納斯達(dá)克擬在新加坡推出中國(guó)商品期貨合約

Nasdaq is planning to give investors direct exposure to China’s freight, iron ore and crude oil markets, through offshore futures contracts traded in Singapore — joining other exchanges in a wider push into Asian derivatives trading.

納斯達(dá)克(Nasdaq)正計(jì)劃推出在新加坡交易的離岸期貨合約，為投資者提供直接投資中國(guó)船運(yùn)、鐵礦石及原油市場(chǎng)的渠道，從而加入了其他多家交易所大力開展亞洲衍生品交易業(yè)務(wù)的廣泛行動(dòng)中。

Hanne Johansson, Nasdaq’s global head of commodity sales, said the exchange believes new products can help satisfy demand for offshore access to Chinese markets, in much the same way as offshore renminbi trading in Hong Kong and London does.

納斯達(dá)克大宗商品交易全球主管漢娜•約翰松(Hanne Johansson)表示，該交易所相信新產(chǎn)品能幫助滿足對(duì)離岸投資中國(guó)市場(chǎng)的需求，這種方式與香港和倫敦的離岸人民幣交易十分類似。

“We want to explore how we can actually bridge these two markets,” Mrs Johansson said, referring to mainland China and offshore derivatives trading venues.

約翰松女士表示：“我們希望探索能夠切實(shí)地連接這兩個(gè)市場(chǎng)的途徑。”她指的是中國(guó)內(nèi)地和中國(guó)境外的衍生品交易場(chǎng)所。

News of the initiative comes as a number of foreign exchanges, including Nasdaq, Intercontinental Exchange and Deutsche Börse, have moved to establish a physical presence in Singapore to extend their reach in Asia.

目前，包括納斯達(dá)克、洲際交易所(Intercontinental Exchange)和德意志交易所集團(tuán)(Deutsche Börse)在內(nèi)的多家境外交易所，已著手在新加坡建立實(shí)體業(yè)務(wù)，以拓展它們?cè)趤喼薜挠绊憽?/p>

Singapore is one of the world’s busiest ports and a hub for physical commodities trading. Commodities trading houses Louis Dreyfus, Klaveness and Cargill all have freight derivatives trading operations in the city-state.

新加坡是全球最繁忙的港口之一，也是大宗商品實(shí)物交易的中心。路易達(dá)孚(Louis Dreyfus)、Klaveness和嘉吉(Cargill)等大宗商品交易公司都在這個(gè)城市國(guó)家擁有貨運(yùn)衍生品交易業(yè)務(wù)。

But Singapore has lagged behind on freight derivatives trading, even as Asia plays an increasingly prominent role in the shipping market, with China becoming the biggest importer of seaborne commodities such as iron ore. One reason for Singapore’s relatively limited role is that existing derivatives contracts rely on indices set by London’s Baltic Exchange — some of which are calculated late in the day for Asia.

盡管隨著中國(guó)成為鐵礦石等海運(yùn)大宗商品的最大進(jìn)口國(guó)，亞洲在航運(yùn)市場(chǎng)的角色日益突出，新加坡在貨運(yùn)衍生品交易領(lǐng)域卻是落后的。而新加坡在這方面發(fā)展相對(duì)受限，原因之一是現(xiàn)有的衍生品合約依賴于由倫敦波羅的海交易所(Baltic Exchange)制定的多種指數(shù)，其中部分指數(shù)在亞洲當(dāng)天晚些時(shí)候才計(jì)算出來(lái)。

“If you ask how much trading is done in Singapore before London opens, it’s about 10% [of global trading in freight derivatives],” Mrs Johansson said.

約翰松表示：“如果要問(wèn)倫敦開盤前有多少交易在新加坡完成，答案是(全球貨運(yùn)衍生品交易的)大約10%。”

“It’s still a long way to go to get the trading activity [in freight derivatives] up in this region to mirror the physical trading activity — there’s still huge potential.”

“要想讓該地區(qū)(貨運(yùn)衍生品)交易活動(dòng)增長(zhǎng)上來(lái)，與其實(shí)物交易活動(dòng)相稱，還有很長(zhǎng)的路要走，不過(guò)潛力仍然很大。”

The Nasdaq executive welcomed SGX’s move to acquire the Baltic, a deal which is expected to complete in November. The acquisition will give the Baltic a stronger presence in Asia, with SGX creating futures based on Baltic indices.

這位納斯達(dá)克高管對(duì)新加坡交易所(SGX)收購(gòu)波羅的海交易所的舉措表示歡迎。該交易預(yù)計(jì)將于11月完成。隨著新加坡交易所設(shè)立基于波羅的海指數(shù)的期貨合約，這一收購(gòu)將令波羅的海交易所加強(qiáng)在亞洲的存在。

She said: “I would say [the Baltic deal] helps. We will both work to increase the liquidity.”

她說(shuō)：“我要說(shuō)得是(對(duì)波羅的海交易所的并購(gòu)交易)很有幫助。我們都會(huì)致力于提高流動(dòng)性。”

Nasdaq received a licence from Singapore’s regulator in August allowing them to be present in Singapore to promote freight contracts listed in Oslo.

今年8月，納斯達(dá)克收到了新加坡監(jiān)管機(jī)構(gòu)頒發(fā)的牌照，允許其在新加坡開展業(yè)務(wù)，推廣在奧斯陸掛牌的貨運(yùn)期貨合約。