术语翻译(英译中)： 1. Tranches （股票的)份额
2. Collateral debt obligation 债券凭证；担保债权凭证 3. T-bond 国债 4. Repo 回购
5. Government sponsored entities 政府资助实体 6. Financial derivatives 金融衍生品 7. Federal funds rate 联邦基金利率 8. Default risk 违约（拖欠）风险 9. Yield to maturity 到期收益率
10.Negotiable certificate of deposit 可转让定期存单 英文回答：
1、 How is LIBOR calculated?
According to different currencies and maturity dates, the highest quarter and the lowest quarter of the market quotations are ignored, and then the remaining quotations are averaged to obtain the official interest rate, which is displayed in 5 decimal places.
2、 What are the expectation，volatility，skewness and kurtosis? Expectation:Refers to the weighted average of a random variable in terms of its corresponding probability.
Volatility：Volatility is a measure of the change in the return on investment of the underlying asset.From a statistical point of view,
it is the standard deviation of the return on investment of the underlying asset in terms of compound interest.
Skewness:Skewness is the measurement of the direction and degree of the statistical data distribution skew, and it is the digital feature of the asymmetry degree of the statistical data distribution. Kurtosis:Kurtosis refers to the number of features indicating the peak value of the probability density distribution curve at the average value. Intuitively, kurtosis reflects the sharpness of the peak, which is calculated by the ratio of the fourth-order central moment of the random variable to the square of the variance. The formula is to change the power of the skewness formula to 4.
3、Why should we worry about a rising TED spread?
The TED spread is an indicator of perceived credit risk in the general economy, since T-bills are considered risk-free while LIBOR reflects the credit risk of lending to commercial banks. An increase in the TED spread is a sign that lenders believe the risk of default on interbank loans (also known as counterparty risk) is increasing. Interbank lenders, therefore, demand a higher rate of interest, or accept lower returns on safe investments such as T-bills. When the risk of bank defaults is considered to be decreasing, the TED spread decreases.
3、 What are the key features of the structured finance? （1） Securities are issued through a special organization, namely
SPV or spe;
（2） The accounting treatment of issuing structured financing securities is asset sale rather than debt financing;
（3） Structured financing securities must provide investors with \"servicing\" of underlying assets;
（4) The credit of structured financing securities mainly depends on the credit of basic mortgage assets;
5、What is TED spread? Suppose the TED spread is rising, what do you think have caused the rising TED spread?
The TED spread is the difference between the interest rates on interbank loans and on short-term U.S. government debt (\"T-bills\"). TED is an acronym formed from T-Bill and ED, the ticker symbol for the Eurodollar futures contract.
6、Why is the name money market misleading?
Money market and financial duration are easily confused. Financial market is the market of financing. It includes money, capital and foreign exchange markets, and sometimes gold and insurance markets. It can also be said that the market with money as the object can be classified into the category of financial market. The money market is mainly a market where the loan period is one year or less. It mainly includes: interbank lending, repurchase agreement, bill market, large amount transferable certificate of deposit market or short-term government bond market.
7、What are the instruments traded in the money market and who are big players in the monetary market?
The main money market instruments consist of short-term treasury bonds, large negotiable certificates of deposit, commercial paper, bank acceptance, repurchase agreement and other money market instruments.The big players in monetary market are mainly institutions and professionals specialized in money market business. Institutional participants include commercial banks, central banks, non bank financial institutions, governments and non-financial enterprises; money market professionals include brokers, dealers and underwriters.
8、How is an OIS is set up?
OIS (overnight index swap) is a contract that exchanges a fixed interest rate over a period of time with the geometric average of the overnight interest rate (brokered).
OIS rate in the market refers to the fixed interest rate in the swap contract. Similar to the basic interest rate swap, OIS swap rate is equivalent to the overnight rate updated every day according to the view of Collin Dufresne et al. A OIS futures contract is an interest rate future; i.e. a future contract whose value is based on a fixed-income security or interest rate. The underlying interest rate for the OIS futures contract is the average daily over-night interest rate for the delivery month. The final settlement price for a contract is 100 minus this average rate.
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