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The interbank unsecured-money market, for instance, is in effect pan-European, with large banks successfully feeding liquidity to smaller, national banks. The secured market has been less successful, largely because its very existence has exposed problems in the underlying infrastructure that can make it difficult to transfer collateral. In time, however, as these problems are tackled, it should become bigger than the unsecured market.

The main idea of the paragraph

At present, the inter-bank unsecured money market is doing better than the secured money market, due to the problems in the mechanism that hinder the transfer of collaterals.

目前，由于阻碍抵押品转移的机制上的问题，相比有抵押的金融市场，银行间无抵押的金融市场运转得比较好。

词语解释

1、liquidity流动性

1）In general, availability of funds to meet claims. An economic agent is considered to have high liquidity, or to be highly liquid, if all its financial holdings, or assets, are in cash; and to have low liquidity if its holdings are all in forms, such as property, commodities and long-term securities, that are difficult to convert into exact amounts of ready cash.

2）In banking, liquidity refers to a commercial bank’s ability to meet withdrawals of deposits, and relates to the bank’s holdings of cash and short-term assets.

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