That is still better than the alternative—a bilateral trade, in the industry argot—in which the bank and fund face each other for the life of the option.
This requires each to keep tabs on the other’s creditworthiness, which is hard when they do not know each other’s positions.
If the fund wanted to close its position early, for example, it might sell an offsetting position to another bank.
It would then appear to each bank that the fund was exposed to movements in Apple’s share price, though in reality its risks would cancel out.
If its trades had been centrally cleared, that would be obvious to everyone.
This lack of transparency played a big part in the financial crisis—hence regulators' desire to shift from bilateral to central clearing.
这是《经济学人》7月刊的一篇文章''Flight to safety第10段，共有6句。
1、解决几个单词：
{'alternative':'adj.可替代的，n.替代品'}
{'bilateral':'adj.双边的'}
{'argot':'n.行话'}
根据该句后面的'a bilateral trade'，这句话可以知道'that'代指上一段的交易方式，'in which'表示...里，代指前面的'in the industry argot',所以试着翻译的话：这种交易依然比他的另一种方式-双边交易更好，行话来说，双边交易就是银行与基金在整合期权的周期内面对面在一起。
2、词组：
keep tabs on ：密切注意...
{'creditworthiness':'n.信誉度'}
翻译：这需要双方随时注意对方的信誉度，但是当他们互相没有办法知道对方的账户情况时，这很难做到。
3、
{'offsetting':'n.抵消'}
如果基金想要早点平调他的账户，比如：他可能要卖一个抵消的账户给银行。
4、exposed to ：暴露，面临
'It'代指上一句的行为，翻译来就是，这会显示给银行一种信息，什么样的信息呢，That后面解释了：该基金面着苹果公司股价变动的（风险中），尽管实际上风险已经没有了。
5、如果交易是集中清算的，那么风险对双方都是清晰明了的。
6、生词：
{'transparency':'n.透明，显而易见'}
{'hence':'adv.因此'}
这种缺乏透明的交易方式在金融风险中扮演者很大的角色，因此监管者决定从这种不透明的双边交易转换为集中清算。
总结：
单词部分：
{'alternative':'adj.可替代的，n.替代品'}
{'bilateral':'adj.双边的'}
{'argot':'n.行话'}
{'creditworthiness':'n.信誉度'}
{'transparency':'n.透明，显而易见'}
{'hence':'adv.因此'}
keep tabs on ：密切注意...
exposed to ：暴露，面临
很多时候，要真正理解句子的意思，需要不断推敲上下文的关系。
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