ICE新加坡交易所或因中國反對推遲
IntercontinentalExchange (ICE) has been forced to rethink plans for the launch of its new Singapore platform after a Chinese exchange threatened legal action to stop the US group launching two commodity futures that are copies of contracts offered in China.
The move by the Zhengzhou Commodity Exchange (ZCE) is likely to send shockwaves through the global futures industry because it signals that China will not tolerate foreign exchanges copying its futures contracts, and comes in spite of the practice of offering “lookalike” contracts being accepted around the world for years.
此舉可能會在全球期貨界掀起軒然大波，因爲這表明，中國不允許外國交易所仿效其期貨合約，而這種推出“類似”期貨合約的做法已得到世界認可多年。It also highlights how China appears determined to challenge a long-accepted industry norm in the way futures markets function just as big global banks are assessing plans by China to open up its Shanghai futures markets to foreign participation.
這還突顯出，中國似乎決定挑戰得到長久認可的期貨市場運作方式的行業標準，與此同時，大型國際投行正在評估中國向外國參與者開放上海期貨市場的計劃。
ICE had planned to launch its Singapore exchange, based on the Singapore Mercantile Exchange which it bought in 2013, this month. Two of the launch contracts were to have been cotton and sugar futures similar to those already traded on the ZCE.
ICE原計劃在2013年收購的新加坡商品交易所(Singapore Mercantile Exchange)的基礎上於本月推出其新加坡交易所。其中首推的兩種期貨合約是棉花和白糖期貨，與鄭州期貨交易所交易的合約類似。However, upon learning of the plan ZCE in December sent ICE a “cease and desist” letter, demanding that the US group halt its plans for those contracts, according to people familiar with the situation.
據知情人士稱，在獲悉ICE的這一計劃後，鄭州期貨交易所於去年12月向ICE發送了一封“停止”函，要求ICE停止其推出這些合約的計劃。China’s regulator, the China Securities Regulatory Commission, then contacted the Monetary Authority of Singapore to ask the city-state’s watchdog to ensure that such contracts were not launched.
接着，中國監管機構中國證監會(CSRC)聯絡新加坡金管局(Monetary Authority of Singapore)，要求該監管機構確保這些合約不會推出。One person said ZCE threatened legal action if ICE did not drop its plan, which it has since done.
一位人士表示，鄭州期貨交易所威脅稱，如果ICE不放棄其計劃，將採取法律措施。ICE declined to comment. But Jennifer Ilkiw, ICE Asia-Pacific vice-president, said: “Our customers have expressed an interest in being better able to manage their exposures in China.”
ICE拒絕置評。但ICE亞太區副總裁詹妮弗•爾基夫(Jennifer Ilkiw)表示：“我們的客戶對於更好地管理他們在中國的風險敞口感興趣。”Neither ZCE nor the CSRC responded to requests for comment.
鄭州期貨交易所和中國證監會都沒有對置評要求做出迴應。The MAS said: “MAS is aware of the delay in the launch of Intercontinental Exchange. As a matter of policy, we do not comment on our confidential dealings with individual financial institutions.”
新加坡金管局表示：“金管局知曉ICE延期推出一事。根據政策，我們不會就我們與單獨金融機構的保密協議置評。”The intervention of the CSRC in a case beyond China’s borders is a signal that authorities in Beijing are determined not to allow any copycat contracts to be offered on exchanges even if they are outside China.
中國證監會介入這起中國以外的案例表明，中國政府決心不允許任何仿製合約在交易所上市，即便交易所位於中國以外。The move by China to stop foreign exchanges listing copycat contracts “does seem to set a new paradigm", said a senior exchange executive, not at ICE, in Singapore.
一位並不供職於ICE的新加坡交易所高管表示，中國阻止外國交易所推出仿製合約的舉措，“確實似乎要確立一種新的模式”。ICE is set to launch its Singapore exchange in May, starting with futures on Brent crude oil and on gold.
ICE決定在今年5月推出其新加坡交易所，首批交易的期貨合約是布倫特原油和黃金。
