Securitisation caused the subprime debacle, but is today an importa nt tool for laying off risk.

券化导致了次贷危机，但如今是消除风险的重要工具。

Endless devaluations could rattle that equilibrium and upset securitisation arrangements.

无休止的贬值能会打破这种平衡，打乱券化准备计划。

Mortgage backed-securities are created when large financial institutions securitize mortgages.

抵押贷款支持券是大型金融机构将抵押贷款券化时产生的。

Back in 2018 officials placed caps on asset-backed securitisation, upending Ant's model of selling its loans on to banks.

早在2018年，官员们就对资产支持券化设置了上限，颠覆了蚂蚁金服向银行出售贷款的模式。

Investors want the European Union to revamp rules around debt securitisation.

投资者希望欧盟改革券化的相关规定。

And then also around the same time you had the birth of securitisation.

大约在同一时间， 券化诞生了。

Banks use asset-backed securitization to convert illiquid assets into tradable securities.

银行利用资产券化将非流动资产转化为券。

Instead, they'd been securitized, sold in bits and pieces to various investors around the world.

相反，它们被券化，零零碎碎地出售给世界各地的各种投资者。

Affinity Capital Exchange, a fintech firm, is working with JPMorgan to securitise air miles, so that they can be more easily traded.

亲和资本（一家金融科技公司）正与摩根大通合作，将航空里程券化，以便更容地进行。

It includes shrinking the lender's investment bank and selling off parts of its securitised products business, which is really profitable.

它包括缩减贷款人的投资银行和出售其券化产品业的一部分，这确实是有利图的。

Mr Bernstein compares the situation to the securitisation of housing debt, in that there is very little information available about the debt.

伯恩斯坦先生将这种情况比作住房券化，因为有关的信息非常少。

Although Credit Suisse had already begun swinging the axe, having announced the sale of its securitised-products business last year, the operational changes will now be much more bloody.

尽管瑞士信贷已经开始挥动斧头，去年宣布出售其券化产品业，但现在的运营变化将更加血腥。

Just a quick refresher: debt securitisation is when things like risky corporate loans or mortgages are packed up into one chunk that banks then sell off to investors.

简单回顾一下：券化是指将风险较高的企业贷款或抵押贷款等打包成一个整体，然后银行将其出售给投资者。

JPMorgan's assets dwarfed those of Bear Stearns and Lehman Brothers, but it was those smaller firms' highly leveraged bets on securitized subprime mortgages that had set off a panic.

摩根大通的资产使贝尔斯登（Bear Stearns）和雷曼兄弟（Lehman Brothers）相形见绌，但正是这些小公司对券化次级抵押贷款的高杠杆押注引发了恐慌。

Since banks could now off-load their risk that any particular borrower might default on their loan, this " securitization" of mortgages had led banks to steadily loosen their lending standards.

由于银行现在以转移任何特定借款人能拖欠贷款的风险，这种抵押贷款的“券化”导致银行稳步放宽贷款标准。

And despite telling you this — " It is outrageous for residents to be saddled with skyrocketing power bills." — your governor signed legislation securitizing billions in utility company debt.

尽管告诉了你这一点——“让居民背负着飞涨的电费是令人发指的。” - 你的州长签署了将数十亿公用事业公司券化的立法。

Everyone wanted to believe that we had genuinely found a way of spreading risk through securitising loans so low-income families could have access to the sort of credit that the middle class has always had.

每个人都想相信我们真的找到了一种通过贷款券化来分散风险的方法， 这样低收入家庭就以获得中产阶级一直拥有的那种信贷。

So the mortgage securitisation industry and including the investor community, I think, helped stir up or at least did not discourage this kind of a populist revolt against, oh, don't give these deadbeats breaks on their mortgages.

因此，我认为，抵押贷款券化行业和投资者群体帮助激发了这种民粹主义的反抗，或者至少没有阻止这种反抗，不要给这些赖账者抵押贷款减免。

The key piece here that they've already announced a sell-off is the securitised products business, which, although is actually very profitable for Credit Suisse and is an area where the bank is a market leader, it is quite risky.

他们已经宣布抛售的关键部分是券化产品业，尽管这对瑞士信贷来说实际上是非常有利图的， 而且该银行在该领域处于市场领先地位，但风险很大。