If the manager can grasp the combined market volatility, fund managers who can change the fund「s investment portfolio to avoid systemic risk thereby increasing the fund」s excessive compensation.

若经理人能掌握市场报酬波动的集聚性和持续性，基金经理人可以改变投资组合以规避基金的系统性风险进而提高基金的超额报酬。

The European Union must propose that all hedge funds and other funds presenting a potential systemic risk be subject to appropriate registration, regulation and oversight.

欧盟必须提出，会造成一个潜在系统性风险的所有对沖基金和其他基金都应进行适当的登记、管理和监督。

In short, predicting the true sources of systemic risk in advance of their actual failure is probably impossible. But even if it could be done, should we want to?

简言之，在金融机构倒闭前，预测系统风险的真实源头，在概率上是不可能的。但是，即使可以做，我们想要吗？

You set up some rules of the road, ensure transparency and openness, guard against huge systemic risk that will lead . . .

你制定了一些交通规则，确保透明度和公开性，防止可能面临的巨大系统性风险……

Trading through clearing houses will break the 「too interconnected to fail」 paradigm, reduce the systemic risk inherent in the bilateral OTC marketplace and provide transparency.

通过清算行进行交易，将打破「相互关系过于紧密，以至于不能破产」的模式，同时降低双边场外市场所固有的系统性风险，并提供透明度。

Despite some eerie parallels, it is hard to conclude that ETFs yet pose a systemic risk on the same scale as mortgage-backed securities.

尽管存在一些可怕的可参照金融产品，还是很难下结论说ETFs已经引发了和抵押担保证券相当的系统风险。

But as Western policymakers would now wearily agree, less debt means less systemic risk for the banks if and when the property cycle turns.

就如西方的政策制定者会不耐烦的同意，对银行来说，如果或者是当地产泡沫破裂时，更少的债务意味着更少的系统性风险。

Looking further ahead, we need a fundamental rethink of how to manage systemic risk internationally.

进一步说，我们需要彻底重新思考如何控制全球金融系统危机。

But equally, without the flood of money seeking returns, the risky financial instruments that the IMF is blaming for increasing systemic risk may not have grown and posed the risk that they did.

但同样，没有寻求回报的滚滚资金洪流，被IMF加以指责的那些造成系统性风险的金融工具也无法成长，更无法形成威胁。

Stock Index Futures is a derivative financial facility for hedging the systemic risk of investment and the current assets.

股票指数期货是一项用以对沖股票投资系统风险，对现货资产进行套期保值的衍生金融工具。

That could keep any systemic risk from spinning out of control. The buck in this oddly roundabout system stops at the People's Bank of China.

有一个有利因素要考虑：从根本上说汇金是由中国央行支持的，这将使任何系统风险都受到控制，这一循环体系的责任最终将落在中国人民银行身上。

Mr Bernanke says this task should fall on a new systemic risk council of senior regulators.

伯南克称，这项任务应当由高级监管官员组成的新系统风险委员会承担。

Strengthening the financial emergency management capacity building, improve the prevention of systemic risk in advance of the coping mechanisms and ex post facto.

加强金融突发事件应急管理能力建设，完善系统性风险的事前预防和事后应对机制。