今年全球股市都出現(xiàn)積極反彈，但是，重新博得普通投資者的信心、興趣和信任將是一場戰(zhàn)斗，而且這場戰(zhàn)斗難以速戰(zhàn)速?zèng)Q。

Stock markets around the world have enjoyed a healthy rebound this year. But the battle to regain the hearts, minds and trust of ordinary investors is not being quickly won.

    圍繞紐約證交所(New York Stock Exchange)前董事長理查德•格拉索(Richard Grasso)的薪酬計(jì)劃，人們展開了一場爭論，但這場爭論遠(yuǎn)不只與錢有關(guān)。這一事件重新勾起人們的疑慮：作為全球資本主義的“發(fā)動(dòng)機(jī)房”，對(duì)證券市場的監(jiān)管方法能否重新贏得投資者的信任呢？的確，如果公眾把證券市場看作老式的私人俱樂部，不對(duì)任何人負(fù)責(zé)，那我們又有什么理由期望投資者信心會(huì)恢復(fù)呢？

The controversy that surrounded the compensation package granted to Richard Grasso, the former chairman of the New York Stock Exchange, was more than a dispute over money. The incident revived doubts about whether stock markets - the engine rooms of global capitalism - can be governed in a way that wins back investors' faith. Indeed, if the public views the markets as old-fashioned private clubs, accountable to no one, how can we reasonably expect investor confidence to return?

    這就是約翰•里德(John Reed)所面臨的問題。這位花旗銀行(Citibank)前董事長已同意出任紐約證交所的臨時(shí)負(fù)責(zé)人。

That is the question facing John Reed, the former chairman of Citibank, who has agreed to lead the NYSE on an interim basis.

    紐約證交所是全球最大的證交所之一，作為它的直接競爭者納斯達(dá)克(Nasdaq)的總裁，紐約證交所能否恢復(fù)其聲望對(duì)我來說利害攸關(guān)。我希望里德先生能夠成功。但是，在他為重組紐約證交所進(jìn)行的初步努力中，他提出了一項(xiàng)無效的改革計(jì)劃，該計(jì)劃仍然是在讓“狐貍看管雞舍”。

As the president of Nasdaq, a direct competitor of the NYSE, I have a stake in seeing one of the world's largest exchanges restore its reputation. I want Mr Reed to succeed. But, in one of his first efforts to redirect the NYSE, he has proposed an ineffectual reform that still leaves the fox guarding the henhouse.

    從歷史上看，美國的證券交易所一直是自律性組織：盡管它們要按照美國證券交易委員會(huì)(SEC)頒布的規(guī)則運(yùn)營，但它們負(fù)責(zé)自身的日常監(jiān)管。然而，在當(dāng)前市場對(duì)證交所潛在的利益沖突越來越敏感的時(shí)期，需要建立某種獨(dú)立的監(jiān)管機(jī)制。

Historically, stock exchanges in the US have been self-regulating organisations: although they operate under rules mandated by the Securities and Exchange Commission, they are responsible for their own day-to-day regulation. Yet at a time when there is increased sensitivity about potential conflicts of interest, there is a need for some independent regulation.

    里德先生最近在國會(huì)作證時(shí)暗示，新任命的紐約證交所董事會(huì)成員中，大部分人與證券市場沒有關(guān)聯(lián)，他們既不是上市公司的管理人員，也不是證券公司的成員。

During recent congressional testimony, Mr Reed alluded to the appointment of a board of directors most of whom have no link to the stock market, either as officers of a public company or as members of a securities firm.

    迄今為止，一切都還不錯(cuò)。

So far, so good.

    不過據(jù)說，作為一項(xiàng)補(bǔ)充措施，里德先生正考慮在一個(gè)董事會(huì)下設(shè)立兩個(gè)分會(huì)，一個(gè)負(fù)責(zé)紐約證交所的監(jiān)管，另一個(gè)監(jiān)督其運(yùn)營。兩個(gè)分會(huì)最終都向紐約證交所董事長負(fù)責(zé)。

But, as an added measure, Mr Reed is said to be pondering the establishment of two boards under a single umbrella, one to supervise the regulation of the NYSE and another to oversee its operations. Both would ultimately report to the chairman of the NYSE.

    這種分工可能將被視為華爾街的又一個(gè)騙局。紐約證交所內(nèi)部的基本沖突沒有消除；而且，成立一個(gè)向證交所董事長負(fù)責(zé)的內(nèi)部監(jiān)管機(jī)構(gòu)毫無意義。這就像把葛蘭素史克(GlaxoSmithKline)之類的制藥公司與美國食品與藥物管理局(FDA)置于同一個(gè)董事會(huì)的管理之下。

This division of labour is likely to be perceived as another Wall Street shell game. The basic conflict inside the NYSE has not been eliminated; and it is meaningless to have a regulatory body that reports to the chairman of the organisation. It would be likeshavingsa pharmaceuticals company such as GlaxoSmithKline and the Food and Drug Administration governed by the same board.

    此外，目前投資者需要的是簡單明了和高透明度，所建議的這些改革計(jì)劃只能令事情更加復(fù)雜。

Moreover, the proposed reforms add further complexity at a time when i nvestors need simplicity and clarity.

    在20世紀(jì)90年代中期，納斯達(dá)克也經(jīng)歷了一場信心危機(jī)。當(dāng)時(shí)，美國證交委責(zé)備全美證券交易商協(xié)會(huì)(National Association of Securities Dealers)未能對(duì)納斯達(dá)克進(jìn)行充分監(jiān)管。全美證券交易商協(xié)會(huì)是納斯達(dá)克的所有者和監(jiān)管機(jī)構(gòu)。

In the mid-1990s, Nasdaq experienced its own crisis of confidence. The SEC blamed Nasdaq's owner and regulator, the National Association of Securities Dealers, for failing to police Nasdaq adequately.

    這是我們證交所歷史上令人尷尬的一幕，但我們從中吸取的教訓(xùn)是：監(jiān)管與交易必須保持分離。當(dāng)美國證交委施加這些限制時(shí)，曾引起很多怨言。然而，這種做法的確奏效。如今，納斯達(dá)克與全美證券交易商協(xié)會(huì)已分離了各自的管理層、董事會(huì)和董事長。全美證券交易商協(xié)會(huì)對(duì)納斯達(dá)克進(jìn)行監(jiān)管，并對(duì)獨(dú)立個(gè)案實(shí)施調(diào)查，而無須征求納斯達(dá)克管理層或董事會(huì)任何成員的意見。

It was an embarrassing episode in our history but we learnt that regulation must remain separate from commerce. There was much grumbling when the SEC imposed these conditions. Still, it worked. Today Nasdaq and NASD have separate managements, boards of directors and chairmen. NASD regulates Nasdaq and conducts investigations of individual cases without consulting any members of Nasdaq's management or board.

    我們確信，這種與監(jiān)管機(jī)構(gòu)分離的做法應(yīng)當(dāng)再進(jìn)一步。雖然納斯達(dá)克與它的監(jiān)管機(jī)構(gòu)在運(yùn)作上獨(dú)立，但仍有一條組織上和財(cái)務(wù)上的紐帶將我們聯(lián)在一起。

We believe that the separation from our regulator should go further. Although Nasdaq and its regulatory body operate separately, there is still an organisational - and financial - link that connects us.

    這就是為什么我們已請(qǐng)求美國證交委發(fā)放許可證，讓我們作為一個(gè)完全獨(dú)立注冊(cè)的證交所進(jìn)行運(yùn)作。那樣我們就能切斷與全美證券交易商協(xié)會(huì)的一切關(guān)聯(lián)，并消除一切可能的沖突。

That is why we have petitioned the SEC for a licence to operate as a completely separate registered exchange. That would allow us to sever all our ties from the NASD and any possible conflict would be eliminated.

    紐約證交所有必要采用一個(gè)類似的獨(dú)立監(jiān)管體制，因?yàn)檫@顯然是贏得公眾信心所需要的。

The NYSE needs to embrace a similar system of independent regulation because public confidence so clearly demands it.

    在過去3年中，金融界受到了一連串丑聞事件的震蕩。這些丑聞嚴(yán)重?fù)p壞了公眾對(duì)自由市場體系的信心。從安然(Enron)、世通(WorldCom)和環(huán)球電訊(Global Crossing)的財(cái)務(wù)丑聞，到華爾街分析師的不法行為，到近期有關(guān)紐約證交所薪酬問題引起的爭議，這些問題都源于一個(gè)充滿內(nèi)在利益沖突的機(jī)制。

Over the past three years, the financial world has been shaken by a series of scandals that has had a devastating effect on public confidence in the free market system. These problems - from Enron, WorldCom and Global Crossing, to the behaviour of Wall Street analysts, to the recent uproar about compensation at the exchange - stem from a system riddled with built-in conflicts of interest.

    紐約證交所的新領(lǐng)導(dǎo)層有責(zé)任全面改革其監(jiān)管制度，并讓投資者確信，我們的市場可以成為透明、可信的機(jī)構(gòu)。若紐約證交所錯(cuò)失這個(gè)機(jī)會(huì)，華爾街也許將再也無法走出丑聞造成的陰霾。

The new leadership of the NYSE has a responsibility to overhaul its regulatory system and convince investors that our markets can be transparent and trustworthy institutions. If it misses this opportunity, Wall Street may never emerge from the dark cloud of scandal. The author is the president and chief executive officer of Nasdaq

本文作者是納斯達(dá)克總裁兼首席執(zhí)行官。

譯者/江潔