第一章1、Global competition has forced government to deregulate various aspects of their financial markets so that their financial enterprises can compete effectively around the world.全球竞争迫使政府在其金融市场的不同方面放松监管，使其金融市场在全球更具竞争力。
2、Unlike retail investors,institutional investors have been more willing to transfer funds across national borders to improve portfolio diversification and exploit perceived mispricing of financial assets in foreign countries.机构投资者与个人投资者不一样，他们更愿意在不同国家间转移资金来改善其组合的多元化，或者说利用其所觉察到的国外金融资产定价失误来谋利。
3、In some countries,large corporations seeking to raise a substantial amount of funds may have no choice in its domestic market but to obtain financing in either the foreign market sector of another country or the Euromarket.在一些国家里，有些大公司对资金的需求太大，国内市场无法提供，不得不向另外一些国家的外国市场或欧洲市场寻求融资。
4、Financial assets and tangible assets are linked.Ownership of tangible assets is financed by the issuance of some type of financial asset—either debt instruments or equity instruments.For example,a U.S.airline purchases a fleet of aircraft for$250million,suppose that a debt instrument is issued to raise the$250million.The cash flow from the passenger travel will be used to service the payments on the debt instrument.Ultimately,therefore,the cash flow for a financial asset is generated by some tangible asset.金融资产和有形资产是相关的。
一些类型的金融资产为有形资产的所有权提供融资，这些金融资产可以是债务工具也可以是权益工具。
例如,美国航空公司购买一批飞机为2.5亿美元,可以认为，发行一个债务工具筹集了2.5亿美元。
乘客旅行的现金流将用于服务债务工具的支付。
因此，最终,一些有形资产产生了金融资产的现金流。
5、With increased volatility(波动)of interest rates,inflation,equity prices,and exchange rates comes the need for certain market participants to protect themselves against unfavorable consequences. This means new or more efficient ways of risk sharing in the financial market are needed.增加利率、通货膨胀、权益价格以及汇率的波动性是使得市场参与者要保护自己，防止出现不利的后果。
这就意味着金融市场当中需要新的、更为有效的方法来分散风险。
6、Because of the globalization of financial markets throughout the world,entities in any country seeking to raise funds need not be limited to their domestic financial market.Nor are investors in a country limited to the financial assets issued in their domestic market. Globalization means the integration of financial markets throughout the world into an international financial market.There is a trend toward integration of financial markets throughout much of the world 由于金融市场的全球化，任何国家的实体企业要想提高其筹资数量，就没有必要局限在国内金融市场，同时，投资者也没有必要经济购买北国金融市场发行的金融资产。
金融市场全球化意味着全世界金融市场一体化，也就是说集成为一个世界性的金融市场。
金融市场一体化的趋势遍及世界大部分地区。
7、Technological advances have increased the integration of and efficiency of the global financial market.Advances in computer technology,coupled with advanced telecommunication systems, allow the transmission of real-time information on security prices and other key information to many participants in many places.Therefore, many investors can monitor global markets and simultaneously assess how this information will impact the risk/return profile of their portfolios.技术进步提高了全球金融市场的效率和一体化进程。
计算机技术与通信体系的先进性使得有关证券价格的实时信息、关键信息能够自由地在不同市场的许多市场参与者之间传播。
因此，许多投资者能够监视全球市场，同时评估这些信息对其投资组合的风险与收益所产生的影响。
8、Significantly improved computing power allows the instant manipulation of real-time market information so that arbitrage opportunities can be identified.Once these opportunities are identified,telecommunication systems permit the rapid execution of orders to capture them.计算能力的有效提升，可以让投资者即时处理实时的市场信息确定套利机会。
一旦确定套利机会，发达的通信系统会立即帮助投资者执行指令捕获这些机会。
9、Our current regulatory structure was not built to address the modern financial system with its diversity of market participants, innovation,complexity of financial instruments,convergence of financial intermediaries and trading platforms,global integration and interconnectedness among financial institutions,investors andmarkets.Moreover,our financial services companies are becoming larger,more complex and more difficult to manage.当前，我们的金融结构不能应对现代金融体系，现代金融体系具有多元化的市场参与者、具有创新、复杂的金融工具、收敛性的金融中介机构与交易平台、全球一体化以及相互关联的金融机构、投资者与市场。
然而，我们的金融服务公司越来越大、越来越复杂、越来越难管理。
我们现在的监管体系是大萧条之后发展起来的，它的发展是一种反应模式，即当市场存在压力或创新时，新的监管会被创造出来。
10、Much of our current regulatory system was developed after the Great Depression and it has developed through reaction—a pattern of creating regulators as a response to market innovations or to market stress。
Henry M.Paulson,Jr.March31,2008我们当前的许多监管体系是在大萧条后发展起来的，它已经通过创建监管机构来应对市场创新或市场压力的一个模式发展起来了。
亨利·保尔森2008年3月31日。