J.P.Morgan's $2 Billion Trading Error

閱讀暖身:
由於衍生性金融商品投資失誤，美國最大銀行摩根大通今年5月10日宣布，這項錯誤可能帶來20億美元的鉅額虧損，隔天11日股價更暴跌9.3%，單日市值就流失約140億美元，信用評等隨即遭調降，也再次引發美國政界對加強金融管制的討論。

進入本文前，請先想想以下單字：
(A) 異常交易
(B) 瑣碎
(C) 修正

J.P.Morgan, widely considered the best run of all the large banks in America, if not the world, on May 10th provided the kind of news that has become all too common in the financial industry: a $2 billion charge for ^(A) errant trades. The markets responded within seconds of the opening on May 11th, sending Morgan’s share price down over 9%, and its value by $14 billion. Late on May 11th, Standard & Poor’s announced it was downgrading the outlook for the company, and Fitch knocked down its ratings.

摩根大通，被公認為全美經營最佳的世界級大型銀行，5月10日因異常交易而爆發虧損 20億美元的熱門新聞，雖這在金融業為司空見慣的事，但美股在消息傳出的第二天即產生激烈反應，摩根大通股價開盤驟跌逾9%，市值蒸發至140億美元。11日稍晚，標普宣布下調該公司投資前景，惠譽也調降其評等。

But while none of these moves were ^(B) trivial, they were hardly calamitous. The share price decline was sharp but finite. Morgan’s rating remains among the strongest in the industry. Its capital ratios are robust. And even after the loss, it is still expected to earn more than $4 billion in the current quarter, and produce record earnings for the year.

這些改變並非無關緊要，卻也不是什麼大災難。摩根大通股價巨跌，但跌幅有限，它的評級在同業間還是不可較量的，資本適足率也相當強勁，就算經歷了20億美元的鉅額虧損，摩根大通今年第2季盈利仍有希望超過40億美元，毛利率也可望創新高。

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