伦敦金属交易所盯上中国交易员

伦敦金属交易所（LME）的持有人近来盯上了中国的大宗商品交易员。中国国内的交易所出现了过度投机的情况，所以LME计划于明年在中国大陆建立实物金属交易平台。

香港交易清算所在2012年收购了LME，公司的首席执行官查尔斯·李表示，拟在青海建立交易平台，用LME式的仓库系统为实物金属的运输提供支持，从而与潜在的经济形势保持密切的联系。

他在新加坡举办的金融时报大宗商品亚洲峰会上指出：“该平台主要针对实体用户。该平台针对的是大宗商品交易者。”

今年初，中国涌现了一群大宗商品期货投机者，使得商品价格出现飞跃式增长，让人不得不思考中国日益增长的零售投机者对全球大宗商品市场的影响。LME的计划也因此而生。

上海钢筋期货合约是建筑行业产品中的佼佼者，在交易所增加交易费用并规劝某些成员之前，该产品位列四月全球大宗商品期货合约交易第三名。

新平台的发布可能会引发香港交易所 (HKEx) 和中国国内交易所的竞争，比如：上海期货交易所和大连商品交易所。

李先生表示，虽然HKEx的大陆现货金属交易所无法提供大宗商品的期货合约，但对于需求实物金属的银行和对冲基金来说，这个平台仍有很大的吸引力。

他说：“除了期货交易我们什么都做，因为我们拿不到期货交易的牌照。”

由于中国这个世界最大的金属消费国的政策限制，HKEx想在中国建立一个“类似”的仓库系统还需要很多年。

但是青海交易平台已经获得了深圳当地政府的支持，深圳政府将持有交易所的一部分。李先生说，他希望这个平台最终同LME连通，允许外汇投资者进入中国的实物金属市场。

他说：“我们会尽快找到方法来连通这两个仓库系统。”

李先生说，由于中国大陆的交易所运营缺乏信任，LME在中国的北方港口城市青岛建立仓库系统后，LME将有机会进一步扩张中国业务。

HKEx将把仓库系统建立在人流聚集的商业区，并建立一个仓单中央系统。他们计划在十月份进行仓库测试，系统正式发布时间为明年五月。

LME owner targets China’s commodity traders

The owner of the London Metal Exchange aims to target Chinese commodity traders concerned by speculative excesses on the country’s domestic bourses, with plans to establish a physical metals trading platform in mainland China next year.

Charles Li, chief executive of Hong Kong Exchanges and Clearing, which bought the LME in 2012, said its planned exchange in Qianhai would make sure prices remained tied to the underlying economy by underpinning it with an LME-style warehouse system for the physical delivery of metal.

“This is a platform for physical users,” he told the FT Commodities Asia Summit in Singapore. “This is a platform for people who trade commodities. The whole idea is not another financial speculation forum.”

The move comes after a surge in speculative activity in Chinese commodity futures caused prices to jump earlier this year, raising questions about the influence of China’s growing number of retail speculators on global commodity markets.

The Shanghai steel rebar futures contract, a niche product for the construction industry, briefly became the third-most traded global commodity futures contract in the world in April before exchanges stepped in to raise transaction fees and discipline some members.

The launch of the platform is likely to bring HKEx into competition with China’s domestic futures exchanges such as the Shanghai Futures Exchange and the Dalian Commodity Exchange.

Mr Li said that while HKEx’s Chinese spot metals exchange was unlikely to offer commodity futures contracts it would still seek to attract banks and hedge funds to the platform that wanted to trade directly in physical metals.

“We want to do everything short of trading futures, we don’t believe we will get a licence for that,” he said.

HKEx’s plans to establish a “lookalike” warehouse system come after years where the LME struggled to launch LME-branded warehouses in China — the world’s largest consumer of metals — because of government restrictions.

But the trading platform in Qianhai has won the backing of Shenzhen local government, which will part own the exchange. Mr Li said he hoped to eventually connect the platform to the LME and allow foreign investors to invest in China’s physical metals markets.

“Very quickly we are going to find ways to connect the two warehouse systems,” he said.

Mr Li said the 2014 scandal around metals stored in non-LME warehouses in Qingdao, a northern port city, had opened an opportunity for the LME to try to expand in China due to the lack of trust in mainland warehouse operators.

HKEx will have warehouses located near consumer locations as well as a central system for warehouse receipts. They plan to test the warehouses in October, and launch the system commercially by May.

本文翻译由兄弟财经提供
文章来源：http://www.ft.com/cms/s/0/7f240472-7344-11e6-bf48-b372cdb1043a.html