Much recent regulatory activity has focused on enabling, enhancing, and requiring clearinghouses for these kinds of financing arrangements. Yes, clearinghouses offer many benefits, including greater transparency, better pricing, and better regulatory focus, and we should try to make them viable.
近期，大量监管活动致力于激活和强化清算所，并要此类金融安排必须经过清算所进行。诚然，清算所能带来诸多好处，包括更大的透明度，更准确的定价以及更好的监管目标，我们要使得这些具有操作性。但是监管者高估了清算所的总体好处。许多被认为是减少系统风险的证据事实上只是把风险转移到了他人头上。