The new margin requirements for derivatives, introduced in order to reduce systemic risk, are one example of such a chokepoint. It might make sense to apply them to banks or hedge funds, but pension funds are highly creditworthy institutions that pose little or no systemic risk to financial markets.
新衍生品保证金要求便是扼杀机会的例子。它的初衷是降低系统风险。对于银行和对冲基金来说，实施这一要求是合适的，但退休基金是信誉卓著的机构，不会或极少给金融市场带来系统风险。强迫它们将部分资产用于抵押目的只能减少可用于长期投资的资本。