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Chinese translation: 略释如下

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13:36 Sep 20, 2008

English to Chinese translations [PRO]
Bus/Financial - Insurance

English term or phrase: in ... on

How did XXX get into financial distress? Non-insurance entities are not subject to the strict solvency framework applied to insurers. This allowed various non-insurers to engage in risky credit transactions (huge positions in credit derivative swaps on mortgage-backed securities) without the appropriate limits and minimum capital/surplus to protect the company from a downswing in the mortgage-backed security markets.

(huge positions in credit derivative swaps on mortgage-backed securities)：拿不准这句中...in...on...的逻辑关系（按揭证券在信用衍生交换中涉及巨额头寸？）。希望得到大家的指点。

Jason Young KudoZ activity Questions: 61 (none open) (12 closed without grading) Answers: 349 China
Local time: 07:13

Chinese translation:略释如下

Explanation:
这句话可分为几部分来理解。“huge positions”是说仓位很大，是什么仓位呢？是“ in credit derivative swaps”，即所谓“信用衍生品互换”，是什么的信用衍生品呢？是“ on mortgage-backed securities”，即“抵押证券”。综合起来即，在“抵押证券信用衍生品互换业务上，持有巨仓”，等这些抵押证券质量恶化时，那风险自然就过高了。