Securitisation caused the subprime debacle, but is today an importa nt tool for laying off risk.

证券化导致了次贷危机，但如今是消除风险的重要工具。

Mortgage backed-securities are created when large financial institutions securitize mortgages.

抵押贷款支持证券是大型金融机构将抵押贷款证券化时产生的。

Endless devaluations could rattle that equilibrium and upset securitisation arrangements.

无休止的能会打破这种平衡，打乱证券化准备计划。

Back in 2018 officials placed caps on asset-backed securitisation, upending Ant's model of selling its loans on to banks.

早在2018年，官员们就对资产支持证券化设置了上限，颠覆了蚂蚁金服向银行出售贷款的模式。

Sell a ton of bonds, as well as secukes.

大量出售债券，同时还有证券化产。

Investors want the European Union to revamp rules around debt securitisation.

投资者希望欧盟改革债务证券化的相关规定。

So, it's not a structured entity like a securitization vehicle.

因此，它不是一个像证券化载体那样的结构化实体。

Just sort of briefly touch on securitization.

简单提一下证券化。

We weren't able to insulate ourselves from that area by hiding into securitized.

我们无法通过躲入证券化来隔离自己不受那片区域的影响。

Banks use asset-backed securitization to convert illiquid assets into tradable securities.

银行利用资产证券化将非流动资产转化为交易证券。

Instead, they'd been securitized, sold in bits and pieces to various investors around the world.

相反，它们被证券化，零零碎碎地出售给世界各地的各种投资者。

And I'm Jim Egan, the other co-head of Securitized Products Research at Morgan Stanley.

我是吉姆·伊根，摩根士丹利证券化产研究部门的另一位联席主管。

And then within the securitized area of the market, spreads were already a little bit wider.

在市场的证券化领域内，利差原本就略显宽松。

These so-called high-risk financial products were things like equipment loans, business lending facilities, and securitized investment lending.

这些所谓的高风险金融产包括设备贷款、商业信贷工具和证券化投资贷款。

Affinity Capital Exchange, a fintech firm, is working with JPMorgan to securitise air miles, so that they can be more easily traded.

亲和资本交易（一家金融科技公司）正与摩根大通合作，将航空里程证券化，以便更容易地进行交易。

While lucrative, the securitization and sale  of subprime loans brings eerie parallels to the 2008 subprime mortgage crisis.

尽管有利图，但次级贷款的证券化和销售带来了与2008年次贷危机令人不安的相似之处。

Hold on, the bankers on Wall Street got to financialize and securitize all sorts of new products, okay?

等等， 华尔街的银行家们得以金融化和证券化各种新产，好吗？

But even securitization, which was the catalyst for the global financial crisis, is still not the reason modern banking is broken.

但即使是证券化， 这一全球金融危机的催化剂，仍然不是现代银行业出现问题的原因。

Mr Bernstein compares the situation to the securitisation of housing debt, in that there is very little information available about the debt.

伯恩斯坦先生将这种情况比作住房债务证券化，因为有关债务的信息非常少。

However, from the perspective of securitized products, it's not necessarily something that has us moving all the way towards cautious just yet.

然而， 从证券化产的角度来看，这尚不足以让我们完全转向谨慎态度。