he markets' plexity, how do investment banks manage the growing risks they face? There are lots of things they need todo, from finding enough brainboxes capable of handling the intricate assets being created to measuring the correlations between instruments that are supposed to spread risk but may do the opposite if liquidity dries up. It is mildly reassuring that hardly a week goes by without regulators in the world's main markets pressing the industry to improve its risk-management techniques —but rather worrying that the same regulators pay considerably less attention to where the risk may end up. 鉴于这些市场的复杂性不断增加,投资银行如何才能应付它们所面对的不断增加的风险?它们必须做许多事情,一件事就是要找到足够的处理创造出的复杂资产的智囊,还有一件就是要衡量用于分散风险但也许在流动性枯竭之后产生相反效果的金融工具之间的相互关系。稍微有点让人放心的是:没有哪个星期世界主要市场的监管者不敦促该行业改善风险管理技术。但让人很担心的是:上述的这些监管者却不太关注风险会在哪里结束。
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