natgillin/translations-raw huggingface dataset:
Hedges may be incorporated into an institution's internal model to capture the incremental default and migration risks.
Varovanja se lahko vključijo v notranji model institucije za zajetje presežnih tveganj neplačila in migracije.
Positions may be netted when long and short positions refer to the same financial instrument.
Pozicije se lahko pobotajo, če se dolge in kratke pozicije nanašajo na isti finančni instrument.
Hedging or diversification effects associated with long and short positions involving different instruments or different securities of the same obligor, as well as long and short positions in different issuers, may only be recognised by explicitly modelling gross long and short positions in the different instruments.
Učinke varovanja ali razpršitve, povezane z dolgimi in kratkimi pozicijami, ki vključujejo različne instrumente ali različne vrednostne papirje istega dolžnika, ter dolgimi in kratkimi pozicijami v različnih izdajateljih, se lahko prizna samo z izrecnim modeliranjem bruto dolgih in kratkih pozicij v različnih instrumentih.
Institutions shall reflect the impact of material risks that could occur during the interval between the hedge's maturity and the liquidity horizon as well as the potential for significant basis risks in hedging strategies by product, seniority in the capital structure, internal or external rating, maturity, vintage and other differences in the instruments.
Institucije odražajo učinek pomembnih tveganj, ki bi se lahko pojavila v intervalu med zapadlostjo zavarovanja in obdobjem likvidnosti, ter tudi možnost pomembnih tveganj osnove v strategijah varovanja po produktu, statusu nadrejenosti v strukturi kapitala, notranji ali zunanji bonitetni oceni, zapadlosti, letniku in drugih razlikah v instrumentih.
An institution shall reflect a hedge only to the extent that it can be maintained even as the obligor approaches a credit or other event.
Institucija upošteva varovanje samo, če ga je mogoče ohraniti tudi v primeru, ko se dolžnik sooča z možnostjo nastopa kreditnega ali podobnega dogodka, ki bi sprožil varovanje.
For positions that are hedged via dynamic hedging strategies, a rebalancing of the hedge within the liquidity horizon of the hedged position may be recognised provided that the institution:
Za pozicije, ki so varovane prek dinamičnih strategij varovanja, se lahko prizna ponovno uravnoteženje varovanja v obdobju likvidnosti varovane pozicije, če institucija:
chooses to model rebalancing of the hedge consistently over the relevant set of trading book positions;
dosledno modelira ponovno uravnoteženje varovanja na ustreznem nizu pozicij v trgovalni knjigi;
demonstrates that the inclusion of rebalancing results in a better risk measurement;
dokaže, da vključitev ponovnega uravnoteženja pomeni boljše merjenje tveganja;
demonstrates that the markets for the instruments serving as hedges are liquid enough to allow for such rebalancing even during periods of stress.
dokaže, da so trgi za instrumente, ki služijo kot varovanja, dovolj likvidni, da omogočajo tako ponovno uravnoteženje celo v stresnih obdobjih.
Any residual risks resulting from dynamic hedging strategies shall be reflected in the own funds requirement.
Vsa preostala tveganja, ki so posledica dinamičnih strategij varovanja, se odražajo v kapitalski zahtevi.
Particular requirements for the internal IRC model
Posebne zahteve za notranji model IRC
The internal model to capture the incremental default and migration risks shall reflect the nonlinear impact of options, structured credit derivatives and other positions with material nonlinear behaviour with respect to price changes.
Notranji model za zajetje presežnih tveganj neplačila in migracije odraža nelinearen vpliv opcij, strukturiranih kreditnih izvedenih finančnih instrumentov in drugih pozicij s pomembnim nelinearnim gibanjem v zvezi s spremembami cene.
The institution shall also have due regard to the amount of model risk inherent in the valuation and estimation of price risks associated with such products.
Institucija tudi ustrezno upošteva obseg modelskega tveganja ter je sestavni del vrednotenja in ocenjevanja cenovnih tveganj, povezanih s takšnimi produkti.
The internal model shall be based on data that are objective and up-to-date.
Notranji model temelji na objektivnih in posodobljenih podatkih.
As part of the independent review and validation of their internal models used for purposes of this Chapter, inclusively for purposes of the risk measurement system, an institution shall in particular do all of the following:
Kot del neodvisnega pregledovanja in ovrednotenja njihovih notranjih modelov, ki se uporabljajo za namene tega poglavja, tudi za namen sistema merjenja tveganja, institucija zlasti stori vse naslednje:
validate that its modelling approach for correlations and price changes is appropriate for its portfolio, including the choice and weights of its systematic risk factors;
ovrednoti, da je njen pristop modeliranja za korelacije in spremembe cen ustrezen za njen portfelj, vključno z izbiro in utežmi dejavnikov sistematičnega tveganja;
perform a variety of stress tests, including sensitivity analysis and scenario analysis, to assess the qualitative and quantitative reasonableness of the internal model, particularly with regard to the treatment of concentrations.
izvede več različnih stresnih testov, vključno z analizo občutljivosti in analizo scenarijev, da oceni kvalitativno in kvantitativno sprejemljivost notranjega modela, zlasti glede obravnave koncentracij.
Such tests shall not be limited to the range of events experienced historically;
Takšni testi niso omejeni na sklop preteklih dogodkov;
apply appropriate quantitative validation including relevant internal modelling benchmarks.
uporabi ustrezno kvantitativno ovrednotenje, ki vključuje primerna notranja merila za modeliranje.
The internal model shall be consistent with the institution's internal risk management methodologies for identifying, measuring, and managing trading risks.
Notranji model je skladen z notranjimi metodologijami institucije za upravljanje tveganj za ugotavljanje, merjenje in obvladovanje tveganj v zvezi s trgovanjem.
Institutions shall document their internal models so that its correlation and other modelling assumptions are transparent to the competent authorities.
Institucije dokumentirajo svoje notranje modele tako, da so pristojnim organom njihove predpostavke glede korelacij in druge predpostavke v zvezi z modeliranjem jasno razvidne.
The internal model shall conservatively assess the risk arising from less liquid positions and positions with limited price transparency under realistic market scenarios.
Notranji model konzervativno oceni tveganje, ki izhaja iz manj likvidnih pozicij in pozicij z omejeno preglednostjo cen, na podlagi realnih tržnih scenarijev.
In addition, the internal model shall meet minimum data standards.
Poleg tega notranji model izpolni minimalne standarde glede podatkov.
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 so ustrezno konzervativni in se lahko uporabijo samo, če so razpoložljivi podatki nezadostni ali ne odražajo resnične nestanovitnosti pozicije ali portfelja.
Internal model for correlation trading
Notranji model za trgovanje s korelacijo
Article 377
člen 377
Requirements for an internal model for correlation trading
Zahteve za notranji model za trgovanje s korelacijo
Competent authorities shall grant permission to use an internal model for the own funds requirement for the correlation trading portfolio instead of the own funds requirement in accordance with Article 338 to institutions that are allowed to use an internal model for specific risk of debt instruments and that meet the requirements in paragraphs 2 to 6 of this Article and in Article 367(1) and (3), Article 368, Article 369(1) and points (a), (b), (c), (e) and (f) of Article 370.
Pristojni organi izdajo dovoljenje za uporabo notranjega modela za kapitalsko zahtevo za trgovalni portfelj s korelacijo namesto kapitalske zahteve v skladu s členom 338 institucijam, ki jim je dovoljena uporaba notranjega modela za posebno tveganje dolžniških instrumentov ter izpolnjujejo zahteve iz odstavkov 2 do 6 tega člena in iz členov 367(1) in (3), 368, 369 (1) in 370(a), (b), (c), (e) in (f).
Institutions shall use this internal model to calculate a number which adequately measures all price risks at the 99,9 % confidence interval over a time horizon of one year under the assumption of a constant level of risk, and adjusted where appropriate to reflect the impact of liquidity, concentrations, hedging and optionality.
Institucije uporabijo ta notranji model za izračun števila, ki ustrezno meri vsa cenovna tveganja pri 99,9 % intervalu zaupanja v časovnem obdobju enega leta, ob predpostavki, da se nivo tveganja ne spreminja in se po potrebi prilagaja zaradi upoštevanja vpliva likvidnosti, koncentracij, varovanja in izbirnosti.
The following risks shall be adequately captured by the model referred to in paragraph 1:
Model iz odstavka 1 ustrezno zajame naslednja tveganja:
the cumulative risk arising from multiple defaults, including different ordering of defaults, in tranched products;
kumulativno tveganje zaradi večih neplačil, vključno z različno razporeditvijo neplačil, pri tranširanih produktih;
credit spread risk, including the gamma and cross-gamma effects;
tveganje kreditnega razmika, vključno z učinki game in navzkrižne game;
basis risk, including both of the following:
tveganje osnove, ki vključuje oboje od naslednjega:
the basis between the spread of an index and those of its constituent single names;
osnovo med razmikom indeksa in tistih posameznih izpostavljenosti, ki ga sestavljajo;
the basis between the implied correlation of an index and that of bespoke portfolios;
osnovo med implicirano korelacijo indeksa in tistih portfeljev, ki so posebej prilagojeni;
recovery rate volatility, as it relates to the propensity for recovery rates to affect tranche prices;
nestanovitnost stopnje poplačljivosti, saj je povezana z možnostjo, da stopnje poplačljivosti vplivajo na ceno tranš;
to the extent the comprehensive risk measure incorporates benefits from dynamic hedging, the risk of hedge slippage and the potential costs of rebalancing such hedges;
če celotna mera tveganja vključuje učinke iz naslova dinamičnega varovanja, tveganje negativnih učinkov pri varovanju in morebitne stroške za ponovno uravnoteženje takšnih varovanj;
any other material price risks of positions in the correlation trading portfolio.
vsa druga pomembna cenovna tveganja pozicij v trgovalnem portfelju s korelacijo.
An institution shall use sufficient market data within the model referred to in paragraph 1 in order to ensure that it fully captures the salient risks of those exposures in its internal approach in accordance with the requirements set out in this Article.
Institucija v modelu iz odstavka 1 uporabi dovolj tržnih podatkov za zagotovitev, da v celoti zajame glavna tveganja zadevnih izpostavljenosti v svojem notranjem pristopu v skladu z zahtevami iz tega člena.
It shall be able to demonstrate to the competent authority through back testing or other appropriate means that its model can appropriately explain the historical price variation of those products.
Pristojnemu organu je s testiranjem za nazaj ali na druge ustrezne načine sposobna dokazati, da lahko njen model ustrezno pojasni pretekle razlike v cenah teh produktov.
The institution shall have appropriate policies and procedures in place in order to separate the positions for which it holds permission to incorporate them in the own funds requirement in accordance with this Article from other positions for which it does not hold such permission.
Institucija ima ustrezne politike in postopke za ločevanje pozicij, za katere ima dovoljenje, da jih vključi v kapitalsko zahtevo v skladu s tem odstavkom, od drugih pozicij, za katere nima takšnega dovoljenja.
With regard to the portfolio of all the positions incorporated in the model referred to in paragraph 1, the institution shall regularly apply a set of specific, predetermined stress scenarios.
Glede portfelja vseh pozicij, ki so vključene v model iz odstavka 1, institucija redno uporablja niz posebnih, vnaprej določenih stresnih scenarijev.
Such stress scenarios shall examine the effects of stress to default rates, recovery rates, credit spreads, basis risk, correlations and other relevant risk factors on the correlation trading portfolio.
V takšnih stresnih scenarijih se preučijo učinki stresa na stopnje neplačil, stopnje poplačljivosti, kreditne razmike, tveganje osnove, korelacije in druge pomembne dejavnike tveganja za trgovalni portfelj s korelacijo.
The institution shall apply stress scenarios at least weekly and report at least quarterly to the competent authorities the results, including comparisons with the institution's own funds requirement in accordance with this Article.
Institucija uporablja takšne scenarije najmanj tedensko in najmanj četrtletno poroča pristojnim organom o rezultatih, vključno s primerjavami s kapitalsko zahtevo institucije v skladu s tem členom.
Any instances where the stress test results materially exceed the own funds requirement for the correlation trading portfolio shall be reported to the competent authorities in a timely manner.
O vseh primerih, ko rezultati stresnih testov pomembno presežejo kapitalsko zahtevo za trgovalni portfelj s korelacijo, se v ustreznem času poroča pristojnim organom.
EBA shall issue guidelines on the application of stress scenarios for the correlation trading portfolio.
EBA izda smernice o uporabi stresnih scenarijev za trgovalni portfelj s korelacijo.
OWN FUNDS REQUIREMENTS FOR SETTLEMENT RISK
KAPITALSKE ZAHTEVE ZA TVEGANJE PORAVNAVE
Article 378
člen 378
Settlement/delivery risk
Tveganje poravnave/izročitve
In the case of transactions in which debt instruments, equities, foreign currencies and commodities excluding repurchase transactions and securities or commodities lending and securities or commodities borrowing are unsettled after their due delivery dates, an institution shall calculate the price difference to which it is exposed.
V primeru poslov, v katerih dolžniški instrumenti, lastniški instrumenti, tuje valute in blago, z izjemo repo poslov ter posoje/izposoje vrednostnih papirjev ali blaga, po svojih datumih zapadlosti še niso poravnani, institucija izračuna razliko v ceni, ki ji je izpostavljena.
The price difference is calculated as the difference between the agreed settlement price for the debt instrument, equity, foreign currency or commodity in question and its current market value, where the difference could involve a loss for the credit institution.
Razlika v ceni se izračuna kot razlika med dogovorjeno ceno poravnave za zadevni dolžniški instrument, lastniški instrument, tujo valuto ali blago in njihovo trenutno tržno vrednostjo, kadar bi razlika lahko pomenila izgubo za kreditno institucijo.
The institution shall multiply that price difference by the appropriate factor in the right column of the following Table 1 in order to calculate the institution's own funds requirement for settlement risk.
Institucija to razliko v ceni pomnoži z ustreznim faktorjem v desnem stolpcu naslednje razpredelnice 1, da izračuna kapitalsko zahtevo za tveganje poravnave.
Number of working days after due settlement date
Število delovnih dni po zapadlem datumu poravnave
Free deliveries
Proste izročitve
An institution shall be required to hold own funds, as set out in Table 2, where the following occurs:
Od institucija se zahteva, da ima kapital, kot je določeno v razpredelnici 2, kadar se zgodi naslednje:
it has paid for securities, foreign currencies or commodities before receiving them or it has delivered securities, foreign currencies or commodities before receiving payment for them;
je vrednostne papirje, tuje valute ali blago plačala pred njihovim prejetjem ali je vrednostne papirje, tuje valute ali blago izročila, preden je prejela plačilo zanje;
in the case of cross-border transactions, one day or more has elapsed since it made that payment or delivery.
je, v primeru čezmejnih poslov, od plačila ali izročitve minil en dan ali več.
Capital treatment for free deliveries
Kapitalske obravnava za proste izročitve
Up to first contractual payment or delivery leg
Do prvega pogodbenega plačila ali faze izročitve
From first contractual payment or delivery leg up to four days after second contractual payment or delivery leg
Od prvega pogodbenega plačila ali faze izročitve do največ štiri dni po drugem pogodbenem plačilu ali fazi izročitve
From 5 business days post second contractual payment or delivery leg until extinction of the transaction
Od 5 delovnih dni po drugem pogodbenem plačilu ali fazi izročitve do zaključka posla
Free delivery
Prosta izročitev
No capital charge
Brez kapitalske zahteve
Treat as an exposure risk weighted at 1250 %
Obravnavati kot izpostavljenost tveganju, tehtano s 1250 %
In applying a risk weight to free delivery exposures treated according to Column 3 of Table 2, an institution using the Internal Ratings Based approach set out in Part Three, Title II, Chapter 3 may assign PDs to counterparties, for which it has no other non-trading book exposure, on the basis of the counterparty's external rating.
Pri uporabi uteži tveganja za izpostavljenosti iz naslova prostih izročitev, ki se obravnavajo v skladu s stolpcem 3 razpredelnice 2, lahko institucija, ki uporablja pristop IRB, določen v poglavju 3 naslova II dela tri, nasprotnim strankam, za katere nima nobene druge izpostavljenosti v bančni knjigi, dodeli verjetnost neplačila na podlagi zunanje bonitetne ocene nasprotne stranke.
Institutions using own estimates of 'LGDs' may apply the LGD set out in Article 161(1) to free delivery exposures treated according to Column 3 of Table 2 provided that they apply it to all such exposures.
Institucije, ki uporabljajo lastne ocene "LGD", lahko za izpostavljenosti iz naslova prostih izročitev, ki se obravnavajo v skladu s stolpcem 3 razpredelnice 2, uporabijo LGD, določen v členu 161 (1), če ga uporabljajo za vse take izpostavljenosti.
Alternatively, an institution using the Internal Ratings Based approach set out in Part Three, Title II, Chapter 3 may apply the risk weights of the Standardised Approach, as set out in Part Three, Title II, Chapter 2 provided that it applies them to all such exposures or may apply a 100 % risk weight to all such exposures.
Alternativno lahko institucija, ki uporablja pristop IRB iz poglavja 3 naslova II dela 3, uporabi uteži tveganja standardiziranega pristopa iz poglavja 2 naslova II dela tri, če jih uporablja za vse take izpostavljenosti ali lahko za vse take izpostavljenosti uporabi 100 % utež tveganja.
If the amount of positive exposure resulting from free delivery transactions is not material, institutions may apply a risk weight of 100 % to these exposures, except where a risk weight of 1250 % in accordance with Column 4 of Table 2 in paragraph 1 is required.
Če znesek pozitivne izpostavljenosti iz poslovproste izročitve ni pomemben, lahko institucije za te izpostavljenosti uporabijo utež tveganja 100 %, razen kadar se zahteva utež tveganja 1250 % v skladu s stolpcem 4 razpredelnice 2 iz odstavka 1.
As an alternative to applying a risk weight of 1250 % to free delivery exposures according to Column 4 of Table 2 in paragraph 1, institutions may deduct the value transferred plus the current positive exposure of those exposures from Common Equity Tier 1 items in accordance with point (k) of Article 36(1).
Kot alternativo uporabi uteži tveganja 1250 % za izpostavljenosti iz naslova prostih izročitev v skladu s stolpcem 4 razpredelnice 2 iz odstavka 1, lahko institucije odštejejo preneseno vrednost in trenutno pozitivno izpostavljenost iz teh izpostavljenosti od postavk navadnega lastniškega temeljnega kapitala v skladu s točko (k) člena 36 (1).
Article 380
člen 380
Waiver
Oprostitev
Where a system wide failure of a settlement system, a clearing system or a CCP occurs, competent authorities may waive the own funds requirements calculated as set out in Articles 378 and 379 until the situation is rectified.
Če pride do splošnega izpada sistema poravnave ali klirinškega sistema ali do propada CNS, se lahko pristojni organi odločijo za oprostitev kapitalske zahteve, izračunane v skladu s členoma 378 in 379, dokler se razmere ne uredijo.
In this case, the failure of a counterparty to settle a trade shall not be deemed a default for purposes of credit risk.
V tem primeru se neporavnan posel s strani nasprotne stranke ne šteje kot neplačilo za namene kreditnega tveganja.
OWN FUNDS REQUIREMENTS FOR CREDIT VALUATION ADJUSTMENT RISK
KAPITALSKE ZAHTEVE ZA TVEGANJE PRILAGODITVE KREDITNEGA VREDNOTENJA
Article 381
člen 381
Meaning of Credit Valuation Adjustment
Pomen prilagoditve kreditnega vrednotenja
For the purposes of this Title and Chapter 6 of Title II, 'Credit Valuation Adjustment' or 'CVA' means an adjustment to the mid-market valuation of the portfolio of transactions with a counterparty.
Za namene tega naslova in poglavja 6 naslova II "prilagoditev kreditnega vrednotenja" (credit valuation adjustment – CVA) pomeni prilagoditev portfelja poslov z nasprotno stranko na vrednotenje po srednji tržni vrednosti.
That adjustment reflects the current market value of the credit risk of the counterparty to the institution, but does not reflect the current market value of the credit risk of the institution to the counterparty.
Zadevna prilagoditev za institucijo odraža tekočo tržno vrednost kreditnega tveganja nasprotne stranke, ne odraža pa tekoče tržne vrednosti kreditnega tveganja institucije za nasprotno stranko.
Article 382
člen 382
An institution shall calculate the own funds requirements for CVA risk in accordance with this Title for all OTC derivative instruments in respect of all of its business activities, other than credit derivatives recognised to reduce risk-weighted exposure amounts for credit risk.
Institucija izračuna kapitalske zahteve za tveganje CVA v skladu s tem naslovom za vse izvedene finančne instrumente OTC za vse svoje poslovne dejavnostmi, razen za kreditne izvedene finančne instrumente, ki priznano zmanjšujejo zneske tveganju prilagojenih izpostavljenosti za kreditno tveganje.
An institution shall include securities financing transactions in the calculation of own funds required by paragraph 1 if the competent authority determines that the institution's CVA risk exposures arising from those transactions are material.
Institucija vključi v izračun kapitala, zahtevan v odstavku 1, tudi posle financiranja vrednostnih papirjev, če pristojni organ določi, da so izpostavljenosti institucije tveganju CVA, ki izhajajo iz zadevnih poslov, pomembne.
Transactions with a qualifying central counterparty and a client's transactions with a clearing member, when the clearing member is acting as an intermediary between the client and a qualifying central counterparty and the transactions give rise to a trade exposure of the clearing member to the qualifying central counterparty, are excluded from the own funds requirements for CVA risk.
Posli s kvalificirano centralno nasprotno stranko in posli stranke s klirinškim članom so, kadar klirinški član nastopa v vlogi posrednika med stranko in kvalificirano centralno nasprotno stranko ter zaradi teh poslov nastanejo trgovalne izpostavljenost klirinškega člana do kvalificirane centralne nasprotne stranke, izključeni iz izračuna kapitalskih zahtev za tveganje CVA.
The following transactions shall be excluded from the own funds requirements for CVA risk:
Iz kapitalske zahteve za tveganje CVA so izključeni naslednji posli:
transactions with non-financial counterparties as defined in point (9) of Article 2 of Regulation (EU) No 648/2012, or with non-financial counterparties established in a third country, where those transactions do not exceed the clearing threshold as specified in Article 10(3) and (4) of that Regulation;
posli z nefinančnimi nasprotnimi strankami, kot so opredeljene točki (9) člena 2 Uredbe (EU) št. 648/2012, ali nefinančnimi nasprotnimi strankami s sedežem v tretji državi, če ti posli ne presegajo praga kliringa, kot je določeno v členu 10(3) in (4) navedene uredbe.]