A derivative in which one side pays the total return of an asset — interest plus any gain or loss — and the other pays a fixed or floating rate. The asset itself never changes hands.
总收益互换
| Move变动 | Where it appeared出现位置 | What it means这句话在说什么 |
|---|---|---|
| £1.5bn | Bank of England examines Barclays over private credit trades 总收益互换 · 第 2 张术语卡 | The complaint is about swaps referencing £1.5 billion of private credit loans, with a market value of about £300 million. TRS 的关键在于「谁承担标的资产的风险」。银行做 TRS 的常见动机有两个：帮客户加杠杆（客户想要某笔资产的收益但不想占用资金），以及把资产挪到自己资本占用更低的账簿里。监管盯的正是第二个动机——如果风险实质没转移，只是换了个记账位置，资本就被省下来了。 |