英语语法分析

These "synthetic" funds entail hidden counterparty risks.

这种“人造”基金掩盖了交易方的风险。

Lehman would give collateral to its counterparty and receive cash in return.

雷曼就能把抵押物质押给交易对方，然后获取现金作为回报。

Counterparty risk is reduced since all parties work through the same clearing mechanism.

因为所有交易者均通过同一个清算体系完成交易，所以交易对手违约风险下降。