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港交所支持伦敦金属交易所转型
HKEX backs LME to create ‘Home Depot style’ market

来源:FT中文网    2017-05-11 06:20



        The owner of the London Metal Exchange says the storied bourse’s transformation plans will create a marketplace akin to the stores run by US chain Home Depot, which has grown by serving both professional builders and consumers doing DIY.        伦敦金属交易所(LME)东家表示,这家知名金属交易所的转型计划将缔造一个类似由美国连锁家得宝(Home Depot)经营的门店的市场,后者通过服务于专业建筑商和自己动手的消费者而壮大起来。
        Charles Li, chief executive of the Hong Kong Exchanges & Clearing, which paid £1.2bn for the LME in 2012, said he was keen to listen to the exchange’s stakeholders and admitted being caught off guard last year by the level of discontent created by the exchange’s higher fees and declining trading volumes.        港交所(Hong Kong Exchanges and Clearing)行政总裁李小加表示,他希望听取伦敦金属交易所利益相关者的意见,并承认去年该交易所提高收费引发不满情绪以及交易量下滑让他始料未及。港交所在2012年以12亿英镑收购伦敦金属交易所。
        “It took us almost a year to sort that out,” Mr Li told the LME’s yearly Asia conference on Wednesday. “Last year I welcomed you all with open arms — I was very happy and ready to have a big party and I did not really know until the chairman’s reception last year, and I got an earful of issues that I didn’t really see coming.”        “我们用了近一年时间解决这个问题,”李小加周三在伦敦金属交易所亚洲年会上表示,“去年,我张开双臂欢迎你们,我非常高兴,还准备举办一个大派对,在去年董事长招待会之前我确实不清楚,结果我听到不少问题,之前我确实没有预见到这些问题。”
        Last month the exchange appointed Matthew Chamberlain as chief executive following the abrupt departure in January of Garry Jones. Within days of Mr Chamberlain taking official charge, the LME published proposals aimed at attracting more users to the 140-year-old exchange to protect its position at the heart of global metals trading. Last year volumes fell 7 per cent, following a 4.3 per cent slide in 2015.        上月,伦敦金属交易所任命张柏廉(Matthew Chamberlain)担任首席执行官,此前庄敬贤(Garry Jones)于今年1月突然辞职。张柏廉任职几天后,伦敦金属交易所就公布了计划,旨在吸引更多用户加入这个有140年历史的交易所,以保护其全球金属交易中心的地位。去年,该交易所的交易量下滑7%,2015年下滑4.3%。
        The LME is under pressure to add hedge funds, asset managers and algorithmic traders as customers, alongside mining companies and other industrial users who historically have hedged their exposure to metals prices via the exchange.        伦敦金属交易所正面临压力,要求其在矿业公司和其他工业用户(他们在历史上通过该交易所对冲各自的金属价格敞口)之外,加入对冲基金、资产管理公司和算法交易商作为客户。
        The exchange’s focus on physical delivery, and the complex nature of its contracts, have spurred a wave of debate about its future in a world increasingly dominated by speculative trading of cash-settled contracts. Mr Li said that “we all recognise the LME’s fundamental core strength is its physical tradition”.        伦敦金属交易所对实物交割的关注及其合约的复杂性,引发了一波有关其未来的辩论,目前该行业日益由现金结算合约的投机性交易主导。李小加表示,“我们都认识到,伦敦金属交易所的根本核心优势在于实物传统”。
        Soon after buying the LME, HKEX found itself facing a brutal multiyear downturn across commodity markets. Volumes were hit, too, as a number of banks and other players gave up on the commodity business.        在收购伦敦金属交易所不久后,港交所遭遇大宗商品市场持续多年的严重低迷。交易量也受到冲击,因为很多银行和其他参与者放弃了大宗商品业务。
        Mr Li also advised a patient approach towards China, which has a growing role in commodities markets. LME users had hoped a Hong Kong-based parent could help them tap into the growth.        李小加还建议对中国采取耐心的方式,中国在大宗商品市场中的影响日益增长。伦敦金属交易所用户曾希望香港母公司可以帮助他们借力中国的增长。
        “We all would have hoped China would have moved much faster than it did. China is a complex evolving story. It’s a constant challenge because it has its own issues,” he said. “I think the overall direction is there. The challenges China faces are so multi-dimensional that it’s very hard for any company or entity necessarily to execute a strategy that will maximise return at any particular moment.”        李小加说:“我们都希望中国能更快行动。中国的演变故事是复杂的。这是个不断的挑战,因为它有自己的问题。我认为大方向是存在的。中国面临的挑战是多方面的,任何企业或实体都很难执行一个能在任何特定时刻都实现最大回报的战略。”
        HKEX is setting up a physically settled exchange in Qianhai to attract traders concerned about the Chinese exchanges’ bubble-like tendencies.        港交所正在前海建立一个实物结算的交易所,以吸引担忧中国交易所泡沫趋势的交易者。
                
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