英语翻译More precisely,the first securitization of bank loans to

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英语翻译
More precisely,the first securitization of bank loans took place in the 1970s in the United States.Several banks pooled their mortgages together,repackaged them and sold them on financial markets,creating a new type of securities,called Mortgage-Backed Securities.Since then,this securitization process has been generalized to other banking activities.Some complex structures have been recently issued on the credit risk market:the famous Collateralized Debt Obligations (CDOs),consisting of the repackaging of cash flows subject to credit risk,i.e.risk of default of the counterpart.By this securitization process,the individual risk is reduced through diversification.This creates however a new risk related to the correlation and joint defaults of the different counterparts of the banks.
From a modelling point of view,risks have been represented in a continuous way so far.Now,modelling potential losses dynamically and allowing assets to default require the introduction of some processes with jumps.This possibility of default makes the financial market incomplete,the default being typically unhedgeable.Using all the theoretical framework developed previously in a continuous framework,new approaches of the dynamic hedging problem have to be adopted to take into account the new discontinuities.

自己翻译的,不是机器翻译的.
更确切地来讲,第一笔银行资产证券化贷款是在20世纪70年代的美国产生的.将几家银行的抵押贷款汇集在一起并在金融市场重新包装加以出售,所创建的一个新的证券类型,被称作抵押贷款证券.自此之后,该资产证券化过程中已被推广到其他银行活动.最近在信用风险市场发行了一些复杂的结构的资产证券化过程：著名的债权抵押证券（CDOs),包括现金流的重新包装对信用风险的应对,例如违约风险的对应.通过这种资产证券化过程中,私人的风险通过多样化降低了.然而这却促成了银行在不同的对应中对相关联合违约的一个新的风险.
从建模的角度来讲,目前为止风险已经是一个连续的方式的代表.目前,动态地模拟潜在的损失和允许资产违约需要引进一些跳跃的过程.这种违约的可能使金融市场不完备,通常是不可对冲的.在一个连续的框架中运用所有以前形成的理论框架,对动态对冲的新方法必须采取对新的不连续性的考虑.

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