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cover of episode Inside Wall Street’s ‘SRT’ phenomenon

Inside Wall Street’s ‘SRT’ phenomenon

2025/1/22
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Behind the Money
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Michaela Tendera
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Robin Wigglesworth
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Robin Wigglesworth: 我是一名金融记者，我的工作就是对金融风险保持警惕。合成风险转移(SRT)是一种新兴的金融工具，它允许银行将部分贷款风险转移给投资基金，以换取一定的回报。虽然目前SRT运作良好，并且欧洲监管机构也批准了它，但这并不意味着它没有风险。我们需要警惕SRT可能存在的风险，例如银行将低质量贷款转移给投资基金，以及风险循环的问题。此外，SRT市场的缺乏透明度也增加了风险。最坏的情况是，银行错误地认为风险已经转移，导致在经济衰退时银行变得脆弱，甚至破产，引发系统性金融危机。最好的情况是，SRT能够有效地将风险从银行转移到市场，从而提高金融体系的效率和安全性。但我们需要吸取过去的教训，避免重蹈覆辙。 Michaela Tendera: 作为一名金融记者，我对SRT现象进行了深入的探讨。通过与Robin Wigglesworth的对话，我了解到SRT的运作机制，以及它对银行和投资基金的双赢之处。然而，国际货币基金组织(IMF)等机构对SRT的风险提出了警告，特别是风险循环和市场缺乏透明度的问题。这引发了人们对SRT潜在风险的担忧，以及在未来可能引发系统性风险的可能性。我们需要密切关注SRT的发展，并加强监管，以确保金融体系的稳定。

Deep Dive

Chapters
This chapter introduces Synthetic Risk Transfers (SRTs), a financial innovation raising concerns on Wall Street. It explains how SRTs work, their history and growing popularity, and why regulators are starting to express concerns.
  • SRTs involve banks transferring loan risk to investment funds.
  • Europe is dominant in SRTs due to stricter post-crisis regulations.
  • Regulators have approved SRTs, but concerns exist about potential risks.

Shownotes Transcript

Every so often a cool new financial innovation springs up and gains popularity on Wall Street, promising juicy returns for investors. That’s why “synthetic risk transfers” or SRTs are in fashion. But ever since the financial crisis, trendy acronyms have also made some people nervous. And it’s recently caught the attention of organisations such as the IMF. The FT’s Alphaville editor Robin Wigglesworth explains why he’s been following this and whether regulators should be raising the alarm. 

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For further reading:

Inside Wall Street’s booming $1tn ‘synthetic risk transfer’ phenomenon)

Private credit is even larger than you think)

Make Europe (securitisation) great again) 

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Follow Robin Wigglesworth on Bluesky (@robinwigglesworth.bsky.social)) or on X (@RobinWigg)). Michela Tindera is on X (@mtindera07)) and Bluesky (@mtindera.bsky.social)), or follow her on LinkedIn for updates about the show and more.

Read a transcript of this episode on FT.com) Hosted on Acast. See acast.com/privacy) for more information.