港交所拟推人民币计价衍生产品

2012-03-19 00:00:00来源：FT中文网

Hong Kong’s main exchange plans to capitalise on what it believes will be demand for commodity risk management coming from China with the launch of metals, agriculture and other commodity derivatives denominated in the renminbi. 　　　　
香港主要的交易所——香港交易及结算所有限公司（Hong Kong Exchanges and Clearing，简称港交所）计划推出人民币计价的金属、农产品及其他大宗商品衍生产品，以利用中国内地对大宗商品风险管理的需求。
China’s influence in commodity markets is growing as the country needs access to financial and commodity derivatives markets to help companies and traders hedge price swings as Chinese demand for underlying commodities continues. 　　　　
中国在大宗商品市场上的影响力与日俱增。随着中国对基础大宗商品的需求持续上升，中国需要进入金融及大宗商品衍生市场，以帮助企业和贸易商规避价格波动。
The move by Hong Kong Exchanges and Clearing (HKEx) comes as there is intense interest beyond Asia in the exchange’s plans to expand beyond its core business of initial public offerings, equities and expansion into renminbi-related services. 　　　　
在港交所拟采取此举之际，港交所在核心业务——首次公开发行和股票交易——以外拓展人民币相关业务的计划，在亚洲以外地区引起了很大的兴趣。
HKEx is the world’s largest exchange as measured by market capitalisation. It has been tipped as a possible bidder for the London Metal Exchange, the world’s largest venue for trading in aluminium, copper and other metals. 　　　　
港交所是全球市值最高的交易所。据信，港交所可能正在参与竞购全球最大的铝、铜等金属的交易平台——伦敦金属交易所(LME)。
The bourse revealed in February that it planned to break into commodities after years of focusing on equities and financial futures trading. But it did not give details. 　　　　
港交所在2月份曾经透露，在主要从事股票和金融期货业务多年之后，它打算进入大宗商品领域。但港交所没有披露相关细节。
However, Charles Li, HKEx chief executive, said the exchange was likely to focus on commodity products that could be used by domestic Chinese traders and companies that wanted to hedge risk in renminbi. 　　　　
不过，港交所行政总裁李小加(Charles Li)表示，港交所可能针对希望对冲人民币风险的内地贸易商和企业，推出大宗商品衍生产品。
“We will be looking for bespoke models where we can fill unique [gaps] in the market with unique products. We are not trying to compete with any one exchange in existing [product] liquidity,” Mr Li said at a Futures Industry Association conference in Florida. 　　　　
李小加出席美国期货业协会(Futures Industry Association)在佛罗里达举行的会议时表示：“我们希望推出定制模式，以独一无二的产品填补独特的市场空白。我们不打算和任何一家交易所就现有（产品）流动性展开竞争。”
Products could include metals, agricultural commodities and “soft” commodities – a category that includes coffee, cocoa and sugar. “Most people are not in that [renminbi-denominated] territory yet,” Mr Li said. 　　　　
港交所可能推出的产品包括金属、农业大宗商品和“软”商品——这个类别包括咖啡、可可和糖。李小加表示：“大多数人还没有进入这个（人民币计价的）领域。”
The only existing Hong Kong-based bourse to offer commodity derivatives is the Hong Kong Mercantile Exchange (HKMEx), a new venture which last year made its debut with gold and silver futures contracts. 　　　　
目前，香港唯一从事大宗商品衍生产品业务的交易所是新成立的香港商品交易所(HKMEx)。该交易所去年才开始交易，提供黄金和白银期货合约。
Backed by Chinese state companies and Russian billionaire Oleg Deripaska, HKMEx this week said it would launch a renminbi-denominated gold futures contract along with other precious metals. 　　　　
在中国国有企业和俄罗斯亿万富翁奥列格德里帕斯卡(Oleg Deripaska)的支持下，香港商交所本周表示将推出以人民币计价的黄金等贵金属期货合约。
Also in the pipeline are renminbi contracts in copper and other base metals, and “other futures contracts in energy, agriculture, and commodity indices”, it said. 　　　　
香港商交所表示，还准备推出以人民币计价的铜等基础金属期货合约，以及“能源、农产品和大宗商品指数的期货合约。”
Mr Li said his exchange could team up with other exchanges or businesses in its commodities venture. 　　　　
李小加表示，港交所可能与其他交易所或企业在大宗商品领域展开合作。
“We’re looking at being able to do it in a joint venture format or partnership,” he said. 　　　　
他表示，“我们正在探讨能否通过合资或者合伙的形式展开这项业务。”
He declined to comment on whether HKEx was bidding for the LME. However, Mr Li did have a meeting with Martin Abbott, LME chief executive, at the conference. 　　　　
李小加拒绝置评港交所是否正在竞购LME的问题。不过，他在会议期间确实和LME首席执行官马丁阿博特(Martin Abbott)进行了会谈。
　　　　　　　　

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