虽然英格兰银行（Bank of England, BOE）正在忙于对英国的私人市场进行压力测试（stress testing），但监管机构们还面临着另一个潜在的威胁。
While the Bank of England is busy stress testing the UK’s private markets, another threat is looming in the minds of regulators.
据一位知情人士透露，由人工智能（AI）引发的市场动荡被纳入了英格兰银行下一轮系统性风险评估的讨论范围。这项被称为“SWES”（Systematic Risk Assessment Exercise）的测试旨在评估英国金融体系在面临假设性危机时的抵御能力。
Turmoil caused by artificial intelligence is among the options being discussed for the BOE’s next system-wide exploratory scenario, according to a person familiar with the matter. The SWES, as a test is known, measures the resilience of the UK’s financial sector against hypothetical danger.
目前，英格兰银行正在进行第一轮SWES测试，重点关注自金融危机以来规模迅速扩大的私人市场。该测试旨在探究：如果全球经济出现严重衰退并波及私人市场，信贷流动会受到怎样的影响，以及这种影响会如何传导至资产管理机构、投资者和银行。
The BOE is currently in the final stages of the first round of its SWES examining risks specifically in private markets, which have surged in size since the financial crisis. It is testing how the flow of credit to the economy would be impacted by a severe global downturn sending shocks through private markets, with ripples to asset managers, investors and banks.
这轮测试将于明年结束；这也是英国第二次采用系统性评估方法来评估金融风险，而非单独对银行或保险公司进行压力测试。
It’s due to conclude next year and is only the second time the UK has used a system wide approach to assess risks, rather than stress testing institutions like banks and insurers individually.
另一位知情人士表示，关于下一轮SWES的具体方案尚未确定；还有第三位人士指出，除了人工智能之外，也可能有其他评估选项。
A second person familiar with the matter said no decisions have been made yet about the next SWES, while a third said there are potential options other than AI.
不过，随着人们对估值泡沫、网络安全漏洞以及自主AI系统可能引发市场崩溃的担忧日益加剧，人工智能问题已逐渐成为监管机构关注的重点。
Still, AI is rising up the agenda for regulators as concerns mount over a valuations bubble, cyber vulnerabilities and autonomous AI agents causing a market meltdown.
监管机构担心：如果AI系统在应对市场危机时引发“羊群效应”（即投资者纷纷跟风买卖某种资产），可能会加剧市场波动。他们同时也在密切关注新型AI模型可能暴露出的企业网络安全漏洞，并警惕任何可能导致股市估值泡沫破裂、进而引发经济危机的迹象。
Officials are worried that AI agents used in financial trading could amplify market stresses if it causes herding behavior as models respond to the episode in a similar way. They are also on alert for the newest AI models exposing fragility in companies’ cyber defenses, while regulators have long been watching for any signs of an AI stock valuation bubble that bursts and causes economic fallout.
当前的模拟演练中包含了人工智能（AI）对金融市场的影响。这一假设情景基于“严重但有可能发生的”全球供应链中断和地缘政治危机，这些因素导致了经济深度衰退。该演练模拟了人工智能相关企业的估值下降以及其发展受到阻碍的情况。然而，自英国央行（BOE）首次开展这项模拟演练以来，人们对人工智能与金融行业之间关系的担忧日益加剧。
The current private markets exercise includes some AI disruption as part of the hypothetical scenario that is underpinned by a “severe but plausible” global supply and geopolitical shock which causes a deep recession. That modeled a scenario where AI valuations are hit and its development is held back. However, concerns over AI and the financial sector have widened since the BOE first started the exercise. While BOE Governor Andrew Bailey believes AI could be a game changer that boosts Britain’s pedestrian growth rates, he has also warned of the risks.
尽管英国央行行长安德鲁·贝利（Andrew Bailey）认为人工智能有可能成为推动英国经济增长的重要因素，但他同时也指出了其中存在的风险。
“Everybody’s priced to be a winner,” he said recently.
“目前市场的预期普遍认为所有参与者都会获利，”他最近表示，“市场的职责是预测未来的收益情况。虽然未来的收益可能是正面的，但市场可能会高估这些收益。”贝利还补充说，自今年春季以来，人工智能在网络安全方面已成为一个“非常严重的问题”。
“The market’s job is to estimate the future stream of returns. Future stream of returns could be positive but the market could overestimate them.”Bailey added that, since the spring, AI has been “a very big issue for us in terms of cyber.”