The latest significant development to surface is what Better Markets, a pro-reform group that has put out a helpful fact sheet, calls “de facto guaranteed foreign subsidiaries” that trade derivatives – a murky phenomenon that likely involves all the big players. The trick here is that a de jure guaranteed foreign subsidiary of a US bank would have to comply with many US rules, including those governing conduct, transparency, and clearing (how the derivatives are actually traded).
但最危险的冲击也许还要数源自大银行自身的冲击。最新曝光的重大发展趋势是Better Markets（一个支持改革的组织，它发表了一个很有帮助的情况说明书）称之为从事衍生品交易的“获得事实担保海外分支”——这一难以厘清的现象可能将所有大银行一网打尽。这里的要害是，根据法律，美国银行的担保海外分支必须遵守许多美国规则，包括关于经营、透明度和清算（衍生品如何实际交易）的规则。被认为是独立的海外分支可以免受这些规则约束。