偶能看懂但译不过来，求大侠帮译。如果太忙，只翻译一段也成。不胜感激！
新人，积分少，聊表心意。
Given recent events, there are numerous regulatory issues to discuss within this context. In many cases work has already started. For example, how to achieve better management and supervision of liquidity risk as well as greater transparency in the financial sector are important matters currently under review. Further issues include regulatory treatment of the originate-and-distribute model and off-balance sheet entities, as well as procyclical elements in regulation.
Of particular interest is the issue of clearing and settlement arrangements in the unregulated credit derivative markets. One partial explanation of the uncertainty that has prevailed in the financial system recently is the absence of a resilient infrastructure for these markets. No central counterparties have existed and there has been no common market place for exchanging these instruments. As a result, trading has been fragmented and opaque, which in turn has implied that nobody has really known where the credit risks are and few have realised that these risks – directly or indirectly – actually have remained on the banks’ balance sheets.
Clearly, there are many issues on the agenda and the course of events over the past year has underscored the need to get to work. But let me stress one thing very clearly: it is
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important that we get neither too zealous nor to indulgent about regulation. In times such as these, it is easy for opportunism to gain the upper hand, resulting in regulations that do more harm than good. For example, I am a little bit worried about where the discussion on procyclicality is heading. Suggestions have been made that both Basel-rules and fair value accounting standards should be relaxed to cut the banks some slack under stressed circumstances. In my opinion, this seems like a very hazardous way forward