natgillin/translations-raw huggingface dataset:
The amount of the former (latter) which are matched by the latter (former) in a given maturity band shall be the matched positions in that band, while the residual long or short position shall be the unmatched position for the same band.
Vsota prvih (drugih), ki so izravnanih z drugimi (prvimi) v določenem razredu zapadlosti, je izravnana pozicija tega razreda zapadlosti, medtem ko preostala dolga oziroma kratka pozicija neizravnana pozicija tega razreda zapadlosti.
That part of the unmatched long (short) position for a given maturity band that is matched by the unmatched short (long) position for a maturity band further out shall be the matched position between two maturity bands.
Del neizravnane dolge (kratke) pozicije za določen razred zapadlosti, ki se izravna z neizravnano kratko (dolgo) pozicijo v naslednjem razredu zapadlosti, predstavlja izravnano pozicijo med dvema razredoma zapadlosti.
That part of the unmatched long or unmatched short position that cannot be thus matched shall be the unmatched position.
Del neizravnane dolge ali neizravnane kratke pozicije med tema dvema razredoma predstavlja neizravnano pozicijo.
The institution's capital requirement for each commodity shall be calculated on the basis of the relevant maturity ladder as the sum of the following:
Kapitalska zahteva institucije za vsako vrsto blaga se izračuna na podlagi ustrezne lestvice zapadlosti kot vsota naslednjih:
the sum of the matched long and short positions, multiplied by the appropriate spread rate as indicated in the second column of Table 1 to point 13 for each maturity band and by the spot price for the commodity;
vsota izravnanih dolgih in kratkih pozicij, pomnoženih z ustreznim razmikom, ki je naveden v drugem stolpcu tabele 1 k odstavku 13, in s promptno ceno za blago za vsak razred zapadlosti;
the matched position between two maturity bands for each maturity band into which an unmatched position is carried forward, multiplied by 0,6 % (carry rate) and by the spot price for the commodity; and
neizravnana pozicija, ki ostane po izravnavi v določenem razredu zapadlosti, se prenese v naslednji razred zapadlosti, kjer se izravnava z neizravnano pozicijo tega razreda neizravnana pozicija, ki se prenese, se pomnoži z 0,6 % (carry rate) in s promptno ceno za blago; in
the residual unmatched positions, multiplied by 15 % (outright rate) and by the spot price for the commodity.
preostale neizravnane pozicije, pomnožene s 15 % (outright rate) in s promptno ceno za blago.
The institution's overall capital requirement for commodities risk shall be calculated as the sum of the capital requirements calculated for each commodity according to point 17.
Skupna kapitalska zahteva institucije za tveganja spremembe cen blaga se v skladu z odstavkom 17 izračuna kot vsota kapitalskih zahtev za vsako vrsto blaga.
Simplified approach
Enostavni pristop
The institution's capital requirement for each commodity shall be calculated as the sum of:
Kapitalska zahteva institucije za vsako vrsto blaga se izračuna kot vsota:
15 % of the net position, long or short, multiplied by the spot price for the commodity; and
15 % neto pozicije, dolge ali kratke, pomnožene s promptno ceno za blago; in
3 % of the gross position, long plus short, multiplied by the spot price for the commodity.
3 % bruto pozicije, vsota dolge in kratke pozicije, pomnožene s promptno ceno za blago.
The institution's overall capital requirement for commodities risk shall be calculated as the sum of the capital requirements calculated for each commodity according to point 19.
Skupna kapitalska zahteva institucije za tveganja v zvezi z borznim blagom se v skladu z odstavkom 19 izračuna kot seštevek kapitalskih zahtev za vsako vrsto borznega blaga.
Extended Maturity ladder approach
Razširjeni pristop lestvice zapadlosti
Competent authorities may authorise institutions to use the minimum spread, carry and outright rates set out in the following table (Table 2) instead of those indicated in points 13, 14, 17 and 18 provided that the institutions, in the opinion of their competent authorities:
Pristojni organi lahko dovolijo institucijam, da namesto določil iz členov 13, 14, 17 in 18 uporabljajo minimalni razmik, ceno prenosa (carry rate) in skupno ceno (outright rate) iz spodnje tabele 2, če po mnenju svojih pristojnih organov:
undertake significant commodities business;
institucije sklepajo pomemben obseg poslov z blagom,
have a diversified commodities portfolio; and
imajo razpršen portfelj za blago, in
are not yet in a position to use internal models for the purpose of calculating the capital requirement on commodities risk in accordance with Annex V.
še niso morejo uporabljati notranjih modelov za izračun kapitalske zahteve za tveganja spremembe cen blaga v skladu s Prilogo V.
Base metals
Ostale kovine
Agricultural products (softs)
Kmetijski proizvodi (razen kovin)
Other, including energy products
Drugo blago, vključno z energetskim blagom
Spread rate ( %)
Razmik ( %)
Carry rate ( %)
Cena prenosa (carry rate) ( %)
Outright rate ( %)
Skupna cena (outright rate) ( %)
USE OF INTERNAL MODELS TO CALCULATE CAPITAL REQUIREMENTS
UPORABA NOTRANJIH MODELOV ZA IZRAČUN KAPITALSKIH ZAHTEV
The competent authorities may, subject to the conditions laid down in this Annex, allow institutions to calculate their capital requirements for position risk, foreign‐exchange risk and/or commodities risk using their own internal risk‐management models instead of or in combination with the methods described in Annexes I, III and IV.
Pristojni organi lahko ob upoštevanju pogojev iz te priloge institucijam dovolijo, da izračunajo kapitalsko zahtevo za pozicijsko tveganje, valutno tveganje in/ali tveganje spremembe cen blaga po svojih notranjih modelih za upravljanje s tveganji namesto ali v kombinaciji z metodami, ki so navedene v Prilogah I, III in IV.
Explicit recognition by the competent authorities of the use of models for supervisory capital purposes shall be required in each case.
V vsakem primeru mora biti uporaba modelov za izvajanje nadzora nad kapitalom priznana s strani pristojnih organov.
Recognition shall only be given if the competent authority is satisfied that the institution's risk‐management system is conceptually sound and implemented with integrity and that, in particular, the following qualitative standards are met:
Pristojni organi priznajo notranje modele sistema upravljanja s tveganji institucij le, če so prepričani, da je konceptualno ustrezen, se dosledno izvaja in, da predvsem izpolnjuje naslednje pogoje:
the internal risk‐measurement model is closely integrated into the daily risk‐management process of the institution and serves as the basis for reporting risk exposures to senior management of the institution;
notranji model merjenja tveganj je vgrajen v dnevni proces upravljanja s tveganji institucije in je podlaga za poročanje višjemu vodstvu institucije o izpostavljenosti tveganjem;
the institution has a risk control unit that is independent from business trading units and reports directly to senior management.
institucija ima enoto za upravljanje s tveganji, ki deluje neodvisno od enot, ki se ukvarjajo s trgovanjem in poroča neposredno višjemu vodstvu institucije.
The unit must be responsible for designing and implementing the institution's risk‐management system.
Enota mora biti odgovorna za oblikovanje in vzpostavitev notranjega modela institucije.
It shall produce and analyse daily reports on the output of the risk‐measurement model and on the appropriate measures to be taken in terms of trading limits.
Pripravlja in analizira dnevna poročila o rezultatih notranjega modela, ter o ustreznih ukrepih glede trgovalnih limitov.
The unit shall also conduct the initial and on-going validation of the internal model;
Enota izvaja začetno in tekoče ovrednotenje notranjega modela;
the institution's board of directors and senior management are actively involved in the risk‐control process and the daily reports produced by the risk‐control unit are reviewed by a level of management with sufficient authority to enforce both reductions of positions taken by individual traders as well as in the institution's overall risk exposure;
uprava in višje vodstvo institucije aktivno sodelujeta v procesu upravljanja s tveganji, in dnevna poročila, ki jih pripravi enota za upravljanje s tveganji, pregledajo vsi vodilni delavci, ki imajo ustrezna pooblastila za ukrepanje v smislu zmanjševanja pozicij posameznih trgovcev kot tudi zmanjševanja celotne izpostavljenosti institucije;
the institution has sufficient numbers of staff skilled in the use of sophisticated models in the trading, risk‐control, audit and back‐office areas;
institucija ima zadostno število zaposlenih usposobljenih za delo z modeli na področju trgovanja, upravljanja s tveganji, revidiranja in zalednih služb;
the institution has established procedures for monitoring and ensuring compliance with a documented set of internal policies and controls concerning the overall operation of the risk‐measurement system;
institucija ima vzpostavljene ustrezne postopke za spremljanje in zagotavljanje skladnosti uporabe modelov z dokumentiranimi notranjimi politikami in kontrolami na celotno delovanje notranjega modela;
the institution's model has a proven track record of reasonable accuracy in measuring risks;
notranji modeli institucije morajo dajati zanesljive dokaze o zadostni stopnji natančnosti pri merjenju tveganj;
the institution frequently conducts a rigorous programme of stress testing and the results of these tests are reviewed by senior management and reflected in the policies and limits it sets.
institucija pogosto izvaja programe testiranja izjemnih situacij. Rezultate testiranja redno pregleduje višje vodstvo.
This process shall particularly address illiquidity of markets in stressed market conditions, concentration risk, one way markets, event and jump‐to‐default risks, non-linearity of products, deep out‐of‐the‐money positions, positions subject to the gapping of prices and other risks that may not be captured appropriately in the internal models.
Rezultati se morajo odražati v sprejetih politikah in limitih trgovanja, ki jih določi višje vodstvo. Testiranje izjemnih situacij se nanaša zlasti na nelikvidnost trgov v izjemnih tržnih pogojih, tveganje koncentracije, enosmerne trge, tveganje neplačila in tveganje skokovitega naraščanja verjetnosti neplačila, nelinearnost produktov, pozicije, ki se jih ne izplača izvršiti, pozicije, ki so predmet velikega cenovnega razkoraka in druga tveganja, ki niso ustrezno zajeta z notranjim modelom.
The shocks applied shall reflect the nature of the portfolios and the time it could take to hedge out or manage risks under severe market conditions; and
Testiranje izjemnih situacij mora odražati značilnosti portfeljev in čas, ki bi bil potreben za uvedbo varovanja ali upravljanja s tveganji pri zelo slabih tržnih pogojih; in
the institution must conduct, as part of its regular internal auditing process, an independent review of its risk‐measurement system.
kot del lastne notranje revizije mora institucija opraviti neodvisen pregled svojega notranjega modela.
The review referred to in point (h) of the first paragraph shall include both the activities of the business trading units and of the independent risk‐control unit.
Pregled iz točke (h) prvega pododstavka pokriva tako delovanje enot, ki se ukvarjajo s trgovanjem in neodvisne enote za upravljanje s tveganji.
At least once a year, the institution must conduct a review of its overall risk‐management process.
Najmanj enkrat na leto mora institucija opraviti celovit pregled sistema upravljanja s tveganji.
The review shall consider the following:
Pregled vključuje naslednje:
the adequacy of the documentation of the risk‐management system and process and the organisation of the risk‐control unit;
ustreznost dokumentiranosti sistema in procesov upravljanja s tveganji in organizacije enote za upravljanje s tveganji;
the integration of market risk measures into daily risk management and the integrity of the management information system;
vključenost merjenja tržnih tveganj v dnevno upravljanje s tveganji in celovitost sistema obveščanja vodstva;
the process the institution employs for approving risk‐pricing models and valuation systems that are used by front and back‐office personnel;
proces, ki ga institucija uporablja za odobravanje cenovnih modelov in sistemov vrednotenja, ki jih uporabljajo zaposleni v enoti za trgovanje in zaledni službi;
the scope of market risks captured by the risk‐measurement model and the validation of any significant changes in the risk‐measurement process;
obseg tržnih tveganj, zajetih v notranje modele in ovrednotenje vseh pomembnejših sprememb v notranjem modelu;
the accuracy and completeness of position data, the accuracy and appropriateness of volatility and correlation assumptions, and the accuracy of valuation and risk sensitivity calculations;
natančnost in popolnost podatkov o pozicijah, natančnost in primernost predpostavk za določanje nestanovitnosti in korelacij ter natančnost vrednotenja in izračunov občutljivosti na tveganje;
the verification process the institution employs to evaluate the consistency, timeliness and reliability of data sources used to run internal models, including the independence of such data sources; and
proces preverjanja doslednosti, pravočasnosti, neodvisnosti in zanesljivosti virov podatkov, na katerih temeljijo notranji modeli; in
the verification process the institution uses to evaluate back‐testing that is conducted to assess the models' accuracy.
proces za preverjanje testiranja za nazaj, s pomočjo katerega se ocenjuje natančnost notranjega modela.
Institutions shall have processes in place to ensure that their internal models have been adequately validated by suitably qualified parties independent of the development process to ensure that they are conceptually sound and adequately capture all material risks.
Institucije imajo vzpostavljene procese, da zagotovijo, da njihove interne modele primerno ovrednoteni s strani ustrezno kvalificiranih oseb, neodvisno od procesa razvoja modelov, da zagotovijo, da so konceptualno ustrezni in primerno zajemajo vsa bistvena tveganja.
The validation shall be conducted when the internal model is initially developed and when any significant changes are made to the internal model.
Ovrednotenje se izvede ob začetku uporabe modelov in ob vseh večjih spremembah notranjih modelov.
The validation shall also be conducted on a periodic basis but especially where there have been any significant structural changes in the market or changes to the composition of the portfolio which might lead to the internal model no longer being adequate.
Ovrednotenje se izvaja tudi periodično, zlasti ko pride do večjih strukturnih sprememb na trgu ali v primeru sprememb sestave portfelja, zaradi česar notranji modeli morda niso več ustrezni.
As techniques and best practices evolve, institutions shall avail themselves of these advances.
Institucije uporabljajo razvoj tehnik in dobre prakse.
Internal model validation shall not be limited to back-testing, but shall, at a minimum, also include the following:
Ovrednotenje notranjih modelov ni omejeno na testiranje za nazaj ampak vključuje pa najmanj naslednje:
tests to demonstrate that any assumptions made within the internal model are appropriate and do not underestimate or overestimate the risk;
testiranja, ki dokazujejo, da so vse predpostavke v zvezi z notranjimi modeli ustrezne, in da ne podcenjujejo ali precenjujejo tveganja;
in addition to the regulatory back-testing programmes, institutions shall carry out their own internal model validation tests in relation to the risks and structures of their portfolios; and
poleg zakonsko določenih programov testiranja za nazaj, institucije izvajajo lastna testiranja za ovrednotenje notranjih modelov v zvezi s tveganji in strukturami svojih portfeljev; in
the use of hypothetical portfolios to ensure that the internal model is able to account for particular structural features that may arise, for example material basis risks and concentration risk.
uporabo hipotetičnih portfeljev, da se dokaže, da so notranji modeli zmožni upoštevati posebne strukturne okoliščine, ki bi lahko nastale, kot sta na primer večje bazično tveganje in tveganje koncentracije.
The institution shall monitor the accuracy and performance of its model by conducting a back‐testing programme.
Institucija natančnost in izvajanje svojih notranjih modelov spremlja s testiranjem za nazaj.
The back‐testing has to provide for each business day a comparison of the one‐day value‐at‐risk measure generated by the institution's model for the portfolio's end‐of‐day positions to the one‐day change of the portfolio's value by the end of the subsequent business day.
Testiranje za nazaj mora za vsak delovni dan zagotoviti primerjavo med enodnevno mero tvegane vrednosti, izračunano na podlagi notranjega modela institucije za izračun pozicij portfelja ob koncu dneva in enodnevno spremembo vrednosti portfelja.
Competent authorities shall examine the institution's capability to perform back‐testing on both actual and hypothetical changes in the portfolio's value.
Pristojni organi preverijo sposobnost institucije, da izvaja testiranje za nazaj za dejanske in hipotetične spremembe vrednosti portfelja.
Back‐testing on hypothetical changes in the portfolio's value is based on a comparison between the portfolio's end‐of‐day value and, assuming unchanged positions, its value at the end of the subsequent day.
Testiranje hipotetične spremembe vrednosti portfelja za nazaj temelji na primerjavi med zaključno dnevno vrednostjo portfelja in, ob nespremenjenih pozicijah, njegovo vrednostjo ob koncu naslednjega dne.
Competent authorities shall require institutions to take appropriate measures to improve their back‐testing programme if deemed deficient.
Pristojni organi od institucij zahtevajo, da sprejmejo potrebne ukrepe za izboljšanje svojih programov testiranja za nazaj, če so ti pomanjkljivi.
Competent authorities may require institutions to perform back-testing on either hypothetical (using changes in portfolio value that would occur were end-of-day positions to remain unchanged), or actual trading (excluding fees, commissions, and net interest income) outcomes, or both.
Pristojni organi lahko od institucij zahtevajo, da izvedejo testiranje za nazaj tako na rezultate hipotetičnega portfelja trgovanja (z uporabo sprememb vrednosti portfelja, ki bi nastale, če bi pozicije ob zaključku dneva ostale nespremenjene) kakor tudi na rezultate dejanskih dnevnih dobičkov in izgub iz trgovanja (brez odpravnin, provizij in čistih prihodkov iz obresti), ali za oboje.
For the purpose of calculating capital requirements for specific risk associated with traded debt and equity positions, the competent authorities may recognise the use of an institution's internal model if, in addition to compliance with the conditions in the remainder of this Annex, the internal model meets the following conditions:
Za izračun kapitalske zahteve za posebno tveganje iz naslova dolžniških in lastniških finančnih instrumentov lahko pristojni organi priznajo instituciji uporabo notranjih modelov, če notranji modeli v skladu s pogoji iz te priloge izpolnjujejo naslednje pogoje:
it explains the historical price variation in the portfolio;
odražajo preteklo variabilnost cen, ki so zajete v portfelju;
it captures concentration in terms of magnitude and changes of composition of the portfolio;
morajo zajeti koncentracijo v smislu velikosti portfelja in spremembe sestave portfelja;
it is robust to an adverse environment;
ustrezno delujejo v škodljivem okolju, morajo biti robustni v primeru neugodnih tržnih gibanj;
it is validated through back‐testing aimed at assessing whether specific risk is being accurately captured.
ustreznost modelov se preverja in potrjuje skozi testiranje za nazaj, katerega namen je oceniti, ali se posebno tveganje zajema natančno.
If competent authorities allow this back‐testing to be performed on the basis of relevant sub‐portfolios, these must be chosen in a consistent manner;
Če pristojni organi dovolijo, da se to testiranje za nazaj izvaja na podlagi ustreznih podportfeljev, mora biti izbira teh dosledna;
it captures name-related basis risk, that is institutions shall demonstrate that the internal model is sensitive to material idiosyncratic differences between similar but not identical positions; and
da zajamejo bazično tveganje, to je, da institucije dokažejo, da so notranji modeli občutljivi na bistvene značilne razlike med sicer podobnimi, vendar ne identičnimi pozicijami; in
it captures event risk.
da zajamejo tveganje nastanka nepričakovanih neugodnih dogodkov (event risk).
The institution shall also meet the following conditions:
Institucija mora izpolniti tudi naslednje pogoje:
where an institution is subject to event risk that is not reflected in its value‐at‐risk measure, because it is beyond the 10-day holding period and 99 percent confidence interval (low probability and high severity events), the institution shall ensure that the impact of such events is factored in to its internal capital assessment; and
Če je institucija izpostavljena tveganju nastanka nepričakovanih neugodnih dogodkov (event risk), ki ni zajeto v njeni meri tvegane vrednosti – (VaR), ker presega 10-dnevno obdobje posedovanja in 99-odstotni enostranski interval zaupanja (dogodki „majhna verjetnost – velik vpliv“), institucija zagotovi, da je vpliv takih dogodkov vključen v oceni njenega ekonomskega kapitala; in
the institution's internal model shall conservatively assess the risk arising from less liquid positions and positions with limited price transparency under realistic market scenarios.
notranji modeli institucije morajo konzervativno oceniti tveganja, ki izhajajo iz manj likvidnih pozicij in pozicij z omejeno preglednostjo cen na podlagi realističnih tržnih scenarijev.
In addition, the internal model shall meet minimum data standards.
Poleg tega morajo notranji modeli izpolniti tudi minimalne standarde, ki se nanašajo na podatke.
Proxies shall be appropriately conservative and may be used only where available data is insufficient or is not reflective of the true volatility of a position or portfolio.
Približki podatkov (proxies) so ustrezno konzervativni in se lahko uporabijo samo, če so razpoložljivi podatki nezadostni ali ne odražajo resnične nestanovitnosti pozicije ali portfelja.
Further, as techniques and best practices evolve, institutions shall avail themselves of these advances.
Institucije pri uporabi notranjih modelov upoštevajo razvoj tehnik in dobre prakse, takoj ko so na voljo.
In addition, the institution shall have an approach in place to capture, in the calculation of its capital requirements, the default risk of its trading book positions that is incremental to the default risk captured by the value-at-risk measure as specified in the previous requirements of this point.
Poleg tega ima institucija vzpostavljeno metodo, ki zajema, pri izračunu kapitalskih zahtev, tveganje neplačila svojih pozicij v trgovalni knjigi, ki preseže tveganje neplačila, zajeto v izračunu na podlagi tvegane vrednosti, kakor je določeno v prejšnjih zahtevah iz tega odstavka.
To avoid double counting, an institution may, when calculating its incremental default risk charge, take into account the extent to which default risk has already been incorporated into the value‐at‐risk measure, especially for risk positions that could and would be closed within 10 days in the event of adverse market conditions or other indications of deterioration in the credit environment.
Da bi se kreditna institucija izognila dvojnemu štetju pri izračunu dodatne kapitalske zahteve za tveganje neplačila, lahko upošteva obseg, v katerem je bilo tveganje neplačila že vključeno v izračun tvegane vrednosti, zlasti za tveganost pozicij, ki bi lahko bile in bi bile zaprte v 10 dneh v primeru neugodnih razmer na trgu ali drugih znakov poslabšanja kreditnega okolja.
Where an institution captures its incremental default risk through a surcharge, it shall have in place methodologies for validating the measure.
Če institucija izračuna dodatno kapitalsko zahtevo za presežno tveganje neplačila, mora imeti vzpostavljene metodologije za potrjevanje izračuna.