Everything else—from interest-rate derivatives to collateralised debt obligations should carry on unregulated and uninsured.

其他业务——从利率衍生工具到债务抵押债券——应继续不受监管，不受保护。

These " repo" operations amount to collateralised loans, not outright purchases. Few economists would describe them as QE.

这些“回购”操作相当于抵押贷款，而不是直接购买。很少有经济学家会将这种方式描述为QE。

That compares with the $1trn market for collateralised debt obligations (or CDOs) in 2007, which were at the heart of the global financial crisis.

这与2007年1万亿美元的债务抵押债券(CDO)市场形成了鲜明对比，后者是全球金融危机的核心。

Two of them, SOFA and SARON, report rates in the repo market for secured loans collateralised by government bonds, rather than for bank deposits.

其中两个，SOFA 和 SARON， 报告的是回购市场上以政府债券为抵押的担保贷款的利率，而不是银行存款的利率。

During the global financial crisis of 2007-09, the belief in the unimpeachable safety of the American mortgage market led to an explosion in collateralised lending.

在 2007-09 年全球金融危机期间，对美国抵押贷款市场无懈可击的安全性的信念导致抵押贷款激增。