ISDA ® International Swaps and Derivatives Association, Inc

ISDA Glossary of Collateral Terms

- Chinese Translation -
ISDA 担保术语词汇表
-中文翻译-

First Edition – January 2006

2006 年 1 月 第一版

Copyright © 2006 by International Swaps and Derivatives Association, Inc

版权所有©2006 国际掉期及衍生工具协会
ISDA ® International Swaps and Derivatives Association, Inc

OBJECTIVES OF THE GLOSSARY OF COLLATERAL TERMS – CHINESE TRANSLATION

The Glossary is intended to:

• serve as an educational reference tool for collateral practitioners;

• provide an overview of the key collateral terms used in the Credit Support Annex and
Credit Support Deed as published by ISDA;
• serve as a practical guide for collateral practitioners in relation to OTC derivatives trades
only when the use of both English and Chinese languages are required.

担保术语词汇表 – 中文翻译

编制本词汇表之目的在于：
• 为担保从业人员提供教育性的参考工具；
• 就ISDA出版的信用支持附件和信用支持契据所使用的主要担保品术语提供
概览；
• 为担保从业人员在场外衍生交易需要使用英文与中文文本的场合提供实用指
南。

NOTE

For reference and further information, please also review the following collateral documents and
reference materials as provided by ISDA:

1. 2005 ISDA Collateral Guidelines 7. 1995 ISDA Credit Support Annex

2. ISDA Collateral Asset Definitions 8. 1995 ISDA Credit Support Deed (Security
Interest – English Law)
3. ISDA Margin Surveys
9. 1994 ISDA Credit Support Annex (Security
4. Recommended Practices for
Interest – New York Law)
Portfolio Reconciliation
10. User’s Guide to the ISDA Credit Support
5. 2001 ISDA Margin Provisions
Documents under English Law
6. User’s Guide to 2001 ISDA Margin
11. User’s Guide to the 1994 ISDA Credit
Provisions
Support Annex

Please visit http://www.isda.org/publications/pubguide.html for further details on ISDA publications.

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IMPORTANT DISCLAIMERS

ISDA wishes to bring to the attention of all users of this Glossary of Collateral Terms - Chinese Translation (the
“Glossary”’) the following important warnings and disclaimers:

1. The precise documentation of each individual collateral agreement remains the responsibility of the parties
concerned. ISDA assumes no responsibility for any use to which this Glossary may be put, including, without
limitation, any use of the Glossary in connection with any collateral agreement.

2. ISDA assumes no responsibility in relation to the suitability of the collateral terminology described in this
Glossary or the use to which the Glossary is put.

3. This document has been made available for educational and discussion purposes in relation to OTC
derivatives trades only. It does not constitute formal advice, and ISDA accepts no responsibility for errors,
omissions or inaccuracies.

4. All users of the Glossary are strongly advised to seek their own independent verification of all information
presented and to seek their own independent legal, tax, accounting and other advice as appropriate before
undertaking any form of collateral management activity.

5. This Glossary is provided as a practical guide for collateral practitioners in relation to OTC derivatives trades
only and has not been reviewed in detail by any legal advisors. Any inconsistencies within this Glossary or
with other ISDA documents should be brought to the attention of ISDA.

6. The Glossary may be subject to periodic revision and may be published exclusively online, so please check
the ISDA website for updates.

重要免责声明

国际掉期及衍生工具协会（“ISDA”） 提请《担保术语词汇表中文翻译》(“本词汇表”)的所有
使用者注意以下警告和免责声明：

1. 每一具体的担保协议的有关方应对准确编制合同文本负责。ISDA对以任何方式使用本词汇
表、包括但不限于就任何担保协议使用本词汇表，概不承担任何责任。

2. ISDA 对于本词汇表中所描述的担保术语的适宜性、及其以任何方式被使用，概不承担任
何责任。

3. 本文件仅就场外衍生交易供教育及讨论之用，不构成正式的意见，且ISDA对文件的错误、
遗漏或不准确概无任何责任。

4. 强烈建议本词汇表的所有使用者就本词汇表所载的全部资料进行独立核证，并且在从事任
何形式的担保品管理活动之前，应首先寻求适当的独立法律、税务、会计和其它专业意
见。

5. 本词汇表仅就场外衍生交易为担保从业人员提供实务指引，不曾被任何法律顾问详细审
阅。本词汇表若与其它ISDA文件有任何歧义，请提请ISDA注意。

6. 本词汇表可定期修改，也可以仅在互联网上公布，因此敬请留意ISDA网站的最新资料。

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Summary of Collateral Terms:

担保术语表:

1. Base Currency 基准货币

2. Call 要求
3. Cash 现金
4. Close Out 终止
5. Collateral 担保品
6. Collateral Arrangement 担保安排
7. Collateral Opinion 担保意见
8. Collateralised Transactions 有担保的交易
9. Credit Support 信用支持
10. Credit Support Amount 信用支持金额
11. Credit Support Annex 信用支持附件
12. Credit Support Balance 信用支持余额
13. CSA CSA
14. Delivery Amount 交付金额
15. Dispute Resolution 争议解决
16. Distributions 派息
17. Eligible Collateral 合格担保品
18. Eligible Credit Support 合格信用支持
19. Eligible Currency 合格货币
20. Event of Default 违约事件
21. Exchange 交换
22. Exposure 风险敞口
23. Haircut 折减
24. Independent Amount 独立金额
25. Initial Margin 初始保证金
26. ISDA Master Agreement 国际掉期及衍生工具协会主协议/ ISDA 主协议
27. Margin 保证金
28. Mark-to-Market 按市值计算
29. Master Agreement 主协议
30. Minimum Transfer Amount 最低转让金额
31. Multi-branch Party 多分支机构当事方
32. Netting 净额结算
33. New Credit Support 新信用支持
34. Notification Time 通知时间

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ISDA 35.
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Original Credit Support 原信用支持

36. OTC 场外交易
37. Outright Transfer 买断式转让
38. Paragraph 11 第 11 段
39. Paragraph 13 第 13 段
40. Perfection 完善
41. Pledge 质押
42. Pledgor 出质人
43. Pledgee 质权人
44. Posting 提供
45. Provider 提供人
46. Reconciliation 和解
47. Rehypothecation / Re-Use 再质押 / 再使用
48. Return Amount 返还金额
49. Resolution Time 解决的时间
50. Rounding Amount 取整金额
51. Schedule 附录
52. Set-off 抵销
53. Secured Party 担保权人
54. Security Interest 担保物权
55. Substitution 替代
56. Termination Events 终止事件
57. Threshold Amount 起点金额
58. Title Transfer 所有权转让
59. Transferee 受让人
60. Transferor 转让人
61. Unpaid Amount 未付金额
62. Valuation Agent 估值代理人
63. Valuation Date 估值日
64. Valuation Frequency 估值的频率
65. Valuation Percentage 估值百分比
66. Valuation Time 估值时间

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Glossary of Collateral Terms 担保术语词汇表

A–B
1. Base Currency 基准货币
This is the currency, specified in the 指信用支持附件指定的用以支付保证金的
CSA, in which Margin Calls are
made. It is used to convert all 货币。基准货币的作用在于将所有交易和
transaction and Collateral amounts 担保品的金额转换成共同货币。
into a common currency.
Ideally the Base Currency should
reflect the currency of the majority of 基准货币最好能反映多数交易所使用的货
transactions or the termination 币或 ISDA 主协议确定的终止货币。常用
currency of the ISDA Master
Agreement. Typically the currency 的货币是欧元或美元。
used is either Euro or US Dollars.
C
2. Call 要求
To make a demand for Collateral 向交易对手提出提供担保品的要求。
from a counterparty.
3. Cash 现金
Cash is the preferred form of 由于最具流通性，现金是受欢迎的担保品
Collateral, because it is the most
liquid. However, it can cause 形式。但是，由于接受现金担保需要向担
problems because Cash requires a 保品提供人支付回报，也就会带来问题。
rate of return to be paid to the 许多机构仍然认为小额隔夜现金是很难产
Collateral Provider. Many 生内部回报的。
institutions still find it awkward to
generate a return internally on small
overnight balances of Cash.
The overnight reference interest 现金担保通常使用的隔夜参考利率是：
rates used for Cash Collateral are
typically: ·美元的有效联邦基金
Effective Federal Funds for USD ·欧元的欧元隔夜平均指数（EONIA）
EONIA for Euro
·英镑的英镑隔夜平均指数（SONIA）
SONIA for GBP Sterling
Reuters page AFMZ for AUD ·路透社荧屏 AFMZ 页所显示的澳大利亚元
A spread maybe subtracted from the 利率中可减去价差，例如 25 个基点。但应
rate e.g. 25 basis points. When 该明白，减去价差可能会妨碍担保品提供
subtracting such a spread it is
人提供现金的积极性。
important to recognise that this may
discourage the Collateral Provider
from Posting Cash.

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ISDA
4. Close Out
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终止
To terminate the transactions under 指终止衍生产品协议项下的交易。视引发
a derivatives agreement. Close Out
can affect one, several or all 终止的事件情况，终止可能影响一项、几
transactions, depending on the 项或所有交易。
event that triggers the Close Out.
See Netting. 请参考净额结算。
5. Collateral 担保品
(i) Cash in any currency; (i) 任何货币的现金；
(ii) securities of any kind;and
(ii) 任何种类的证券；和
(iii) any asset commonly used as
Collateral. (iii)通常用作担保品的任何资产。
6. Collateral Arrangement 担保安排
Any Margin, Collateral or security 与订立的净额结算协议有关的任何保证
arrangement or other credit
金、担保品或担保安排或其他信用提升，
enhancement related to a Netting
agreement entered into, including 包括 (但并不限于)：
(without limitation): (i) 在担保品上设立的质押或任何其他形式
(i) a Pledge or any other form of 的担保物权；
Security Interest in Collateral;
(ii) a security arrangement based on (ii) 根据担保品所有权的转让作出的担保安
the transfer of title to Collateral, 排，不论是以买断式出售还是担保形式作
whether by outright sale or by way of 出，包括 (但并不限于) 买卖协议或不寻常
security, including (without limitation) 的质押；和
a sale and repurchase agreement or
an irregular Pledge; and (iii) 由或向一份或多份合格金融合约的一
(iii) any guarantee, letter of credit or 方就该等合约出具的任何保证、信用证或
reimbursement obligation by or to a 偿付责任。
party to one or more qualified
financial contracts, in respect of
those qualified financial contracts.
7. Collateral Opinion 担保意见
A Collateral Opinion is often 担保意见通常由外部律师提供，主要探讨
obtained from external legal counsel
某项担保安排在某司法管辖区是否可执
to discuss whether Collateral
Arrangements are enforceable in a 行。ISDA 向其成员提供超过 35 个司法管
particular jurisdiction. ISDA provides 辖区情况的法律意见。ISDA 还提供关于终
Collateral Opinions for its members 止净额结算可执行性的法律意见。
on more than 35 jurisdictions.
Similarly, ISDA provides legal
opinions on the enforceability of
close-out Netting.

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ISDA
8.
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Collateralised Transactions 有担保的交易

Many firms cannot collateralise all 由于许多公司无法为其在 ISDA 主协议项
products and offices/ branches
下所有产品和所有分支机构一一提供担
covered by their ISDA Master
Agreement, so it is important to 保，因此应准确具体地列明哪些类型的交
specify precisely any sub-set of 易适用于信用支持附件。
transactions to be covered by the
CSA.
This is typically done by defining 通常的作法是，对信用支持附件以及连接
product types e.g. interest rate 信用支持附件与 ISDA 主协议的相关 ISDA
swaps and branches e.g. London, 主协议修订条款所载的产品类别（例如，
Paris, New York to be included in
the CSA, in the Amendment to the 利率掉期）和分支机构（例如，伦敦、巴
ISDA Master Agreement that links 黎、 纽约）进行定义。也可在信用支持附
the CSA to the ISDA Master 件本身内作出定义。（有些公司还会列出
Agreement. It may also be defined
信用支持附件不包含的产品的清单）。
in the CSA itself.
(Some firms will also list products
that are to be excluded from the
CSA.)
9. Credit Support 信用支持
The term used in ISDA 指 ISDA 文件中用于说明各种形式的信用
documentation for all forms of credit
风险减轻技术的术语。
risk mitigation techniques.
10. Credit Support Amount 信用支持金额
The Transferee’s Collateral 指受让人提出应有担保品的要求。该要求
requirement, based on the value of
是根据全部有担保的交易的价值，按照起
all Collateralised Transactions
adjusted for any Threshold Amount 点金额或独立金额具体约定而调整计算得
or Independent Amount. 出的。
11. Credit Support Annex - CSA 信用支持附件 - CSA
The CSA describes the terms of the 信用支持附件载有描述双方之间担保关系
collateralised relationship between
的 条 款 ， 其 中 包 括 法 律、 操 作 和 信 用 条
the two parties. It includes legal,
operational and credit provisions. 款。
ISDA provides 2 CSAs. The first, ISDA 提供两份信用支持附件。第一份是适
NY law CSA, creates a Security 用纽约州法律的信用支持附件，该附件设
Interest/Pledge. The second,
English law CSA, creates a Title 立一项担保物权/质押。第二份是适用英格
Transfer. 兰法律的信用支持附件，该附件设立一项
所有权转让。
12. Credit Support Balance 信用支持余额
The total value of Collateral held by 指风险承受方持有的担保品经折减后的总
the exposed party, after any
价值。
Haircuts.

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13. CSA
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CSA
See Credit Support Annex. 请参考信用支持附件定义。
D
14. Delivery Amount 交付金额
The amount of Collateral required to 指满足担保品的要求的担保品金额。
satisfy a Collateral Call.
15. Dispute Resolution 争议解决
The process of either agreeing or 指当一方质疑已经计得的交付金额、返还
revaluing the portfolio or Collateral
when a party disputes the calculated 金额或信用支持余额时，有关方商定或重
Delivery Amount, Return Amount or 新评估证券组合或担保品价值的程序。
Credit Support Balance.
16. Distributions 派息
Amounts transferred by the 指（担保品）受让人向担保品的提供人转
(Collateral) Transferee to the
Collateral Provider, of equivalent 让的金额，与受让人持有的证券的息票价
value to coupons arising from 值相等。
securities held by the Transferee.
E
17. Eligible Collateral 合格担保品
Eligible Collateral is a term used in 合格担保品是适用纽约州法律的信用支持
the NY law CSA, and has the same
meaning as Eligible Credit Support 附件中使用的术语，与适用英格兰法律的
in the English law CSA. It is the 信用支持附件所述的合格信用支持意义相
Collateral (Cash and securities) that 同，为信用支持附件各方已经同意接受的
both parties to the CSA have agreed 担保品（现金和证券），用以满足担保品
to accept to satisfy Collateral
demands. 的要求。
18. Eligible Credit Support 合格信用支持
It is the Collateral (Cash and 指信用支持附件各方已经同意接受用以满
securities) that both parties to the
CSA have agreed to accept to 足担保品的要求的担保品（现金和证
satisfy Collateral demands. 券）。
19. Eligible Currency 合格货币
An additional currency ( which can 指各方同意可作为担保品的额外货币(可包
include the Base Currency) that
parties agree can be used as 括基准货币)。如果希望将现金当作合格担
Collateral as well. Parties need to 保品，交易各方应当将合格货币列入合格
include the Eligible Currency under 信用支持之内。
Eligible Credit Support if they wish to
include Cash as Eligible Collateral.

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20. Event of Default 违约事件

Any event nominated under the 指 ISDA 主 协 议指定 的使 一 方得 以 终止
ISDA Master Agreement which
allows a party to Close Out the ISDA 主协议、所有相关交易及其附带的信
Master Agreement, all underlying 用支持附件的事件。
trades and the attached CSA.
21. Exchange 交换
An Exchange of Collateral that has 指用已经被提供的担保品来交换另一形式
already been posted, for another
form of Eligible Credit Support of 的等值合格信用支持的做法。这是适用英
equal value. This term is specific to 格兰法律的信用支持附件（所有权转让
the English Law CSA (Title 式）中特有的术语。
Transfer).
See Substitution. 请参考替代。
22. Exposure 风险敞口
The Mark-to-Market value of all 指所有有担保的具体交易的按市值计算的
collateralised trades.
价值。
F–H
23. Haircut 折减
A Haircut may be applied to 折减适用于被受让人持有的担保品。这是
Collateral held to give the
Transferee additional protection from 为了防止在终止期间因持有的担保品价值
a fall in the value of the Collateral 下跌而给予受让人的额外保护。
held during the Close Out period.
The size of the Haircut is usually 折减幅度的多少通常取决于担保品的价格
based on the volatility of the 波动性、预期持有期间和市场流动性。
security, the expected holding period
and market liquidity.
The term “Haircut” is widely used by “折 减 ”是 业 内 人 士 广 泛 使 用 的 术 语， 而
practitioners although ISDA ISDA 文件通常称其为估值百分比。估值百
documentation refers to Valuation
Percentage. Valuation Percentage 分比所表示的是用资产的实际市值的多少
indicates what percentage of the 个百分率（例如 95%）来计算信用支持的
actual market value of the asset will 估值。而“折减”所表示的是在价值基础上
be used to calculate the value
应该减去的百分率（例如 5%)。“折减”是
allowed for Credit Support e.g. 95%.
A “Haircut” would indicate what 回购市场所使用的术语。
percentage to reduce the value by
e.g. 5%. This is a term used in the
repo markets.

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I
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24. Independent Amount 独立金额

This means an additional Collateral 指“独立”于风险敞口以外的一项额外的担
requirement ‘independent’ of the
Exposure. Independent Amounts 保品要求。为确定整体的担保品要求，独
are included in the Credit Support 立金额被包含在信用支持金额之内。也就
Amount to determine the overall 是说，如果持有独立金额的一方处于大幅
Collateral requirement. This means 度价外位置，该方需返还独立金额；如果
that if the party holding the
Independent Amount is far out-of- 风险敞口回归价内位置，仍需再次提供独
the-money, it may have to return it. 立金额。
As the Exposure moves back in-the-
money, the Independent Amount is
again posted.
Parties may elect to modify the 各方可选择更改信用支持的表述，以使独
Credit Support language to
立金额与风险敞口计算分开，确保不论风
segregate the Independent Amount
from the Exposure calculation, 险 敞 口 如 何， 独 立 金 额 始 终 只 提 供 给 一
ensuring it is always posted with one 方。
party, regardless of Exposure.
Independent Amounts may be trade 独立金额可视交易特性而不同或者与作为
specific or portfolio based and 抵押品的证券组合相关，但通常是以名义
typically calculated as a percentage 金额的百分比来计算表示的。有些公司采
of notional. Some firms use VaR
techniques. Independent Amounts 用风险价值(VaR) 技术。有时候，只有在
are sometimes only activated by a 发生信用事件时，例如某基金的评级被调
credit event such as a rating 低或资产净值下跌，才会导致适用独立金
downgrade or the fall in net asset
额。
value of a fund.
25. Initial Margin 初始保证金
See Independent Amount. 请见独立金额。
26. ISDA Master Agreement ISDA 主协议
The document governing most cross 指管辖绝大部分跨境的或国内的私下谈判
border and domestic privately
negotiated OTC derivative trading 之场外衍生产品交易关系的文件。
relationships.
J–M
27. Margin 保证金
See Collateral. 请参考担保品。
28. Mark-to-Market 按市值计价
The present value of a transaction(s) 指按当前市场利率计算的某交易的现时价
based on current market rates.
值。

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29. Master Agreement 主协议

An ‘umbrella’ agreement governing a 指管辖一组交易的“伞”状协议。
group of transactions.
See ISDA Master Agreement. 请参阅 ISDA 主协议。
30. Minimum Transfer Amount - MTA 最低转让金额 - MTA
The MTA is an amount designed to 指为了减少与反复转让少量担保品有关的
reduce frictional costs associated
with moving small amounts of 零头费用而设计的一笔款额。因此，为减
Collateral back and forth. Hence a 少转让担保品的次数，应为最低转让金额
reasonably large MTA is preferred to 规定一个合理的较大数值。作为担保品的
prevent frequent Collateral 资产组合的规模越大，就其低值差额进行
movements. With a larger portfolio,
counterparties might consider a 调整和解决就越为困难和耗费时间，因此
bigger MTA since it will be 对手应考虑规定更大额的最低转让金额，
increasingly difficult and time 或者，调整取整金额，以减少较大的资产
consuming to reconcile and resolve
组合的调整次数。
small differencesor counterparties
might adjust the Rounding Amount
to reduce the number of
reconciliations of larger portfolios.
The MTA may add another level of 最低转让金额可能会额外增加多一层的风
Exposure that should be taken into
consideration when assessing 险敞口，在评估适当的起点金额时须对此
suitable Threshold Amounts. 予以考虑。
31. Multi-branch Party 多分支机构当事方
The ISDA Master Agreement will ISDA 主协议会规定协议将适用于哪些分支
stipulate which branches are
included in the agreement. In the 机构。在信用支持附件中，您可为担保的
CSA you can elect the branches you 目的选择分支机构以作为 ISDA 主协议中
wish to include for Collateral 的一组分支机构。举例说，由于操作方面
purposes, as a sub-set of the 的限制原因，您可能无法从某一特定的分
branches included in the ISDA
Master Agreement. For example, 支机构每天收到与该分支机构有关的风险
you may not be able to receive daily 敞口的按市值计算的资料，因此您可选择
Mark-to-Market positions from a 将该分支机构排除在担保协议交易之外。
certain branch due to operational
restraints, and may therefore elect to
exclude trades from the Collateral
agreement transacted by that
branch.

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32. Netting 净额结算

Close-out Netting is the ability, under 终止净额结算指交易各方在主协议项下，
a Master Agreement e.g. ISDA
Master Agreement, to Close Out a 譬如 ISDA 主协议项下，可以通过结算互
portfolio of transactions by offsetting 欠款项而终止多项交易的能力。
the trades in which you owe money
to your counterparty against those
that your counterparty owes you
money.
You should seek legal advice to 您应该寻求有关的法律意见，以确定当您
determine whether the relevant 的交易对手破产时有关法院是否仍会允许
courts would uphold such a position 这种做法。(您面临的风险是，作为有能力
in the event of your counterparty’s 偿还债务的一方必需履行在各项交易中对
insolvency. (The risk being that you,
as the solvent party, will be required 交易对手的承诺，但是您的交易对手将不
to meet your commitments on trades 会向您支付任何款项。)
where you owe your counterparty,
but they will not pay you.)
See Collateral Opinion 请参考担保意见。
33. New Credit Support 新信用支持
The Collateral that the Provider 指提供人为了实现与原信用支持的交换而
transfers to the Transferee to initiate
an Exchange for the Original Credit 向受让人转让的担保品。
Support.
34. Notification Time 通知时间
The deadline for a Collateral Call or 指提出担保品的要求或要求归还担保品的
to request a return of Collateral.
最迟时间。
The CSA provides that if notification
of a Collateral Call is received by the 信用支持附件规定，如果在通知时间或之
Notification Time, Collateral has to 前收到担保品的要求通知，在符合标准结
be transferred by the next local 算惯例的前提下，担保品须至迟于下一个
business day, subject to standard
settlement conventions. 当地营业日转让。
O
35. Original Credit Support 原信用支持
In an Exchange, Collateral that the 指在一项交换中，受让人在收到后归还给
Transferee returns to the Provider
upon receiving the New Credit 提供人的担保品。
Support.

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36. OTC - Over The Counter 场外交易

Privately negotiated transactions, as 即柜台交易，指私下谈判达成的交易，以
opposed to standardised on an stock
exchange, include most off-balance- 区别在交易所进行的标准合约交易，包括
sheet instruments, such as interest 大多数资产负债表外工具，例如利率掉期
rate swaps and options and currency 和期权以及货币掉期和期权。
swaps and options.
37. Outright Transfer 买断式转让
A method of Collateral transfer in 指一种转让担保品的方法，根据该方法，
which full legal title of the assets is
transferred. If Exposure decreases, 资产的所有权被完全转移。当风险敞口降
the Transferee is obliged to return 低时，受让人有责任返还相同的担保品。
equivalent Collateral.
Compare Pledge. 请参考比较质押。
P
38. Paragraph 11 第 11 段
The final paragraph of the English 适用英格兰法律的 ISDA 信用支持附件的
Law ISDA CSA containing all
elections and variables many of 最后一段，其中列明了所有的选择和变
which must be completed. 量，而许多的选择和变量必须填写完成。
Paragraph 11 is similar by way of 第 11 段在格式上与 ISDA 主协议的附录相
format to the Schedule to the ISDA 似。
Master Agreement.
39. Paragraph 13 第 13 段
The final paragraph of the NY law 适用纽约州法律的 ISDA 信用支持附件的
ISDA CSA containing all elections
and variables many of which must 最后一段，其中列明了所有的选择和变
be completed. Paragraph 13 is 量，而许多的选择和变量必须填写完成。
similar by way of format to the 第 13 段在格式上与 ISDA 主协议的附录相
Schedule to the ISDA Master 似。
Agreement.
40. Perfection 完善
Perfecting a Pledge is a procedure 对质押进行完善是指确保质押在指定司法
that ensures courts in a given
jurisdiction recognise a Pledge. The 管辖区的法院被认可的程序。虽然各司法
procedure differs from one 管辖区的具体程序不尽相同，但都可能涉
jurisdiction to another, but may 及向公共机构进行质押的登记。
involve registering the Pledge with a
public official.
Non-perfected Security Interest in 在大部分司法管辖区，如果未对担保物权
most jurisdictions would result in the 进行完善会导致该担保物权无效和不可执
Security Interest being void and
行。
unenforceable.

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41. Pledge
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质押
A method of passing Collateral 指一种通过转移担保品而在该担保品上设
transfer in which a Security Interest
in Collateral is created. The 立担保物权的方法。担保提供人，即出质
Collateral Provider, the Pledgor, 人，保留资产的法律上所有权 ，担保受让
retains the legal ownership of the 人，即质权人，有权在担保品的提供人违
assets. The Collateral Pledgee has 约时保留资产。
the right to keep the assets in the
Event of Default by the Collateral
Provider.
42. Pledgor 出质人
Under a NY law CSA, the party 在适用纽约州法律的信用支持附件项下, 指
giving the Collateral; the Collateral
Transferee being ‘the Secured 提供担保品的一方；担保品的受让人是“担
Party’. 保权人”。
43. Pledgee 质权人
Under a NY law CSA, Collateral 在适用纽约州法律的信用支持附件项下, 提
granted by the Pledgor over its
property to another, the Pledgee. 供其财产上的担保品的一方是出质人，接
受担保品的一方是质权人。
44. Posting 提供
Posting Collateral is a term “提供担保品”是一个与适用纽约州法律的
associated with the NY law CSA, but
still widely used to indicate a 信用支持附件相关的术语，但仍被广泛地
Collateral transfer. 用于表达担保品的转让。
45. Provider 提供人
The unexposed party. Referred to 指无风险敞口的一方。在适用英格兰法律
as Transferor in the English law CSA
and Pledgor in the NY law CSA and 的信用支持附件中，指转让人；而在适用
other Pledge documentation. 纽约州法律的信用支持附件和其它质押文
件中，指出质人。
Q–R
46. Reconciliation 和解
A trade-by-trade comparison which 就每项交易逐个进行比较，以使双方对于
allows two parties to agree on the
number of transactions and their 交易的数目及其市值可以达成一致意见。
mark to market value.
47. Rehypothecation / Re-Use 再质押/再使用
This allows a Pledgee under a 允许质押协议项下的质权人再次使用收到
Pledge agreement (Pledgee) to re-
use Collateral received. 的担保品。

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48. Return Amount
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返还金额
In cases where the Transferee holds 若受让人持有多余的担保品，提供人可要
excess Collateral, the Provider may
demand the return of this excess 求返还该等多余的担保品，以使受让人持
Collateral such that the value of 有的担保品的价值（信用支持余额）与被
Collateral held (Credit Support 担保的风险敞口金额（信用支持金额）相
Balance) again equals the Exposure 等。
to be collateralised (Credit Support
Amount).
49. Resolution Time 解决的期限
The deadline for resolution of a 指有关方在进行协商后解决争议的期限。
dispute following consultation
between the parties. The CSA 信用支持附件规定了有关方未能在解决的
provides for a Dispute Resolution 期限解决争议情况下的争议解决机制。
mechanism if the parties fail to solve
a dispute by the Resolution Time.
See Dispute Resolution. 请参考争议解决。
50. Rounding Amount 取整金额
The process of rounding the 指将担保转让金额按照担保协议规定的变
Collateral transfer amounts up or
down to incremental levels specified 化标准上下取整的过程。例如，若一份协
in the Collateral agreement. For 议规定变化倍数为 10,000 美元，而计算出
example, if an agreement specifies 的交付金额为 275,000 美元，则应按照最
an increment of US$10,000 and the 接近的 10,000 美元的倍数将该金额取整为
calculated Delivery Amount is
US$275,000, the amount is rounded 280,000 美元。
up to US$280,000, the nearest
multiple of US$10,000.
Rounding Amounts are set to
取整金额的设定是为了便于管理担保协议
facilitate the operational aspects of
managing Collateral agreements. 的操作。市场的惯例是交付金额被向上取
Market standard is for Delivery 整，而返还金额被向下取整。
Amounts to be rounded up with
Return Amounts rounded down.
A small Rounding Amount, to say 采用小数值的取整金额（比如 10,000 欧元
€10,000 equivalent, is fairly standard 的等值额）是相当标准的市场惯例，这对
market practice and has no real 信贷的使用没有实质影响。
impact on credit utilisation.

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51. Schedule 附录
An attachment to the ISDA Master 指 ISDA 主 协 议的附 录， 其 中包 括 针对
Agreement, which contains the
variable nominations and ISDA 主协议条款作出的各种指定和变更
amendments (or elections and （或选择与变量），使得各方可按实际需
variables) to the ISDA Master 要定制协议。
Agreement. It allows the parties to
customise the agreement.
See also Paragraph 11 and 请参阅第 11 段和第 13 段。
Paragraph 13.
52. Set-off 抵销
The discharge of opposite 指按照较小的责任金额解除相应的责任；
obligations to the extent of the
smaller obligation; a right to Set-off 抵销权通常由法律或有关方的协议(合约抵
may exist generally at law or by 销 )而产生。净额结算具有同样的商业结
agreement between the parties 果，但实现的方式可能不同。
(contractual Set-off); Netting has the
same commercial result but may be
achieved in different ways.
53. Secured Party 担保权人
Under the NY law CSA, the exposed 指适用纽约州法律的信用支持附件项下接
party that takes in Collateral.
Referred to as Transferee in the 受担保品的具有风险敞口的一方。在适用
English law CSA and Pledgee in the 英格兰法律的信用支持附件中，被称为受
NY law CSA and other Pledge 让人，而在适用纽约法律的信用支持附件
documentation. 和其它质押文件中被称为质权人。
54. Security Interest 担保物权
The method of creating a lien over 指在担保品上设立留置权的方法。如果出
Collateral. If the Pledgor fails to
meet its obligations, the securities 质人未能履行义务，可出售担保品，质权
can be sold and the proceeds used 人就出售所得收益抵销任何损失。
by the Pledgee to offset any losses.

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55. Substitution
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替代
The Substitution of Collateral 指对于已经交付的担保品，以另一件至少
delivered for another piece of
Collateral, of at least equal market 市场价值与之相等的担保品来替代。有
value. Sometimes a party wants to 时，一方会希望将已被作为担保品交付的
get an asset back that it has 资产取回，可能是因为该一方应当将借来
delivered as Collateral. It may have 的担保品退还，或该一方可能有更好的方
to return it to where it was borrowed
from, or it may have a better use for 式利用该担保品。担保的提供人或者出质
it. The Collateral Provider, or 人就要求质权人将其持有的担保品转换为
Pledgor, requests that the Pledgee 另一种双方同意的类型。信用支持附件载
switches Collateral it holds for a
有双方何时必须变动担保品的明确指引。
different agreed type. The CSA
gives explicit guidelines of when the 在被替代的担保品被退还之前，总是应先
parties have to make their Collateral 交付新的担保品。必须要使担保权人满意
moves. New Collateral always has 该等新的资产已在其控制之下并具有足够
to be delivered before the Collateral
的市场价值。
to be substituted has to be returned.
The Secured Party has to be able to
satisfy itself that the new asset is in
its control, and is of sufficient market
value.
This is a NY law CSA term. The 这是适用纽约州法律的信用支持附件所使
equivalent term in the English Law 用的术语。在适用英格兰法律的信用支持
CSA is “Exchange”. 附件文件中使用的相等术语是交换
(Exchange)。
T
56. Termination Events 终止事件
Under the ISDA Master Agreement, 在 ISDA 主协议项下，指属于一方所无法
events beyond the control of a party
that allow for Close Out of either the 控制的、将允许受影响的交易或所有交易
transactions affected by the event or 被终止的事件。
the entire portfolio.

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57. Threshold Amount 起点金额

This is a specified amount of current 指当前风险敞口的某一确定数额，且在此
Exposure that the Collateral Provider
is not required to secure by Posting 情况下担保品的提供人无需提供担保品。
Collateral. It reflects the unsecured 这反映了交易一方就其交易对手而承担的
Exposure that a party will take 不受担保保护的风险敞口。
against its counterparty
For example, if the net valuation of a 例如，如果双方现有交易组合的净值为
portfolio of trades outstanding 1100 万欧元，规定的起点金额为 500 万欧
between two parties was Euro 11M,
元，则担保要求应为 600 万欧元。
but a Threshold of Euro 5M was
specified, the Collateral requirement
would be Euro 6M.
If the Exposure fluctuates above the 如 果 风 险 敞 口 扩 大 到 起 点 金 额 之 上 的 数
threshold, Collateral will be moved to
额，担保金额将变动至风险敞口减去起点
reflect the Exposure less the
threshold. 金额后的程度。
Thresholds are usually either set at 起点通常或者被设定为零， 或为一个固定
zero, a fixed level or linked to each 水平，或与每一方的信用评级挂钩。
party’s credit rating.
58. Title Transfer 所有权转让
A Collateral Arrangement based on 指根据担保品的所有权转让而作出的担保
the transfer of
title to Collateral by outright sale. 安排，以买断式出售方式进行。

See also Outright Transfer. 请参考买断式转让。

59. Transferee 受让人
The exposed party, or the party 指适用英格兰法律的信用支持附件中定义
taking in Collateral as defined in the
English law CSA. Referred to as 的风险承受方或接受担保品的一方。在适
Pledgee in the NY law CSA and 用纽约州法律的信用支持附件或其它质押
other Pledge documentation. 文件中被称为“质权人”。
60. Transferor 转让人
The unexposed party or Collateral 指适用英格兰法律的信用支持附件中定义
Provider as defined in the English
law CSA. Referred to as Pledgor in 的非风险承受方或担保提供人。在适用纽
the NY law CSA and other Pledge 约州法律的信用支持附件或其它质押文件
documentation. 中被称为“出质人”。

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61. Unpaid Amount 未付金额

Under the ISDA Master Agreement, 在 ISDA 主协议项下，指在终止生效之前
an Unpaid Amount that should have
been paid before Close Out was 应付而未付的金额。 在适用英格兰法律的
effected. Under the English Law 信用支持附件项下，被持有的担保品也被
CSA, the Collateral held is also 视作一笔未付金额。
deemed an Unpaid Amount.
V
62. Valuation Agent 估值代理人
The Valuation Agent is the party 估值代理人是负责计算交付金额和返还金
responsible for calculating the
Delivery and Return Amounts and 额并通知另一方的有关当事方。可以由一
notifying the other party. The 方或者双方担任估值代理人。
Valuation Agent may be either party,
or both parties.
The market standard is that, on any 根据市场标准，在任何给定的估值日，要
given Valuation Date, the party 求提供担保品的一方是估值代理人；在争
calling for Collateral is the Valuation
Agent, while the exposed party is the 议解决期间，风险承受方是估值代理人。
Valuation Agent during Dispute 某协议的双方也可提名一方作为唯一的估
Resolutions. Parties to an 值代理人，该方随后将承担通知双方交付
agreement, however, may nominate
和返还担保品的责任。
a party as the sole Valuation Agent.
That party then takes responsibility
for notifying of deliveries and returns
of Collateral for both parties.
63. Valuation Date 估值日
A date on which transactions are 指为了担保目的而对交易进行估值之日。
valued for Collateral purposes. In the
majority of agreements, each 在大部分协议中，每一个营业日均为估值
business day is a Valuation Date. 日。
This determines the frequency of 这一定义决定提出保证金要求的频率。恳
Margin calling. Daily valuation is 切建议进行每日估值。
strongly preferred.
64. Valuation Frequency 估值的频率
The Valuation Frequency is 估值的频率由估值日决定，估值的频率决
determined by the Valuation Date
and means how often a Margin Call 定了双方可以提出保证金要求的间隔时
can be made by parties. 间。

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65. Valuation Percentage 估值百分比

Valuation Percentage – commonly 估值百分比通常被称为“折减”，可以适用
referred to as Haircut - may be
applied to Collateral held to give the 于被持有的担保品，以便在终止期间一旦
(Collateral) Transferee additional 被持有的担保品价值下跌时，为（担保品
protection from a fall in the value of 的）受让人提供额外的保护。它表示的是
the Collateral held during the Close 用资产的实际市值的多少个百分率（例如
Out period. It indicates what
percentage of the actual market 95%）来计算信用支持余额的价值。（“折
value of the asset will be used to 减”所表示的是在价值基础上应该减去的百
calculate the value allowed for Credit 分率，例如 5%。）
Support Balance e.g. 95%. (A
“Haircut” would indicate what
percentage to reduce the value by
e.g. 5%.)
The size of the Valuation 估值百分比的大小通常根据担保品的价值
Percentage is usually based on the 波动幅度、预期持有期间和市场流通性确
volatility of the security, the expected
定。典型的 G10 （十大工业国）政府债券
holding period and its market
liquidity. A typical Valuation 的估值百分比范围是：
Percentage range for G10
government bonds would be:
Government bonds with a remaining 剩余到期期限少于一年的 G10 政府债券：
maturity less than one year: 98% 98%；
With a remaining maturity greater 剩 余 到 期 期 限 多 于 一 年 但 少 于 十 年 的：
than one, but less than 10 years:
95% 95%；
With a remaining maturity greater 剩余到期期限多于十年但少于三十年的：
than 10, but less than 30 years: 90%
90%
Cash normally has a Valuation 现金的估值百分比通常是 100%。
Percentage of 100%.
66. Valuation Time 估值时间
The Valuation Time is the time at 指估值代理必须按市值计算确定交易在当
which the Valuation Agent must
Mark to Market the transactions and 时的价值以及对任何担保品进行估值的时
value any Collateral. Typically, the 间。估值时间通常为有关市场在估值日前
Valuation Time is the close of 一当地营业日收市的时间。
business in the relevant market on
the local business day immediately
preceding the Valuation Date.
W–Z

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First Edition – January 2006
ISDA ® International Swaps and Derivatives Association, Inc

ACKNOWLEDGEMENTS

The Glossary of Collateral Terms – Chinese Translation was complied by a working

group organized under the auspices of ISDA’s Asia-Pacific Collateral Committee.
ISDA greatly appreciates and thanks these member firms who provided assistance
to this project:

ABN Amro Bank N.V.

Allen & Overy
Barclays Capital
Bank of America
China Development Bank
Citibank N.A.
Commonwealth Bank of Australia
DBS Bank
HSBC Holdings Plc
JP Morgan Chase
Standard Chartered Bank
UBS AG
United Overseas Bank

For further information please contact ISDA’s Asia-Pacific Office ([email protected]).

ISDA Glossary of Collateral Terms – Chinese Translation Page 22 of 23

First Edition – January 2006
ISDA ® International Swaps and Derivatives Association, Inc

INTERNATIONAL SWAPS AND DERIVATIVES ASSOCIATION, INC.

NEW YORK OFFICE WASHINGTON OFFICE

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Email: [email protected]

ABOUT ISDA

The International Swaps and Derivatives Association, Inc. (“ISDA”) is the global trade
association representing participants in the privately negotiated derivatives industry, a
business covering swaps, and options across all asset classes (interest rate, currency,
commodity, energy, credit and equity). ISDA was chartered in 1985, and today numbers over
670 member institutions from 47 countries on six continents. These members include most
of the world’s major institutions who deal in, as well as leading end-users of’, privately
negotiated derivatives. The membership also includes associated service providers and
consultants.

Since its inception, ISDA has pioneered efforts to identify and reduce the sources of risk in
the derivatives and risk management business. Among its most notable accomplishments
are: developing the ISDA Master Agreement; publishing a wide range of related
documentation materials and instruments covering a variety of transaction types; producing
legal opinions on the enforceability of netting and collateral arrangements (available only to
ISDA members); securing recognition of the risk-reducing effects of netting in determining
capital requirements; promoting sound risk management practices, and advancing the
understanding and treatment of derivatives and risk management from public policy and
regulatory capital perspectives.

ISDA Glossary of Collateral Terms – Chinese Translation Page 23 of 23

First Edition – January 2006