纳斯达克拟在新加坡推出中国商品期货合约

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.

纳斯达克(Nasdaq)正计划推出在新加坡交易的离岸期货合约，为投资者提供直接投资中国船运、铁矿石及原油市场的渠道，从而加入了其他多家交易所大力开展亚洲衍生品交易业务的广泛行动中。

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.

纳斯达克大宗商品交易全球主管汉娜•约翰松(Hanne Johansson)表示，该交易所相信新产品能帮助满足对离岸投资中国市场的需求，这种方式与香港和伦敦的离岸人民币交易十分类似。

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

约翰松女士表示：“我们希望探索能够切实地连接这两个市场的途径。”她指的是中国内地和中国境外的衍生品交易场所。

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，包括纳斯达克、洲际交易所(Intercontinental Exchange)和德意志交易所集团(Deutsche Börse)在内的多家境外交易所，已着手在新加坡建立实体业务，以拓展它们在亚洲的影响。

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，也是大宗商品实物交易的中心。路易达孚(Louis Dreyfus)、Klaveness和嘉吉(Cargill)等大宗商品交易公司都在这个城市国家拥有货运衍生品交易业务。

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.

尽管随着中国成为铁矿石等海运大宗商品的最大进口国，亚洲在航运市场的角色日益突出，新加坡在货运衍生品交易领域却是落后的。而新加坡在这方面发展相对受限，原因之一是现有的衍生品合约依赖于由伦敦波罗的海交易所(Baltic Exchange)制定的多种指数，其中部分指数在亚洲当天晚些时候才计算出来。

“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.

约翰松表示：“如果要问伦敦开盘前有多少交易在新加坡完成，答案是(全球货运衍生品交易的)大约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.”

“要想让该地区(货运衍生品)交易活动增长上来，与其实物交易活动相称，还有很长的路要走，不过潜力仍然很大。”

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.

这位纳斯达克高管对新加坡交易所(SGX)收购波罗的海交易所的举措表示欢迎。该交易预计将于11月完成。随着新加坡交易所设立基于波罗的海指数的期货合约，这一收购将令波罗的海交易所加强在亚洲的存在。

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

她说：“我要说得是(对波罗的海交易所的并购交易)很有帮助。我们都会致力于提高流动性。”

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，纳斯达克收到了新加坡监管机构颁发的牌照，允许其在新加坡开展业务，推广在奥斯陆挂牌的货运期货合约。