智利议员正在向监管机构寻求解释，问为何允许私营养老基金在美国利率上建立巨额押注，而这些押注如今正导致巨额亏损。
Chilean lawmakers are seeking explanations from regulators over how privately managed pension funds were allowed to build up massive bets on US interest rates that are now triggering heavy losses.
社会党议员丹尼尔·马努切里表示，国会将向养老金监管机构询问其行使了何种监管，以及基金可能面临多大的亏损。他们还将要求智利总审计署审查监管机构行为的合法性，他说。
Socialist deputy Daniel Manouchehri said Congress will ask the pensions regulator what oversight it exercised and how big the funds’ potential losses are. They will also request Chile’s Comptroller General to review the legality of the regulator’s actions, he said.
“我们需要调查这些工具是如何被采纳的，”马努切里在周三的一次采访中表示。“工人的养老金储蓄不能被自由管理或像赌场赌注一样被赌掉。”政治反弹发生在被称为AFP的养老基金在过去两年里积累了大量美国利率衍生品头寸，押注收益率将继续下降。该策略起初奏效，但随着今年全球债券抛售导致美国收益率飙升，收益出现剧烈逆转。
“We need to investigate how these instruments were taken on,” Manouchehri said in an interview Wednesday. “Workers’ pension savings cannot be managed freely or gambled away as if they were casino bets.”The political backlash comes after the pension funds, known as AFPs, accumulated large positions in US interest-rate derivatives over the past two years, betting that yields would continue to fall. The strategy initially paid off, but gains reversed dramatically after a global bond selloff sent US yields surging this year.
根据养老金监管机构的数据，AFPs的外国利率衍生品头寸市值从一年前的14亿美元盈利，波动至9月的77亿美元亏损。持有这些头寸的大多数人局限于E基金，这些基金本来应是最安全的投资，并被推荐给即将退休的人。
The market value of the AFPs’ foreign interest-rate derivative positions swung from a $1.4 billion gain a year ago to a $7.7 billion loss by September, according to data from the pensions regulator. Most of those receiving positions are confined to the E funds, which were supposed to be the safest investments and recommended to people as they approached retirement.
养老金监管机构未能立即回应置评请求。头寸的平仓因监管机构在4月决定引入衍生品风险限制而加剧，迫使养老金管理人须在11月4日前降低对这些工具的敞口。问题在于，基金头寸的平仓正值美国长期债券抛售推高收益率之际，导致合约市值深陷亏损。
The pension regulator didn’t immediately reply to a request for comment The unwinding of the positions has been compounded by the regulators’ decision in April to introduce limits on derivative risk, forcing pension managers to reduce their exposure to such instruments by Nov. 4. The problem is that the unwinding of the funds’ positions comes as a months-long US bond selloff is pushing up yields and driving the market value of the contracts deeply into the red.
监管机构表示，养老金管理人已获得延长期以适应规则，并且已经减少了相当一部分超额头寸。
The regulator has said pension managers were given an extended period to adapt to the rules and have already reduced a significant portion of their excess positions.
“工人有权知道他们的钱发生了什么，损失了多少以及谁应负责任，”独立议员哈梅·阿拉亚说。
“Workers have a right to know what happened to their money, how much was lost and who is responsible,” said the independent lawmaker Jaime Araya.