Combined with the lack of information on the otc market , the highly leveraged institutions can develop potentially excessive and destabilising market concentrations , whether consciously or unconsciously 再加上缺乏场外市场的资料，无论是有意或无意，高杠杆机构的持仓状况都可能会过度集中，以致对市场产生不利的影响。
The third challenge i should like to touch upon is how to cope with the destabilising impact of highly leveraged institutions hlis . the issue is how to improve the stability and functioning of the financial markets for all market participants 我打算讨论的第三项挑战，是如何应付利用高杠杆效应运作的机构高杠杆机构对市场稳定造成的影响。
22 . i have mentioned two approaches , that of enhanced counterparty risk management and improved transparency and disclosure , which will hopefully help to address the concerns on excessive leverage and on opaqueness of hlis 22 .我在上文提过的两个方法，分别是加强交易对手风险管理和提高透明度与增加披露资料，相信能解决有关过度借贷及高杠杆机构透明度不足的问题。
This is done indirectly by asking the banks and other financial institutions to be more prudent in granting credit lines to the hlis , and directly by encouraging the hlis to enhance their own risk management standards 改善方法分为两方面，间接方面是要求银行和其他金融机构向高杠杆机构授予信贷限额时，要更加审慎直接方面是鼓励高杠杆机构提高其本身的风险管理标准。
Commonly known as the " elephants in the pond " problem , is a situation whereby the hlis take very large and concentrated positions in smaller financial markets and adopt aggressive trading practices that could be destabilising to such markets 通常称为池塘里的大象问题，也就是高杠杆机构在规模较小的金融市场累积相当大量且高度集中的仓盘，并采取凌厉的买卖手法，令这些市场产生激烈的动荡。
This is eminently logical and sensible , since with more cautious bank lending and enhanced risk management within the hli sector , it should be very hard for the hlis to build up excessive leverage and concentration in the major financial markets 这些做法都是相当合情合理的，因为随著银行贷款更为审慎，以及高杠杆机构加强风险管理，出现高杠杆机构过度借贷及在大型金融市场的持仓过度集中情况的可能性便会大为降低。
Rapid deleveraging of positions in markets associated with the default of an hli of the size of ltcm could have systemic impact even in large and mature markets , thereby threatening the global financial system . it has been said that a repeat of the like of an ltcm debacle is most unlikely to occur , given the downsizing of hedge funds 类似长期资本管理公司long - term capital management limited一样的高杠杆机构，如出现问题，而要在市场上迅速平仓，就是规模大发展成熟的市场也会受到影响，产生系统性问题，危害全球金融体系。
And we should not forget the destabilising influence of the explosion of international finance that is likely to continue after the recent lull in activity arising from credit concerns and the pause by some highly leveraged institutions to lick their wounds after the excesses of 1998 . but for the time being everyone is enthusiastically looking forward to better times ahead 还有，虽然一些高杠杆机构因为信贷问题，以及于1998年一役后仍在疗伤，令它们在市场的活动显得有点沉静，但大家不要忘记，国际金融事业迅速膨胀所带来的不稳定因素，仍然会在金融市场萦绕的。
