2025國際金融英語試題及答案PartILexicalCloze(20points,1×20)ReadthefollowingpassageandchoosetheBESTwordfromthefouralternativestofilleachnumberedblank.TheBaselIIIend-game,scheduledforfullimplementationbyJanuary2025,willrecalibratetheleverageratiodenominatortoinclude(1)____exposuresarisingfromsecurities-financingtransactions.Regulatorsarguethattherevisedmeasurecapturesthesystemic(2)____embeddedinshort-termwholesalefundingmarkets,alessonpainfullylearnedduringtheMarch2020dash-for-cashepisode.Critics,however,contendthatthenewcalibrationwill(3)____thecostofintermediationfornon-bankentities,notablypensionfundsdeploying(4)____repotojuicebenchmark-relativereturns.Thedebatehasnowshiftedtothetreatmentofcentrally-clearedderivatives,wheretheCommission’slatestconsultativepaperproposesa(5)____haircuttotheinitial-marginhaircutthatclearingmembersapplytoclienttrades.Internationally,thedivergencebetweentheU.S.Fed’ssupplementaryleverageratioandtheEU’sintermediateparentundertakingregimehascreated(6)____arbitragewindows.Asianbanks,awashinexcessliquidityowingtopersistentcurrent-accountsurpluses,have(7)____theirU.S.brancheswithdollarfunding,therebycompressingtheFX-swapbasistolevelsunseensince2014.Meanwhile,fintechplatformsleveragingtokenizeddepositsaretestingthe(8)____ofexistingtravel-rulethresholds;FinCEN’sforthcomingguidanceisexpectedtolowerthetriggerfromUS$3,000toUS$250forconvertiblevirtualassets,amovethatcould(9)____thecomplianceburdenonneobankstartups.Climate-riskstresstestsarenolonger(10)____exercises.TheECB’s2024pilotrevealedthat37%ofeuro-areacreditportfoliosareexposedtosectorslikelytosufferaminimum20%EBITDAshockunderanorderly-transitionscenario.To(11)____transitionrisk,supervisorsaredebatingtheintroductionofa“green-supportingfactor”thatwouldreducerisk-weightsforloansfinancingprojects(12)____toEU-taxonomy-alignedactivities.Conversely,theBoE’sDecemberdiscussionpaperfloatsadynamic“brown-penalisingfactor”whosecoefficientwould(13)____inlock-stepwiththecarbon-intensitypercentileoftheobligor.Tokenizedmoney-marketfunds,nowexceedingUS$180billioninAUM,have(14)____thestable-coindominanceinon-chainsettlement.BlackRock’sBUIDLfund,forinstance,issuespermissionedERC-20tokensfullybackedbyT-billsand(15)____dividendson-chaindailyat06:00UTC.Thefund’ssmartcontractembedsa“sweep”functionthatautomatically(16)____investors’walletbalancesintoawhitelistedcustodialaddressoncetheNAVdeviatesbymorethan5basispointsfrompar,therebymitigatingsecondary-marketvolatility.Lookingahead,theIMF’sproposedCarbon-AdjustedFXRate(CAFXR)seeksto(17)____currencymisalignmentscausedbydifferentialcarbon-pricingregimes.Underthemechanism,countrieswithimplicitcarbonpricesbelowtheglobalmedianwouldseetheireffectiveexchangerate(18)____downwardbyacoefficientderivedfromamultilateralcarbon-benchmarkbasket.Theadjustment,updatedquarterly,wouldbe(19)____intotheFund’srevisedExchange-Rate-Assessment(ERA)model,potentiallyalteringtheweightingoftheSDRbasketwhenthe2025quinquennialreview(20)____inOctober.1Aoff-balance-sheetBon-balance-sheetCnotionalDsynthetic2AfragilityBopacityCvelocityDconvexity3AcompressBinflateClineariseDtruncate4AtermBovernightCtri-partyDgeneral-collateral5Arisk-sensitiveBstaticCflatDscalar6AregulatoryBvolatilityCcreditDliquidity7AupstreamedBdownstreamedCback-to-backedDinternalised8AperimeterBresilienceCelasticityDgranularity9AalleviateBexacerbateCneutraliseDamortise10AsymbolicBvoluntaryCcosmeticDnascent11AhedgeBinternaliseCmonetiseDcalibrate12AmappedBbenchmarkedCattributableDring-fenced13AratchetBtaperCmean-revertDseason14AerodedBoutpacedCmirroredDsubsidised15AreinvestsBdistributesCaccruesDcapitalises16AchannelsBmigratesCextinguishesDrehypothecates17AredressBarbitrageCcollateraliseDimmobilise18AmarkedBindexedCadjustedDpegged19Ahard-codedBsoft-quotedCinterpolatedDfootnoted20AconvenesBelapsesClapsesDsunsetsPartIIReadingComprehension(30points,2×15)PassageAThetransitionfromLIBORtorisk-freerates(RFRs)wascompletedinJune2023,yetlegacytoughlegacycontractsworthUS$97billionremainoutstandinginthesyndicated-loanmarket.Theseinstrumentsembedfallbacklanguagethatreferences“syntheticLIBOR,”aratepublishedbytheFCAunderArticle23AoftheBenchmarksRegulation.SyntheticLIBORisessentiallyaspread-adjustedSOFRcompoundedinarrears,butitspublicationwillceaseafterSeptember2024.ForloansgovernedbyNewYorklaw,theAlternativeReferenceRatesCommittee(ARRC)recommendsshiftingtoTermSOFRwitha10-bpadjustment;however,English-lawfacilitiesincreasinglyadoptSONIAcompoundedinarrearsplusa25-bpcredit-spreadadjustment.Themismatchcreatesbasisriskformultinationalborrowerswithparalleltranches.21WhichstatementBESTreflectstheauthor’sviewonsyntheticLIBOR?AItisapermanentreplacementforUSDLIBOR.BItintroducesjurisdictionalfragmentationincreditagreements.CItlowerslitigationriskforlegacycontracts.DItsimplifieshedgeaccountingunderIFRS9.22The25-bpspreadadjustmentforSONIAisintendedtocompensatelendersforAtheabsenceofatermstructureinSONIA.BthecreditriskpremiumembeddedinLIBOR.Ctheoperationalcostofdailycompounding.DtheregulatorycapitalbenefitofRFRs.PassageBTheNetworkforGreeningtheFinancialSystem(NGFS)publisheditsPhase-VIscenariosinJanuary2025.Thenewsetintroducesa“DivergentNet-Zero”pathwayinwhichthecarbonpriceinemergingmarketsplateausatUS$75/tCO?whileadvancedeconomiesconvergeonUS$250/tCO?by2040.Theasymmetrytriggerscapital-flightdynamics:portfolioreallocationsamountingto8%ofEMEmarketcapitalizationflowtoclimate-resilientsectorsindevelopedmarkets.Thescenarioalsomodelsanonlinearphysical-riskshock:aone-in-fifty-yearfloodeventinSoutheastAsiasimultaneouslydisables15%ofglobalsemiconductorcapacity,sendingthePhiladelphiaSemiconductorIndexintoa28%drawdownwithintwoweeks.23UndertheDivergentNet-Zeroscenario,whichsectorisMOSTlikelytoexperienceequityoutflows?AEuropeanutilitieswithstrandedgas-firedplants.BASEANsemiconductorfoundries.CU.S.shale-oilproducers.DAustralianiron-oreminers.24The28%drawdowninthesemiconductorindeximpliesabetaclosesttoA1.0relativetotheMSCIACWI.B1.5relativetotheS&P500.C2.0relativetotheNasdaq100.D2.5relativetotheSTOXX600.PassageCTheDigitalEuroAssociationreleasedawhitepaperarguingthatawholesale-onlyCBDCwouldobviatetheneedfornegative-interest-ratepolicybyfacilitatingreal-timegrosssettlementincentral-bankmoneyacrossDLT-basedsecuritiesplatforms.Thepapermodelsatwo-tierremunerationscheme:tier-1balances(≤€3billionperinstitution)earnthedeporate,whiletier-2balancesincura35-bpcharge.Simulationsindicatethatthetier-2thresholdwouldcapture92%ofeuro-areaclearing-bankreserves,effectivelyforcingmigrationtorepomarketsforliquidityrecycling.25ThewhitepaperimpliesthatawholesaleCBDCcouldAeliminatetheneedforconventionalopen-marketoperations.BsteepentheESTRcurvebeyondsixmonths.CcompressthespreadbetweenGCandSCreporates.Draisetheopportunitycostofholdingexcessreserves.26The35-bpchargeisBESTinterpretedasAamonetary-policytransmissionwedge.Bacredit-riskpremiumontokeniseddeposits.CanoperationalfeeforDLTvalidation.DaPigouviantaxonshadow-bankingliabilities.PassageDSovereign-debtrestructuringintheeraofcollective-actionclauses(CACs)hasevolvedintoamulti-currency,multi-jurisdictionchessmatch.Ecuador’s2024reprofilinginvolvedswapping2030notesinto2040amortisingbondswitha10-yeargraceperiod,coupledwithaGDP-linkedwarrantthatpays1.5%ofnominalGDPwheneverrealgrowthexceeds3.5%.Crucially,thewarrantisgovernedbyEnglishlaw,whilethenewbondsareunderNewYorklaw,creatingasplit-votethresholdthatcomplicatesfuturecovenantamendments.Investorsholding25%ofthewarrantscould,intheory,blockaccelerationoftheprincipalbonds,anoveltythatcredit-default-swapdeterminationscommitteesmustnowprice.27TheEcuadorianwarrantstructureisdesignedtoAaligncreditorincentiveswithlong-termgrowth.Bcircumventthe2020ICMACACthreshold.Ccreateasenior-subordinatehierarchywithinthesameissuance.Dreducethedebt-to-GDPratioviaaccountingdefeasance.28Thesplit-votethresholdimpliesthatCDSspreadsonEcuadorareMOSTsensitivetoAEnglish-lawjurisprudenceonGDP-linkedinstruments.BNewYork-lawinterpretationsofparipassuclauses.CthecorrelationbetweenoilpricesandEcuadorianGDP.Dtheliquiditypremiumofthe2040amortisingbonds.PassageETheSEC’slong-anticipatedclimate-disclosurerule,effectiveDecember2025,mandatesScope-3emissionsreportingonlyifdeemed“material”undertheTSCIndustriesv.Northwaystandard.Theruleintroducesasafe-harbourprovision:forward-lookingstatementsonnet-zerotargetsenjoylitigationprotectionprovidedtheyareaccompaniedbytransition-planfinancingdetailsandascenario-analysisannex.TheCommissionalsoadoptedaphased-inassurancerequirement:limitedassuranceforfiscal-year2026,reasonableassuranceby2029.Criticsarguethatthematerialitythresholdcreatesacoordinationproblem:individualfirmsmayjudgeScope-3immaterial,yetaggregateemissionsremainopaquetoinvestors.29Thesafe-harbourprovisionisintendedtoAreducelitigationriskforclimate-relatedforward-lookingstatements.BharmoniseScope-3definitionswiththeEUCSRD.Cexemptsmall-reportingcompaniesfromdisclosure.Dacceleratethephase-outofassurancerequirements.30ThecoordinationproblemarisesbecauseAassuranceproviderslacksector-specificexpertise.Bmaterialityassessmentsareidiosyncraticacrossissuers.Ctransition-planfinancingisunverifiable.DscenarioanalysesrelyonproprietaryNGFSdata.PartIIITranslation(20points,5×4)TranslatethefollowingsentencesintoEnglish.312025年7月起，歐盟《加密資產(chǎn)市場條例》將禁止向零售投資者提供杠桿超過兩倍算法穩(wěn)定幣衍生品，違者處以年收入3%的行政罰款。FromJuly2025,MiCARprohibitstheofferofalgorithmic-stablecoinderivativeswithleverageexceeding2×toretailinvestors;infringementstriggeranadministrativefineequalto3%ofannualrevenues.32人民銀行在離岸市場發(fā)行的數(shù)字人民幣票據(jù)采用“雙邊申購、多邊贖回”機制，以隔離CNY與CNH的流動性外溢效應(yīng)。ThePBoC’soffshoree-CNYbillsadopta“bilateralsubscription,multilateralredemption”mechanismtoring-fenceliquidityspilloversbetweenCNYandCNHmarkets.33國際掉期與衍生工具協(xié)會已發(fā)布2025版《可持續(xù)衍生品補充協(xié)議》，將EU-taxonomy-aligned項目納入附加終止事件。ISDAhasreleasedthe2025SustainableDerivativesSupplement,embeddingEU-taxonomy-alignedprojectsasAdditionalTerminationEvents.34東京證交所的“碳積分”交易板塊要求披露范圍三排放的第三方鑒證報告，否則觸發(fā)30%的市值管理折扣系數(shù)。TSE’s“carbon-credit”segmentmandatesthird-partyassuranceofScope-3emissions;failuretriggersa30%liquidity-managementhaircut.PartIVFinancialCalculations(30points,6×5)Showallsteps;nocreditforanswersalone.35AEuropeanbankissuesa€1billiongreencoveredbondwitha0.75%coupon,swappingtheproceedsintoUSDviaa3-yearcross-currencybasisswapquotedat?18bpvs3-monthSOFR.TheEURlegpays6-month€STRflat.Computetheall-inUSDcouponthebankpaysaftertheswap.Step1:6-month€STR=2.90%(given).Step2:EURcoupon=0.75%;netEURreceipt=2.90%?0.75%=2.15%.Step3:ConverttoUSD:USDreceiverpaysSOFR+(?18bp)=SOFR?0.18%.Step4:All-inUSDcoupon=2.15%?0.18%=1.97%.36Afundholdsa5-yearEURinflation-linkedbondwitha0.1%realcouponand€100millionnotional.Euro-areaHICPisforecasttoprint2.4%inyear1,2.0%inyear2,1.8%inyear3,1.5%inyear4and1.3%inyear5.Computethenominalcash-flowthefundreceivesattheendofyear5.Step1:Accumulatedinflationfactor=(1.024)(1.020)(1.018)(1.015)(1.013)=1.0995.Step2:Nominalprincipal=€100m×1.0995=€109.95m.Step3:Nominalcouponinyear5=€109.95m×0.1%=€0.10995m.Step4:Totalcash-flow=€109.95m+€0.10995m≈€110.06million.37AU.S.corporateissuesa3-yearfixed-to-floatnotewitha3.5%couponforthefirstyearandthenswitchesto3-monthTermSOFRplus138bp.Thenoteiscallableatparafteroneyear.Usingthefollowinglatticeof1-yearforwardrates(continuouslycompounded):4.00%,4.50%,5.00%,computethevalueoftheembeddedcalloptionassuming20%volatilityandarisk-neutralprobabilityof0.5.Step1:Buildbinomialtreefor3periods.Step2:Atnode(1,1)rate=4%;(1,2)=5%.Step3:Optionpayoffatyear1=max(0,3.5%?4%)=0;at5%=0.Step4:Valueofcall=0(out-of-the-moneyatallnodes).38Aclearingmemberposts€40millioninitialmarginforaclientportfoliowitha99%VaRof€28millionanda95%expectedshortfallof€32million.ComputethemarginshortfallundertheCPMI-IOSCOCover-2standard.Step1:Cover-2requiresresourcestocoverthedefaultofthetwolargestparticipants.Step2:Requiredresources=max(99%VaR,95%ES)×2=€32m×2=€64m.Step3:Shortfall=€64m?€40m=€24million.39AUKpensionfundentersa30-yearinflationswappayingRPIandreceivingCPIHplus35bpon￡500millionnotional.Givenalong-runRPI-CPIHwedgeof70bp,computethepresentvalueofthebasisriskassuminga2%realdiscountrateand2.5%inflation.Step1:Netcash-flow=35bp?70bp=?35bpperannum.Step2:Nominaldiscountrate≈2%+2.5%=4.5%.Step3:PVof35bpannuityfor30yearsat4.5%:PV=0.35%×500m×[1?(1+0.045)^?30]/0.045≈￡0.35%×500m×16.29≈￡28.5million.Step4:Becausethefundisshort,PVofbasisrisk=?￡28.5million.40AfintechplatformissuestokenisedT-billswithsame-daysettlement.Theplatformcharges2bpontheprimaryissuanceand1bponsecondarytransfers.Ifannualturnovervelocityis24×andthefloatisUS$1billion,computetheplatform’sannualrevenue.Step1:Primaryfee=2bp×$1b=$0.2m.Step2:Secondaryfee=1bp×$1b×24=$2.4m.Step3:Totalrevenue=$0.2m+$2.4m=$2.6million.PartVShort-AnswerQuestions(20points,4×5)Answerincompletesentences;bulletpointsnotaccepted.41ExplainwhytheFSB’s2025proposedframeworkfor“money-marketfundtokenisation”requiresa5%liquidit