Paraphrasing　(10th paragraph)

Text

The eurobond market has also been an overall success, thanks in part to the integrated clearing and settlement infrastructure that predated it. In the corporate market, well-known companies such as Philips have launched big benchmark issues, and even a few small, unrated companies such as Ducati have issued bonds successfully. Jan Hommen, chief financial officer at Philips, says the market is becoming deeper and better segmented, pointing to the ease with which he raised EUR4.25 billion in two separate deals this year.

The main idea of the paragraph

The euro-bond market has also been doing well. 欧元债券市场也运转得不错。

词语解释

1、clearing 票据交换

In banking and finance, clearing denotes all activities from the time a commitment is made for a transaction until it is settled. Clearing is necessary because the speed of trades is much faster than the cycle time for completing the underlying transaction.

2、settlement 清算

The accounting process recording the respective debit and credit positions of the two parties involved in a transfer of funds. Funds are available for use and may be drawn at any time afterward.

3、Central Counterparty Clearing House – CCP作为居中交易对手的票据交换所

An organization which exists in various European countries that helps facilitate trading done in European derivatives and equities markets. These clearing houses are often operated by the major banks in the country. The house's prime responsibility is to provide efficiency and stability to the financial markets that they operate in.

There are two main processes that are carried out by CCPs: clearing and settlement of market transactions. Clearing relates to identifying the obligations of both parties on either side of a transaction. Settlement occurs when the final transfer of securities and funds occur.

CCPs benefit both parties in a transaction because they bear most of the credit risk. If two individuals deal with one another, the buyer bears the credit risk of the seller, and vice versa. When a CCP is used the credit risk that is held against both buyer and seller is coming from the CCP, which in all likelihood is much less than in the previous situation.

4、point to

to make it seem likely that a particular fact is true or that a particular event will happen 显示很可能会 … e.g.

1）All the evidence points to suicide. 所有证据表明是自杀。

2）Many politicians have pointed to the need for a written constitution. 许多政治家指出需要一个书面的宪法。

Compare: point out
　　to tell someone something that they did not already know or had not thought about in the past指出, e.g.

1）The tour guide pointed out the inscription that runs round the inside of the dome
导游指出刻在穹顶内墙上的铭文。

2）Analysts pointed out that there is little historical evidence to support this theory.
分析家指出，没有历史方面的证据支持这种理论。