natgillin/translations-raw huggingface dataset:
29. zato poziva k jasnim pravilom ravnanja in potrebnim obveznim standardom za zasnovo centralnih nasprotnih strank (vključevanje uporabnikov) ter postopke odločanja in sisteme upravljanja tveganj, ki jih uporabljajo; podpira namen Komisije, da predlaga uredbo o klirinških hišah;
Calls, therefore, for clear rules of conduct and the necessary compulsory standards as regards the setting-up of CCPs (involvement of users) and the decision-making procedures and risk management systems used by them; supports the Commission in its intention to propose a regulation governing clearing houses;
32. poziva Komisijo, naj nemudoma in temeljito razišče stopnje koncentracije na prostih trgih izvedenih finančnih instrumentov in zlasti zamenjav neplačil ter tako zagotovi, da ne bo tveganj tržne manipulacije ali navzkrižja interesov;
Calls on the Commission to urgently and thoroughly investigate levels of concentration in OTC derivatives markets, and in particular in the credit default swap, in order to ensure that there is no risk of market manipulation or conflict of interest;
41. poudarja potrebo po evropski regulaciji izvedenih finančnih instrumentov in poziva Komisijo h kar največjemu usklajevanju ukrepov z evropskimi partnerji, da se zagotovi čim bolj mednarodno enotna in usklajena regulacija; poudarja pomen preprečevanja regulatorne arbitraže zaradi neustreznega usklajevanja;
Underlines the need for European regulation of derivatives, and calls on the Commission to coordinate its actions with Europe’s partners as far as possible, in order to secure regulation which is as internationally consistent as possible and internationally coordinated; underlines the importance of avoiding regulatory arbitrage through inadequate coordination;
46. poudarja pomen rednega preverjanja učinkovitosti prihodnje zakonodaje v sodelovanju z vsemi udeleženci na trgu in prilagajanja teh novih regulativnih določb, kjer bo to potrebno;
Underlines the importance of reviewing regularly the effectiveness of the future legislation, in cooperation with all market participants, and of adapting these regulatory provisions where necessary;
Komisija EU je v sporočilih z dne 3. julija 2009 (KOM(2009)332 konč.) in z dne 20. oktobra 2009 (KOM(2009)563 konč.) izrazila svoje mnenje o prihodnjih političnih ukrepih pri zagotavljanju učinkovitih, varnih in stabilnih trgov izvedenih finančnih instrumentov.
In two communications - dated 3 July 2009 (COM(2009)332 final) and 20 October 2009 (COM(2009)563 final - the Commission has given its views on future policy actions to ensure efficient, safe and sound derivative markets.
Poudarila je, da imajo izvedeni finančni instrumenti koristno vlogo v gospodarstvu, saj se uporabljajo za prenos tveganj, značilnih za gospodarsko dejavnost, in sicer od tistih udeležencev na trgu, ki se želijo pred tveganjem zaščititi, na tiste, ki so to tveganje pripravljeni prevzeti nase.
In the process, the Commission has stressed that derivatives play a useful role in the economy in that they are used to transfer risks inherent to economic activity from risk-averse economic agents to agents more willing to bear them.
Kot je poudarila Komisija, so zlasti izvedeni finančni instrumenti OTC prispevali k pretresom na finančnih trgih, saj so omogočili večjo uporabo finančnih vzvodov in pripomogli k vse večji medsebojni odvisnosti udeležencev na trgu.
As the Commission has pointed up, over-the-counter (OTC) derivatives in particular have contributed to financial market turmoil by allowing leverage to increase and by making market participants more and more mutually dependent.
Po podatkih Banke za mednarodne poravnave v Baslu z decembra 2009 so izvedeni finančni instrumenti vseh kategorij, ki kotirajo na prostem trgu, dosegli skupni obseg 605.000 milijard USD, izvedeni finančni instrumenti, s katerimi se trguje na borzah, pa so dosegli nominalno vrednost 425.000 milijard USD.
According to information from the Bank for International Settlements (BIS) in Basle in December 2009, the total volume of OTC derivatives in all categories amounted to US$ 605 tn, the notional amount outstanding for exchange-traded derivatives being US$ 425 tn.
Ta obseg se je v zadnjem desetletju izjemno povečal.
That volume has risen dramatically in the last decade.
Upravičeno lahko podvomimo, ali je takšen porast finančnih proizvodov potreben ali smiseln.
The need for - and the point of - such a ballooning of financial market products can rightly be called into question.
Komisija je zato že julija 2009 predlagala štiri dopolnilna orodja za zmanjšanje negativnega učinka prostih trgov izvedenih finančnih instrumentov na stabilnost finančnih trgov:
In July 2009, accordingly, the Commission proposed four complementary tools ‘to reduce the negative impact of OTC derivatives markets on financial market stability’.
Predlagani politični ukrepi temeljijo na de Larosièrovem poročilu, sklepih Evropskega sveta z junija 2009 in sklepih skupine G20 iz druge polovice leta 2009.
The proposed policy actions are based on the De Larosière report, the European Council conclusions of June 2009 and the G-20 decisions in the second half of 2009.
Komisija v glavnem predlaga štiri področja političnih ukrepov:
Essentially, the Commission is proposing four policy action areas:
• nadaljnja standardizacija pogodb na izvedene finančne instrumente,
• further standardisation of derivative contracts;
• uporaba registrov trgovanja,
• the use of trade repositories;
• okrepljena uporaba klirinških hiš centralne nasprotne stranke,
• greater use of central counterparty clearing houses (CCPs);
• povečana uporaba organiziranih mest trgovanja.
• greater use of organised trading venues.
Komisija EU govori o splošni spremembi vzorca dosedanje politike finančnih trgov.
The Commission makes reference to a general paradigm shift in what has been its financial market policy to date.
Želi se odmakniti od tradicionalnega pogleda, da je za izvedene finančne instrumente zadostna ohlapna regulacija, ker so namenjeni profesionalni uporabi, in predlagati zakonodajo, ki bo zlasti povečala preglednost in udeležencem na trgu omogočila, da ustrezno ocenijo tveganja.
It is seeking to break with the traditional view that derivatives require no more than light-touch regulation because they are used by experts, and to propose legislation which, in particular, will increase transparency and enable market participants to price risks properly.
Rezultat predlaganih ukrepov bo premik trgov izvedenih finančnih instrumentov od sedanjega dvostranskega prostega trga k bolj centraliziranemu kliringu in trgovanju.
As a result, the proposed measures will shift derivative markets from OTC bilateral clearing and trading to more centralised clearing and trading.
Funkcija in pomen izvedenih finančnih instrumentov
Function and relevance of derivatives
Izvedeni finančni instrumenti so finančne pogodbe, katerih vrednost se izračuna na podlagi tako imenovanega osnovnega finančnega instrumenta, na primer ceni blaga, ceni delnice, menjalnega tečaja ali ravni obrestne mere, in ki pogodbeni stranki v primeru vnaprej opredeljenega dogodka daje plačilo ali pravico do nakupa oz. prodaje.
Derivatives are financial contracts with a value derived from what is termed an ‘underlying’, e.g. a commodity price, a share price or an interest rate, which, when a predefined event occurs, give a contractual partner a payment or a right to buy or sell.
V preteklosti so finančne institucije in podjetja (nefinančne institucije) izvedene finančne instrumente uporabljale za upravljanje tveganj ali za špekulacije.
In the past, derivatives were used by financial institutions and firms (non-financial institutions) for hedging or for speculation purposes.
Običajni izvedeni finančni instrumenti so terminske pogodbe, zamenjave neplačil (credit default swaps – CDS), opcije in certifikati.
Futures, credit default swaps (CDS), options und certificates are common derivatives.
Za zamenjave neplačil je v primeru neizpolnitve nasprotne stranke predvideno kompenzacijsko plačilo.
CDS provide for a compensatory payment in the event of credit defaults.
Posebno špekulativni izvedeni finančni instrumenti CDS so po podatkih Banke za mednarodne poravnave v Baslu od začetka finančne krize v primerjavi s prejšnjimi leti upadli.
Since the start of the financial market crisis - according to BIS documents - particularly speculative CDS derivatives have declined by comparison with previous years.
Konec junija 2009 je neplačana nominalna vrednost pogodb CDS znašala 36.000 milijard USD.
At the end of June 2009, the notional outstanding value of CDS contracts was US$ 36 tn.
Pri tem je pomembno vlogo igrala vse pogostejša neto izravnava nasprotnih pozicij, zlasti najpomembnejših trgovcev.
Increased netting of positions by market participants, particularly by key traders, has played a considerable role in this.
V nasprotju z upadajočo nominalno vrednostjo pogodb med finančnimi institucijami se je neplačana nominalna vrednost pogodb med trgovci in nefinančnimi institucijami več kot podvojila.
Unlike the notional value of contracts between financial institutions, which has declined, the notional outstanding value for contracts between traders and non-financial customers has more than doubled.
Natečene obresti ter amortizacija plačanih pribitkov in prejetih odbitkov se knjižijo na osnovi efektivne obrestne mere pod „prihodke od obresti“.
The subsequent accrual of interest and amortisation of premiums paid and discounts received are included in ‘interest income’ on an effective interest rate basis.
Po datumu sklenitve posla se izvedeni finančni instrumenti znova ocenijo na podlagi poštene vrednosti.
After trade date, derivatives are revalued to fair value.
Ocena predlogov Komisije
Assessment of the Commission ’ s proposals
Cilji predlogov Komisije:
The aims of the Commission proposals:
• zmanjšanje kreditnega tveganja;
• to reduce default risk,
• zmanjšanja operativnega tveganja;
• to reduce operational risk,
• povečanje preglednosti in
• to increase transparency and
• izboljšanje integritete trga in nadzor nad njegovim delovanjem.
• to enhance market integrity and oversight
Poročevalec te cilje v celoti podpira.
are shared by the rapporteur unreservedly.
Posamezni predlagani predpisi za določitev skupnih varnostnih, regulatornih in operativnih standardov za centralne nasprotne stranke, zavarovanje dvostransko poravnanih pogodb, večje kapitalske zahteve za dvostransko poravnane transakcije in obvezni centralni kliring za standardizirane pogodbe prek centralne nasprotne stranke za finančne institucije spadajo med predloge, ki jih je vredno podpreti.
The individual provisions put forward to lay down common safety, regulation and operating standards for central counterparties, collateralisation for bilaterally cleared contracts, higher capital requirements for bilaterally cleared trades, and mandatory central clearing for standardised contracts through CCPs for financial institutions are among the proposals which should be supported.
Celotni regulativni okvir zajema tudi standardizacijo pogodbenih pogojev in obdelavo pogodb.
The overall regulatory framework also includes standardisation of contract terms and contract processing.
Za povečanje preglednosti morajo udeleženci na trgu pozicije in transakcije, ki se ne poravnajo prek centralne nasprotne stranke, vnesti v registre trgovanja, ki pa se regulirajo in nadzorujejo.
To increase transparency, market participants would be obliged to report non-CCP-cleared positions and transactions to trade repositories, which, in turn, would be regulated and supervised.
Za standardizirane izvedene finančne instrumente mora biti predpisano trgovanje na borzi ali drugih organiziranih mestih.
Trading at exchanges or at other organised trading venues would be made mandatory for standardised derivatives.
Namen revizije direktiv o finančnih trgih za vse izvedene finančne instrumente, tudi izvedene finančne instrumente na blago, je povečanje preglednosti trgovanja.
The review of the Financial Market Directives for all derivative markets, including commodity derivatives, is to increase trading transparency.
Namen revizije Direktive o zlorabi trga je razširiti področje uporabe tržnih manipulacij na izvedene finančne instrumente in regulativnim organom omogočiti, da določijo omejitve za pozicije.
The Market Abuse Directive is to be amended to extend the scope of market manipulations to derivatives and enable regulatory authorities to set position limits.
Različna obravnava izvedenih finančnih instrumentov podjetij in bank
Different treatment of corporate derivatives and bank derivatives
V nasprotju s finančnim trgom so pri trgovanju z energijo ali blagom udeležena številna različna podjetja.
In energy or commodities trading - unlike on the financial market - a host of different firms are active.
Poleg velikih udeležencev (energetska podjetja, veliki industrijski odjemalci, naftni koncerni, kemijska podjetja, letalske družbe in banke) se na trgu udeležujejo tudi manjši trgovski partnerji, kot so komunalna podjetja, distributerji in samostojni dobavitelji energije.
In addition to large market participants (energy utilities, large industrial consumers, oil companies, chemical firms, airlines and banks), there are smaller trading partners on the market, too, such as municipal utilities, distribution companies and independent energy traders.
Izvedeni finančni instrumenti podjetij v nasprotju s pravimi finančnimi proizvodi, s katerimi med seboj trgujejo banke, ne povzročajo znatnega sistemskega tveganja za finančne trge.
Unlike pure financial market products traded between banks, corporate derivatives involve no major systemic risk for financial markets.
Proizvodi, s katerimi se trguje na finančnih trgih, se bistveno razlikujejo od finančnih proizvodov podjetij.
Products traded on the financial market differ significantly from corporate products.
Medtem ko se na kapitalskem trgu trguje z vrednostnimi papirji in finančnimi instrumenti, kot so terminski posli, opcije in terminske pogodbe, pa trg izvedenih finančnih instrumentov podjetij mnogo krat temeljijo na fizično prisotnih tržnih proizvodih, ki določajo oblikovanje cen.
While securities and financial instruments such as futures and options are traded on the financial market, the corporate derivatives market is often based on physical commodities, which determines price formation.
Tržna cena za te proizvode, ki je oblikovana na osnovnih dejavnikih za oblikovanje cene (na primer zmogljivost elektrarn, vreme, vedenje potrošnikov, razpoložljivost blaga in cene surovin), se popolnoma razlikuje od cen proizvodov finančnega trga.
The market price for those products is based on fundamental price-forming factors (such as, for example, power plant capacity, weather, consumer behaviour, commodity availability and raw material prices) which are completely different from those on the financial market.
Pri izvedenih finančnih instrumentih podjetij ni zasebnih vlagateljev v vlogi udeležencev na trgu.
In the case of corporate derivatives, no private investors are market participants.
Za ocenjevanje, preglednost in tveganje neizpolnitve nasprotne strani je velikega pomena razločevanje med množičnimi in posamičnimi proizvodi.
With regard to pricing, transparency and counterparty credit risk, the distinction between mass market products and individual products is of great importance.
Z izvedenimi finančnimi instrumenti se je zaradi neustrezne ocene tveganja velikokrat trgovalo prepoceni.
In many instances, derivatives have been traded too cheaply because risk could not be correctly assessed.
Banke so ob tem sistematsko zanemarjale tveganja ali pa so jih prodajale naprej brez lastne udeležbe.
In the process, banks have systematically ignored risks or sold them on without sharing them.
Posebnost izvedenih finančnih instrumentov podjetij
Distinctive feature of corporate derivatives
Boljša in strožja regulacija trgov izvedenih finančnih instrumentov mora upoštevati poseben položaj podjetij, ki morajo svoja finančna in operativna tveganja ob ugodnih pogojih in prilagojeno še naprej zavarovati z izvedenimi finančnimi instrumenti.
Better and tougher regulation of derivative markets must take account of the special position of firms which have to continue hedging their financial and operating risks on favourable, tailor-made terms by means of derivatives.
Podjetja, ki pripadajo finančnemu področju, s temi finančnimi instrumenti zavarujejo tveganja iz naslova valute, obresti ali blaga.
Using these financial instruments, non-financial firms hedge foreign-exchange, interest rate and commodity risks.
Takšna nešpekulativna zavarovanja prispevajo k stabilnosti in rasti zaposlovanja in naložb.
Such non-speculative protection helps to create stability and growth for employment and investment.
Predlagani direktivi ne smeta prispevati k občutnemu poslabšanju na področju zavarovanj tveganj podjetij.
No noticeable deterioration in hedging corporate risks must be brought about as a result of the regulatory actions proposed.
Čeprav bo treba v prihodnosti za izvedene finančne instrumente določiti cene, ki bodo bolj prilagojene trgu, pa se likvidnosti podjetij ne sme omejiti.
Though, in future, the pricing of derivatives must be more market-oriented, firms’ liquidity must not be constrained.
Ker podjetja nimajo enakega dostopa do likvidnosti kot banke, lahko zaradi pretiranih zahtev po zavarovanju pride do znatno večjih potreb po kreditih, ki pa podjetij, zlasti malih in srednjih podjetij, ne smejo preveč obremeniti.
As firms do not have the same access to liquidity as banks, providing excessive collateral may result in a markedly greater borrowing requirement, which must not overburden firms, in particular small and medium-sized enterprises.
Ker izvedeni finančni instrumenti podjetij v nasprotju z izvedenimi finančnimi instrumenti finančnih institucij niso bistveno vplivali na finančno krizo, jih je treba nujno drugače obravnavati.
Since corporate derivatives - unlike financial institutions’ derivatives - have not been a major factor in the financial market crisis, a more discriminating view is imperative here.
Sklepi predlogov Komisije
Conclusions from the Commission proposals
• tveganje se mora v prihodnosti bolje odražati v cenah izvedenih finančnih instrumentov, stroške prihodnje infrastrukture trga pa morajo nositi izključno udeleženci na trgu in ne davkoplačevalci;
• in future, the prices of derivatives must better reflect risk and the cost of the future market infrastructure must be borne by market participants alone and not by taxpayers;
• bremena kliringa prek centralnih nasprotnih strank in njihovih sistemov za obvladovanje tveganj ne smejo nositi uporabniki, poleg tega pa si ne smejo biti konkurenčne;
• CCPs and their risk management systems must not be financed by users or be rivals;
• za vse izvedene finančne instrumente je treba določiti standarde za prijavo, da se zagotovi posredovanje teh podatkov centralnim registrom trgovanja;
• reporting standards must be laid down for all derivatives so as to ensure that they are communicated to central trade repositories;
• zlasti za mala in srednja podjetja je treba dovoliti posebne ureditve in manjše kapitalske zahteve pri dvostranskih izvedenih finančnih instrumentih;
• in particular for SMEs, exemptions and lower capital requirements must be allowed for bilateral derivatives;
• za izvedene finančne instrumente CDS mora biti obvezen centralni kliring, po potrebi pa jih je treba zaradi tveganj, ki se kopičijo, omejiti ali v posameznih primerih celo prepovedati;
• CDS derivatives must be subject to independent central clearing; and if necessary, where cumulative risks are involved, it must be possible to restrict them or, on a case-by-case basis, prohibit them;
• nacionalni regulativni organi morajo imeti dostop do registrov trgovanja;
• national regulatory authorities must be given access to trade repositories;
• pristojnosti v zvezi z izdajo dovoljenj za opravljanje dejavnosti klirinških družb v Evropski uniji in v tretjih državah morajo biti podeljene Evropskemu organu za vrednostne papirje in trge.
• responsibility for authorising CCPs in the European Union and third states should be given to the European Securities and Markets Authority (ESMA).
Za optimiziranje sodelovanja nacionalnih regulativnih organov in Evropskega organa za vrednostne papirje je potrebnih več korakov.
To optimise cooperation between national regulatory authorities and ESMA, gradual action is required.
1. ker nestanovitnost uničujoče vpliva na lačne in revne v državah v razvoju, ki zavzemajo znaten delež proizvajalcev in potrošnikov kmetijskega blaga po vsem svetu in nimajo dostopa do finančnih storitev ali finančnih mehanizmov za obvladovanje tveganja,
A. whereas volatility has a devastating impact on the hungry poor in developing countries, who account for a considerable share of agricultural commodity producers and consumers worldwide and have no access to financial services or financial mechanisms to manage risks,
B. ker so raziskave Organizacije za prehrano in kmetijstvo pokazale, da družine v industrijskih državah običajno za hrano porabijo 10 do 20 % družinskega proračuna, medtem ko se v najmanj razvitih državah ta odstotek giba med 60 in 80 %,
B. whereas according to studies by the FAO, the proportion of expenditure on food in a typical household budget revolves around 10 - 20% in an industrial country but amounts to between 60% and 80% in the least developed countries (LDCs),
C. ker špekulacije s cenami blaga, ki povečujejo nestanovitnost na kmetijskih trgih, otežujejo financiranje inovativnih naložb za obnovo domače kmetijske proizvodnje v državah, ki so odvisne od neto uvoza hrane,
C. whereas speculation on commodities that increases volatility in agricultural markets makes it more difficult to finance innovative investments for rebuilding domestic agricultural production in net food import-dependent countries,
2. poudarja, da špekulacije s cenami kmetijskega blaga najhuje prizadenejo revne; opozarja zlasti, da ima nihanje cen negativne makroekonomske posledice za države, ki uvažajo hrano, katerih plačilna bilanca se slabša, nihanje cen pa še dodatno poslabšuje njihovo zadolženost; opozarja tudi, da se mnoge države v razvoju in najmanj razvite države močno opirajo na izvoz surovin ali kmetijskega blaga, da zaslužijo tujo valuto; meni, da neregulirana trgovina z izvedenimi finančnimi instrumenti zato močno ogroža varnost in kmetijsko proizvodnjo in jo je treba obravnavati;
Underlines that speculation on agricultural commodities affects the poor the hardest; recalls, in particular, that fluctuation of prices has negative macroeconomic effects for food importing countries, whose balance of payments deteriorates, and such fluctuation additionally worsens their level of indebtedness; recalls also that many developing and least developed countries rely heavily on the export of raw materials or agricultural commodities to earn foreign exchange; takes the view therefore that unregulated trade in derivatives represents a serious threat to both security and agricultural production that needs to be addressed;
4. obžaluje, da je zaradi nepreglednosti obstoječih podatkov težko natančno raziskati neposredno povezavo med špekulacijo in gibanjem cen blaga; poudarja pa, da so vlogo špekulacij na blagovnih trgih obravnavali številni organi, med drugim tudi Konferenca Združenih narodov za trgovino in razvoj in Stalni pododbor senata ZDA za preiskave, ki poudarjajo negativno vlogo, ki jo imajo sredstva, vezana na blagovni indeks;
Regrets that, given the non-transparency of existing data, it is difficult to examine precisely the direct link between speculation and commodity price development; points out, however, that the role of speculation in the commodity markets has been addressed by various bodies, including UNCTAD and the Permanent Subcommittee on Investigations of the United States Senate, and that they stress the negative role played by commodity index funds;