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  3. A) "There is now such creativity of new and very sophisticated financial instruments...that we don’t know fully where the risks

A) "There is now such creativity of new and very sophisticated financial instruments...that we don’t know fully where the risks

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问题 A) "There is now such creativity of new and very sophisticated financial instruments...that we don’t know fully where the risks are located," he added. "We are trying to understand what is going on but it is a big, big challenge." Mr. Trichet’s comments reflect a debate in policymaking circles about the implications of the growth in derivatives.
B ) Nevertheless, the majority admitted it had become hard to track the risks because the sector is opaque, much activity occurs in unregulated hedge funds, and products shift rapidly across markets and between the boundaries of national central banks.
C ) The recent explosion of structured financial products and derivatives had made it more difficult for regulators and investors to judge current risks in the financial system, Mr. Trichet said. "We are currently seeing elements in global financial markets which are not necessarily stable," Mr. Trichet said, pointing to the "low level of rates, spreads and risk premiums" as factors that could trigger a risk.
D ) Andrew Crockett, president of JP Morgan International, said, "These new instruments ought to make markets more complete. But there is a lack of transparency...we don’t know how much leverage there is in hedge funds, for example."
E ) Conditions in global financial markets look potentially "unstable", suggesting investors need to prepare for a risk of some assets, Jean-Claude Trichet, president of the European Central Bank, said over the weekend in Davos.
F ) Malcolm Knight, managing director of the Bank for International Settlements, said, "Regardless of the debate, financial innovations the sector have produced vehicles which greatly accelerated the development of global financial markets."
G ) Many investment bankers—and some regulators and economists—argued at last week’s meeting in Davos that the growth of the $450,000bn derivatives sector had helped reduce market volatility and made the system more resilient to shocks by spreading credit risk. But other officials fear these instruments may be raising leverage and risk-taking to dangerous levels and keeping the cost of borrowing artificially low, potentially increasing the chance of financial crises.
Order:
E→【B11】→【B12】→【B13】→【B14】→【B15】→F
【B14】
选项
答案B
解析
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