我可以向各位保证,在衍生性金融商品交易所发生的错误,绝对无法让交易双方的帐对得平,几乎不例外的,他们都会偏坦有机会得到百万奖金的营业员或特别希望帐面拥有亮丽的报表数字的一方(或甚至是双方),而最后往往要等到奖金支付给营业员,而CEO因为认股权大发利市后,股东们才会发现所谓亮丽的财报数字根本就是一场骗局。
Another problem about derivatives is that they can exacerbate trouble that a corporation has run into for completely unrelated reasons. This pile-on effect occurs because many derivatives contracts require that a company suffering a credit downgrade immediately supply collateral to counterparties. Imagine, then, that a company is downgraded because of general adversity and that its derivatives instantly kick in with their requirement, imposing an unexpected and enormous demand for cash collateral on the company. The need to meet this demand can then throw the company into a liquidity crisis that may, in some cases, trigger still more downgrades. It all becomes a spiral that can lead to a corporate meltdown.
衍生性金融商品交易的另一项问题是它可能因为一些毫不相关的原因,让一家公司的问题更为加重,这种滚雪球效应之所以会发生主要在于许多衍生性金融商品交易的合约都要求对方一旦其信用评等遭到调降时,必须立刻提供质押担保给交易对方,大家可以想象到当一家公司面临困境而被调降信用评等的同时,衍生性金融交易却又立即登门要求提供事先完全没有设想到且金额庞大的现金时的情景,此举可能让公司进一步陷入流动性的危机,而通常这又会让公司的信用评等再度向下调降,恶性循环的结果可能导致一家原本好好的公司因此垮台。