Clearing houses routinely apply a discount, or haircut to the valuation of collateral that members must place with them such as government bonds to take account of fluctuations in prices and the fact that some bonds are less liquid than others. 考虑到价格的波动和某些债券流动性低于其他债券,结算所通常对其会员必须提交的抵押物的价值扣除一定比率,这就是扣减率。
As I have told you before, almost all of our derivatives contracts are free of any obligation to post collateral – a fact that cut the premiums we could otherwise have charged. 就像我以前已经告诉过你们的那样,我们几乎所有的衍生品合约都没有提供抵押品的义务,事实上要去掉我们可以另外收取的费用。