In recent weeks, hedge funds and other investors have been puzzled by unusual movements in some credit markets, and have been buzzing about the identity of a deep-pocketed trader dubbed 'the London whale.'
几周来，对冲基金和其他投资者对一些信贷市场的异常波动感到困惑，他们纷纷议论那个财力深不可测、绰号"伦敦鲸鱼"的交易员的真实身份。
That trader, according to people familiar with the matter, is a low-profile, French-born J.P. Morgan Chase & Co. employee named Bruno Michel Iksil.
据知情人士说，该交易员名为伊科西尔(Bruno Michel Iksil)，行事低调，在法国出生，目前受雇于摩根大通(J.P. Morgan Chase & Co.)。
Mr. Iksil has taken large positions for the bank in insurance-like products called credit-default swaps. Lately, partly in reaction to market movements possibly resulting from Mr. Iksil's trades, some hedge funds and others have made heavy opposing bets, according to people close to the matter.
伊科西尔为摩根大通重仓建立了相当于违约保险的信用违约掉期(CDS)头寸。知情人士说，在一定程度上为了应对可能受伊科西尔交易影响出现的市场波动，一些对冲基金和其他投资者重仓建立了与伊科西尔对立的头寸。
Those investors have been buying default protection on a basket of companies' bonds using an index of the credit-default swaps, or CDS. Mr. Iksil has been selling the protection, placing his own bet that the companies won't default.
这些投资者一直在根据一个CDS指数购买一篮子企业债的违约保险。伊科西尔一直在卖出这些违约保险，他押注的是这些公司不会违约。
Mr. Iksil, who works primarily out of London, has earned around $100 million a year for the bank's Chief Investment Office, or CIO, in recent years, according to people familiar with the matter.
伊科西尔基本不在伦敦上班。知情人士透露，他近年来为摩根大通首席投资办公室每年赚1亿美元左右。
There is no suggestion the bank or the trader acted improperly.
目前没有迹象表明，摩根大通或这位交易员有违规操作。
Mr. Iksil didn't respond to calls and emails seeking comment.
伊科西尔没有回复记者要求置评的电话或电子邮件。
J.P. Morgan said the CIO unit is 'focused on managing the long-term structural assets and liabilities of the firm and is not focused on short-term profits.'
摩根大通说，首席投资办公室主要关注管理长期结构性资产和公司负债，而非短期盈利。
The bank added, 'Our CIO activities hedge structural risks and invest to bring the company's asset and liabilities into better alignment.'
摩根大通还说，我们首席投资办公室的工作是为消除结构性风险，其投资是为了让公司的资产和负债形成更好的组合。
Kavi Gupta, a trader at Bank of America Merrill Lynch, wrote a message to investors Thursday about the mystery trader, saying hedge funds are accelerating wagers against 'the large long,' or bullish investor. 'Fast money has smelt blood,' he wrote. Bank of America declined to comment.
美银美林(Bank of America Merrill Lynch)交易员古普塔(Kavi Gupta)周四就这位神秘交易员向投资者发信息说，对冲基金正在加速建立与伊科西尔这位大多头相反的头寸。古普塔写道，快钱闻到了血腥味。美银美林对此不予置评。
The hedge funds are wagering that the cost of default protection using the index will increase, potentially putting Mr. Iksil in a money-losing position and forcing him to reduce some of his holdings.
对冲基金正在押注根据该指数购买的违约保险价格将上涨，伊科西尔可能会为此亏钱，从而被迫减少所持的部分CDS头寸。
Buying protection on the index is currently cheaper than what it costs to protect the index's component companies individually.
购买CDS指数违约保险目前要比单独购买该指数成分公司的违约保险便宜。
Any reduction in Mr. Iksil's position could result in profits for the hedge funds and losses for the bank, according to a person familiar with the matter. There is no indication that any such reduction is planned.
知情人士透露，伊科西尔的任何削减头寸之举都可能会让对冲基金获利、摩根大通受损。目前没有迹象表明伊科西尔有削减头寸的打算。
J.P. Morgan Chase has emerged from the financialcrisis as one of the strongest global banks, and Chief Executive James Dimon often boasts of the company's 'fortress balance sheet.'
摩根大通经过金融危机的洗礼，已成为最有实力的全球性银行之一。该公司首席执行长戴蒙(James Dimon)经常夸耀该公司"固若金汤的资产负债表"。
Mr. Iksil's trades are partially hedged, or protected by some offsetting trades, according to people close to the matter. Mr. Dimon is regularly briefed on details of some of the group's positions, these people added.
知情人士说，伊科西尔的交易得到了部分对冲，也就是说，用一些反向交易做了保护。这些人士说，戴蒙定期获得有关伊科西尔团队部分仓位细节的通报。
One person familiar with the matter said the bank has run tests that show Mr. Iksil's positions likely will be profitable in any economic or market downturn.
一位知情人士说，摩根大通的测试显示，如果经济或市场下行，伊科西尔的仓位可能会获利。
Some analysts who follow J.P. Morgan Chase, the biggest U.S. bank by assets, said they weren't aware of the group's trading. 'They've talked about their investment strategies and procedures and risk controls but haven't highlighted this division,' said Gerard Cassidy, a banking analyst at RBC Capital Market.
按资产规模计算，摩根大通是美国最大的银行。一些跟踪该行的分析师表示不了解伊科西尔团队的交易情况。加拿大皇家银行资本市场公司(RBC Capital Market)银行业分析师卡西迪(Gerard Cassidy)说，摩根大通曾谈到过他们的投资策略、流程和风险控制，但没有强调过这个部门。
J.P. Morgan said the CIO unit's 'results are disclosed in our quarterly earnings reports and are fully transparent to our regulators.'
摩根大通说，我们在季度财报中披露首席投资办公室的业绩，在监管机构面前是完全透明的。
Mr. Iksil, who has worked at J.P. Morgan since January 2007, commutes to London each week from his home in Paris, and works from home most Fridays. He sometimes wears black jeans in the office and rarely a tie, according to someone who worked with him.
伊科西尔任职摩根大通始于2007年1月。他每星期从巴黎的住所前往伦敦上班，星期五基本上都是在家里工作。一位曾与伊科西尔共事的人士说，他有时候在办公室穿黑色牛仔裤，很少打领带。
Mr. Iksil works with two junior traders and focuses on complex trades in credit markets, developing most of his investment ideas and then getting approval from senior bank executives, according to someone close to the matter.
知情人士说，伊科西尔与两位初级交易员一起工作，重点是信贷市场的复杂交易，多数时候都是自己想出投资策略，然后让银行高管批准。
In the past, he often has been bearish on markets and placed trades to express that downbeat perspective, sometimes criticizing colleagues as too optimistic on markets. Some of his best performances have come during market downturns, though he has also made trading mistakes in volatile times.
过去，他常常看空市场，并按照这个思路进行交易。有时候他会批评同事对市场的看法过于乐观。他的一部分最好成绩是在市场下行时期实现的，不过他也曾在市场波动时期犯下错误。
However, Mr. Iksil has turned more upbeat recently. He has been selling protection on an index of 125 companies in the form of credit-default swaps. That essentially means he is betting on the improving credit of those companies, which he does through the index
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