这个制度设计需要面对的最大挑战监管套利。
The main challenge facing such a regime would be the incentive for regulatory arbitrage.
但是，还有另外一个更卑鄙的动机：监管套利。
But there is another, grubbier motive: regulatory arbitrage.
最后，人们很轻易通过监管套利来创造出对自己有利的风险。
Finally, it is easy to create the desired risk via regulatory arbitrage.
有一点是肯定的：发达国家的政客中，没人会大声宣称支持监管套利。
Theone certainty isthatno developed world politician will trumpet support for regulatory arbitrage.
监管本质上是一种强制性契约，监管套利正是在监管契约自身内在特点的基础上产生的一种必然结果。
Regulation is essentially a mandatory contract, and regulatory arbitrage is an inevitable result from the inherent characteristics of the regulatory contract.
专业的公司和传统的重组专家们从投资银行中如雨后春笋般涌现以帮助银行套利监管资本成本。
Specialist firms have sprung up alongside the traditional restructuring experts from investment Banks to help Banks arbitrage their regulatory capital costs.
这将会产生次生的风险：监管规则套利。
金融企业为了降低净监管负担，将金融经营活动在不同监管机构负责的领域之间进行转移，从而获取结构性的套利。
In order to lower net regulatory burden, financial enterprise divert their management among different regulatory organization, thereby acquiring structural arbitrage.
包括采取措施，对套利基金和复杂金融工具——衍生产品施加新的监管和控制，对消费者的金融产品进行更多保护。
These include steps to impose new oversight and controls on hedge funds and complex financial instruments known as derivatives, and protections for consumers of financial products.
包括采取措施，对套利基金和复杂金融工具——衍生产品施加新的监管和控制，对消费者的金融产品进行更多保护。
These include steps to impose new oversight and controls on hedge funds and complex financial instruments known as derivatives, and protections for consumers of financial products.
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