|
今年全球股市都出现积极反弹，但是，重新博得普通投资者的信心、兴趣和信任将是一场战斗，而且这场战斗难以速战速决。
|
Stock
markets around the world have enjoyed a healthy rebound this year. But the
battle to regain the hearts, minds and trust of ordinary investors is not
being quickly won.
|
|
围绕纽约证交所(New
York Stock Exchange)前董事长理查德•格拉索(Richard
Grasso)的薪酬计划，人们展开了一场争论，但这场争论远不只与钱有关。这一事件重新勾起人们的疑虑：作为全球资本主义的“发动机房”，对证券市场的监管方法能否重新赢得投资者的信任呢？的确，如果公众把证券市场看作老式的私人俱乐部，不对任何人负责，那我们又有什么理由期望投资者信心会恢复呢？
|
The
controversy that surrounded the compensation package granted to Richard
Grasso, the former chairman of the New York Stock Exchange, was more than
a dispute over money. The incident revived doubts about whether stock
markets - the engine rooms of global capitalism - can be governed in a way
that wins back investors' faith. Indeed, if the public views the markets
as old-fashioned private clubs, accountable to no one, how can we
reasonably expect investor confidence to return?
|
|
这就是约翰•里德(John
Reed)所面临的问题。这位花旗银行(Citibank)前董事长已同意出任纽约证交所的临时负责人。
|
That
is the question facing John Reed, the former chairman of Citibank, who has
agreed to lead the NYSE on an interim basis.
|
|
纽约证交所是全球最大的证交所之一，作为它的直接竞争者纳斯达克(Nasdaq)的总裁，纽约证交所能否恢复其声望对我来说利害攸关。我希望里德先生能够成功。但是，在他为重组纽约证交所进行的初步努力中，他提出了一项无效的改革计划，该计划仍然是在让“狐狸看管鸡舍”。
|
As
the president of Nasdaq, a direct competitor of the NYSE, I have a stake
in seeing one of the world's largest exchanges restore its reputation. I
want Mr Reed to succeed. But, in one of his first efforts to redirect the
NYSE, he has proposed an ineffectual reform that still leaves the fox
guarding the henhouse.
|
|
从历史上看，美国的证券交易所一直是自律性组织：尽管它们要按照美国证券交易委员会(SEC)颁布的规则运营，但它们负责自身的日常监管。然而，在当前市场对证交所潜在的利益冲突越来越敏感的时期，需要建立某种独立的监管机制。
|
Historically,
stock exchanges in the US have been self-regulating organisations:
although they operate under rules mandated by the Securities and Exchange
Commission, they are responsible for their own day-to-day regulation. Yet
at a time when there is increased sensitivity about potential conflicts of
interest, there is a need for some independent regulation.
|
|
里德先生最近在国会作证时暗示，新任命的纽约证交所董事会成员中，大部分人与证券市场没有关联，他们既不是上市公司的管理人员，也不是证券公司的成员。
|
During
recent congressional testimony, Mr Reed alluded to the appointment of a
board of directors most of whom have no link to the stock market, either
as officers of a public company or as members of a securities firm.
|
|
迄今为止，一切都还不错。
|
So
far, so good.
|
|
不过据说，作为一项补充措施，里德先生正考虑在一个董事会下设立两个分会，一个负责纽约证交所的监管，另一个监督其运营。两个分会最终都向纽约证交所董事长负责。
|
But,
as an added measure, Mr Reed is said to be pondering the establishment of
two boards under a single umbrella, one to supervise the regulation of the
NYSE and another to oversee its operations. Both would ultimately report
to the chairman of the NYSE.
|
|
这种分工可能将被视为华尔街的又一个骗局。纽约证交所内部的基本冲突没有消除；而且，成立一个向证交所董事长负责的内部监管机构毫无意义。这就像把葛兰素史克(GlaxoSmithKline)之类的制药公司与美国食品与药物管理局(FDA)置于同一个董事会的管理之下。
|
This
division of labour is likely to be perceived as another Wall Street shell
game. The basic conflict inside the NYSE has not been eliminated; and it
is meaningless to have a regulatory body that reports to the chairman of
the organisation. It would be likeshavingsa pharmaceuticals company such
as GlaxoSmithKline and the Food and Drug Administration governed by the
same board.
|
|
此外，目前投资者需要的是简单明了和高透明度，所建议的这些改革计划只能令事情更加复杂。
|
Moreover,
the proposed reforms add further complexity at a time when i nvestors need
simplicity and clarity.
|
|
在20世纪90年代中期，纳斯达克也经历了一场信心危机。当时，美国证交委责备全美证券交易商协会(National
Association of Securities Dealers)未能对纳斯达克进行充分监管。全美证券交易商协会是纳斯达克的所有者和监管机构。
|
In
the mid-1990s, Nasdaq experienced its own crisis of confidence. The SEC
blamed Nasdaq's owner and regulator, the National Association of
Securities Dealers, for failing to police Nasdaq adequately.
|
|
这是我们证交所历史上令人尴尬的一幕，但我们从中吸取的教训是：监管与交易必须保持分离。当美国证交委施加这些限制时，曾引起很多怨言。然而，这种做法的确奏效。如今，纳斯达克与全美证券交易商协会已分离了各自的管理层、董事会和董事长。全美证券交易商协会对纳斯达克进行监管，并对独立个案实施调查，而无须征求纳斯达克管理层或董事会任何成员的意见。
|
It
was an embarrassing episode in our history but we learnt that regulation
must remain separate from commerce. There was much grumbling when the SEC
imposed these conditions. Still, it worked. Today Nasdaq and NASD have
separate managements, boards of directors and chairmen. NASD regulates
Nasdaq and conducts investigations of individual cases without consulting
any members of Nasdaq's management or board.
|
|
我们确信，这种与监管机构分离的做法应当再进一步。虽然纳斯达克与它的监管机构在运作上独立，但仍有一条组织上和财务上的纽带将我们联在一起。
|
We
believe that the separation from our regulator should go further. Although
Nasdaq and its regulatory body operate separately, there is still an
organisational - and financial - link that connects us.
|
|
这就是为什么我们已请求美国证交委发放许可证，让我们作为一个完全独立注册的证交所进行运作。那样我们就能切断与全美证券交易商协会的一切关联，并消除一切可能的冲突。
|
That
is why we have petitioned the SEC for a licence to operate as a completely
separate registered exchange. That would allow us to sever all our ties
from the NASD and any possible conflict would be eliminated.
|
|
纽约证交所有必要采用一个类似的独立监管体制，因为这显然是赢得公众信心所需要的。
|
The
NYSE needs to embrace a similar system of independent regulation because
public confidence so clearly demands it.
|
|
在过去3年中，金融界受到了一连串丑闻事件的震荡。这些丑闻严重损坏了公众对自由市场体系的信心。从安然(Enron)、世通(WorldCom)和环球电讯(Global
Crossing)的财务丑闻，到华尔街分析师的不法行为，到近期有关纽约证交所薪酬问题引起的争议，这些问题都源于一个充满内在利益冲突的机制。
|
Over
the past three years, the financial world has been shaken by a series of
scandals that has had a devastating effect on public confidence in the
free market system. These problems - from Enron, WorldCom and Global
Crossing, to the behaviour of Wall Street analysts, to the recent uproar
about compensation at the exchange - stem from a system riddled with
built-in conflicts of interest.
|
|
纽约证交所的新领导层有责任全面改革其监管制度，并让投资者确信，我们的市场可以成为透明、可信的机构。若纽约证交所错失这个机会，华尔街也许将再也无法走出丑闻造成的阴霾。
|
The
new leadership of the NYSE has a responsibility to overhaul its regulatory
system and convince investors that our markets can be transparent and
trustworthy institutions. If it misses this opportunity, Wall Street may
never emerge from the dark cloud of scandal. The author is the president
and chief executive officer of Nasdaq
|
|
本文作者是纳斯达克总裁兼首席执行官。
|
|
|
译者/江洁
|
|
