瑞银集团：Facebook上市发行的另一个输家

    在我看来，这件事的有趣之处在于沃尔克规则（Volcker rule）究竟发挥了多大的作用——这项规则理应阻止华尔街从事瑞银集团在Facebook股票上实施的那种巨额冒险行为，究竟还有多大金额的赌博行为依然在华尔街上演。许多华尔街公司表示，它们已经逐步减少了所谓的自营交易业务，但鉴于华尔街在Facebook股票上遭受的巨额损失，真实的情况似乎并非如此。更重要的是，瑞银集团表示，这笔损失发生在它的做市交易部门，而这恰恰是沃尔克规则允许银行从事的一项业务。这项规则尚未正式生效。但很显然，即使沃尔克规则生效之后，华尔街依然有办法让大量风险交易行为脱离监管当局的视线。

    译者：任文科

    For me, the interesting thing here is what this says about the Volcker rule, which is supposed to stop firms from making the type of huge risky gamble that UBS seems to have made on Facebook, and how much gambling is still going on on Wall Street in general. A number of Wall Street firms say they have wound down their so-called proprietary trading desks, but given the large losses in Facebook, that doesn't seem to be the case. What's more, UBS is saying it sustained its loss in its market making unit, which is a business that is allowed under Volcker. The rule is not in effect yet. But it's clear that even after it is, Wall Street will continue to be able to hide a good deal of its risky trading from regulators.