft by a fired employee.新的制度让企业必须肩负起自己监督自己的责任，这也部分解释了为什么FSA最近频频宣

8、布严厉的制裁决定。花旗集团的霉运还在继续：由于对洗钱活动控制不力，从七月中旬起，花旗集团将被勒令暂停在日本推销其零售银行产品一个月。另一家日本本土银行业巨头，三菱UFJ金融集团，也因为其前员工窃取并出售客户信息而受到制裁。The reform is intended to unleash more sophisticated financial products in Japan. Regional lenders and the countrys three “megabanks” exert enormous power over companies. Firms tend to rely

9、 on bank loans rather than the capital markets for their financing even though the level has decreased since the 1990s banking crisis （see chart）. Japanese firms are three times more reliant on bank lending than American firms are. Relationships that span decades are hard to unwind but even the bank

10、s recognise that the capital markets need to develop. 这项改革的目的旨在在日本推广更加完善的金融产品。民间放款人和日本银行“三巨头”都正在尽最大努力做企业的工作。相对于从资本市场融资，企业更加信赖通过银行贷款来融资。尽管从上个世纪90年代的银行危机以来，这中信赖程度已经降低了不少，日本企业对银行借款的依赖程度仍然是美国企业的三倍。（参见图表）银行已经认识到资本市场同样需要发展，但是这种持续了数十年的想法，的确很难改变。The new rules also let the megabanks compete a bit more easily

11、 in the securities business, which is dominated in Japan by Nomura. It handled about half of all financing deals in Japan last fiscal year, and 95% of the deals so far this year. New rivalry at home partly explains Nomuras interest in looking abroad for growth by acquiring the European and Asian inv

12、estment-banking arms of Lehman Brothers last autumn. Could Japan yet end up a flag-carrier for liberalisation? 新的制度还能够让银行巨头们在证券市场中的竞争能够轻松一些。日本国内的证券市场被野村证券（Nomura）控制着，它处理了上一财年日本国内大约一半的金融交易，以及本财年迄今为止95%的交易。由于目前日本国内新的竞争形势，野村证券已经把目光投向海外，通过去年秋天并购莱曼兄弟在欧洲和亚洲的投行业务来寻求新的增长。日本能够结束这场银行业的自由化进程吗？A special report

13、on business and finance in BrazilSurvival of the quickest最速者生存Nov 12th 2009Frequent crises have made for strong banks and nimble financiers频繁发生危机已使银行更健全，金融业者思惟更敏捷BRAZILIAN businessmen often say that the countrys recent economic past has strengthened companies, and especially banks. The argument goes

14、 like this: you need to be good, or at least inventive, to survive and make money when you have no idea whether inflation next year will be 50% or 500%. Bankers and finance directors have had to be particularly nimble. One example is Souza Cruz （a subsidiary of BAT）, Brazils largest tobacco company,

15、 which in the days of high inflation did no better than break even on its cigarette sales. Its profits came from the interest on the cash it held between being paid by retailers and paying tax fortnightly. Companies used to operating in such unusual circumstances flourished when life became more pre

16、dictable.巴西商人经常说，巴西最近在经济上的经历增强了公司体质，尤其是银行业。类似说法包括贵公司必须体质更好（或至少具备创新能力）以存活下来，在意想不到的时机赚大钱，无论明年通货膨胀将是50%或500%。尤其，银行业者和金融主管的思惟必须更敏捷灵活。举一个例子，巴西最大烟草商Souza Cruz（英美烟草BAT子公司）在高通膨期间，香烟销量甚至几乎与歇业时期一样。该公司却从零售商支付货款与隔周缴税之间的盈余现金衍生利息上获利。当景气转好时，过去习惯于在非常时期经营的公司就发大财了。There is some truth to this argument, even though it

17、brushes aside the fact that until the 1990s Brazilian companies did not have to worry about foreign competitors. No big companies went bust in the recent financial crisis, despite losses on foreign-exchange derivatives that the Bank for International Settlements estimates at $25 billion. Moreover, n

18、o big banks wobbled, let alone had to be rescued, though there were some mergers.有一些事实可以支撑这个说法，即使该说法漠视在巴西公司企业在1990年代之前从不必担心外国竞争者的事实。尽管国际结算银行估计，最近金融海啸期间巴西外汇损失高达250亿美元，但没有任何一家大型企业破产。此外也没有一家大型银行财务不稳，遑论需要政府救援，但有发生一些合并。One reason was that a previous round of bank failures, in 1994, had already cleared ou

19、t the bad ones. Until then banks made their profits by taking deposits from customers, lending the money to the government overnight and pocketing the difference. With inflation at several hundred per cent a year, many banks balance-sheets were hard to decipher. When inflation came down, it became c

20、lear that a number of them were insolvent. These folded or merged with other banks, leaving only the stronger ones.理由之一是1994年前一波银行倒闭，已经清理了体质较差的银行。在那之前，这些银行藉由提领客户存款、一夜之间借钱给政府并装进别人的口袋来赚取利润。由于一年内通膨高达几个百分之七八百，很多银行资产负债表根本无法判读。当通膨来临，很明显许多银行面临破产。这些银行纷纷倒闭或与其它银行合并，只留下体质较健全的银行。Brazils financial system got a f

21、urther boost from reforms carried out when Arminio Fraga was governor of the central bank from 1999 until the start of 2003 （he is now at Gvea Investimentos, an investment firm）. The countrys bank-settlement system now operates in real time, so all banks know their cash positions at any given moment

22、 and the central bank has an overall picture of what is happening. Before this system was introduced the central bank often ended up honouring the debts of banks that went bust, creating a dangerous incentive to be careless. Both Mr Fraga and his successor as governor, Henrique Meirelles, have made

23、sure that banks report what is going on in any off-balance-sheet vehicles they have funded. This has helped to keep under control the special investment vehicles, conduits and other mysterious creatures that have caused so much damage in other countries.巴西金融体系在Arminio Fraga担任央行行长期间（1999至2003年初）进行大刀阔

24、斧改革并获得大幅提升，目前他担任投资公司Gvea Investimentos总裁。巴西的银行结算制度目前以实时方式运作，因此所有银行在任何时刻都能掌握自己的现金状况，而央行则掌控各银行实时情况的总图。这套制度引进之前，央行经常要收拾残局支付破产银行的债务，建立了危险诱因却不自知。Arminio Fraga和下一任行长Henrique Meirelles，确保各银行的报表在他们设立之不列入资产负债的任何平台上继续运转。这些有利于控管曾在其它国家造成严重伤害的特别投资平台、管道和其它神秘工具。This transparency extends to financial markets too. A

25、ll fund managers must disclose the net asset value of their funds to Brazils Securities and Exchange Commission （CVM） daily, though with a 48-hour delay. At the end of every month funds must disclose what they were holding 90 days ago. Anyone can go to the CVMs website and look up these numbers. Fun

26、d managers may grumble about too much disclosure, but most are happy with the rules. Maria Helena Santana, who chairs the CVM, explains that they make it harder to pull off a scam of the sort run by Bernard Madoff, whose pyramid scheme was hidden behind a veil of secrecy.此一透明制度亦延伸至金融市场。所有基金经理人每天必须向巴

27、西证券交易委员会（CVM）公开他们手上基金的净资产价值，但有48小时延迟。在每个月底，各檔基金必须公开他们90天以前的持股比例，任何人都可以去CVM的网站查阅这些数字。基金经理人虽然可能因公开太多而牢骚满腹，但大多数经理人都乐于接受法规约束。CVM主席Maria Helena Santana阐述，他们会使Bernard Madoff操作的诈骗手法（藏身在秘密面纱后的树状网）更难抽身。Created equal 建立公平制度Equity investors, for their part, have benefited from new rules for publicly traded com

28、panies brought in by the São Paulo stock exchange （Bovespa） in 2002. Big Brazilian companies used to be notorious for abusing shareholders with minority stakes. Under current guidelines, it is illegal to issue shares that pay out different amounts to different holders in the event of a takeov

29、er. Any disputes between shareholders are judged by the CVM. With these rules in place, foreigners have been happy to buy shares and Brazilian companies that were unable to borrow in capital markets are now able to finance their expansion.适用于公开上市公司的新法规在2002年引进圣保罗股市（Bovespa）后，股票投资人亦因而获利。巴西大型企业过去因坑杀持股

30、少数的小股东而臭名昭彰。根据现今规范，在收购过程配发不同股东不同股息比例的股票就是非法的。股东之间的任何争论由CVM裁判。由于这些法规到位，外资乐于购买巴西股票，过去在资本市场借不到钱的巴西企业，现在可以筹措资金大展鸿图。A boom in initial public offerings （IPOs） followed. At its height, in 2007, 80% of the money for IPOs came from foreign investors. This undoubtedly led to some excesses: at one point there were more listed housebuilders in Brazil than in America. But some of the companies that floated will do well. And the message conveyed by the new rulesthat better corporate governance allows people to make money by selling bits of their companies on the stock exchangehas been good for the fami