港交所明年在内地推金属交易平台

 　　The owner of the London Metal Exchange aims to target Chinese commodity traders concerned by speculative¹ excesses on the country’s domestic bourses, with plans to establish a physical metals trading platform in mainland China next year.

　　伦敦金属交易所(LME)的东家香港交易所(Hong Kong Exchanges and Clearing)计划明年在中国内地设立一个现货金属交易平台，并以内地大宗商品交易商为目标客户，这些交易商正对内地交易所存在的过度投机现象感到担忧。

　　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 underlying² economy by underpinning³ it with an LME-style warehouse⁴ system for the physical delivery of metal.

　　于2012年收购了LME的香港交易所集团的行政总裁李小加(Charles Li)表示，计划在深圳前海推出的交易平台将配套建设一个LME式的仓储体系，以支持现货金属交割，从而确保金属价格不会与基础经济脱节。

　　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.

　　这是一个服务于实物买家的平台，他在于新加坡召开的英国《金融时报》亚洲大宗商品峰会(FT Commodities Asia Summit)上表示，这个平台面向交易大宗商品的人士。

　　The whole idea is not another financial speculation⁵ forum⁶.

　　整体想法并不是要打造另一个金融投机平台。

　　The move comes after a surge in speculative activity in Chinese commodity futures⁷ caused prices to jump this year, raising questions about the influence of China’s growing number of retail⁸ speculators on global commodity markets.

　　今年以来中国内地大宗商品期货市场投机活动激增，导致价格飙升，这使人们产生疑问：中国日益增多的散户投机者对全球大宗商品市场影响有多大？

　　The Shanghai steel rebar futures contract, a niche⁹ product for the construction industry, briefly¹⁰ 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.

　　4月，上海螺纹钢期货合约一度成为全球成交量第三的大宗商品期货合约，螺纹钢是一种应用于建筑行业的特定产品。其后，各交易所采取干预措施，纷纷提高交易手续费，并惩处部分会员。

　　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.

　　推出前海现货金属交易平台之举，可能使港交所与上海期货交易所(Shanghai Futures Exchange)、大连商品交易所(Dalian Commodity exchange)等内地期货交易所形成竞争。

　　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.

　　李小加表示，尽管港交所前海平台不太可能提供大宗商品期货合约，但该所仍将寻求吸引银行和对冲基金参与这个直接交易现货金属的平台。

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

　　他说：我们什么都想做，但不包括期货交易，我们认为我们拿不到这块业务的牌照。

　　Obviously the easier thing to provide liquidity¹¹ is to offer futures contracts and allow many of the Chinese financial players to participate but that requires a licence and China today is not likely to issue a licence for someone else to issue another futures contract.

　　显然，要提供流动性，更容易的方式是提供期货合约，允许大量中国金融参与者参与进来，但这要求有牌照，而目前中国不大可能再颁发一块允许发行期货合约的牌照。

　　HKEx’s plans to establish a lookalike warehouse system come after years where the LME struggled to launch LME-branded warehouses¹² in China — the world’s largest consumer of metals — because of government restrictions¹³.

　　多年来，由于政府限制，LME难以在世界最大金属消费国中国推出LME注册仓库。如今，港交所计划在中国建立一套类似于LME仓库的仓储体系。

　　But the trading platform in Qianhai has won the backing of Shenzhen local government, which will part own the exchange.

　　前海交易平台得到了深圳地方政府的支持，后者将拥有该平台的部分股权。

　　Mr Li said he hoped to eventually connect the platform to the LME and allow foreign investors¹⁴ to invest in China’s physical metals markets.

　　李小加称，他希望最终将该平台与LME连通起来，从而允许境外投资者投资中国现货金属市场。

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

　　我们将很快找到连通两个仓储体系的办法，他表示。

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

　　李小加称，2014年中国北方港口青岛发生与非LME仓库有关的丑闻，为LME进军中国市场打开了机会窗口，因为投资者对内地仓库运营商缺乏信任。

1 speculative   

adj.思索性的，暝想性的，推理的

参考例句：

• Much of our information is speculative.我们的许多信息是带推测性的。
• The report is highly speculative and should be ignored.那个报道推测的成分很大，不应理会。

2 underlying   

adj.在下面的，含蓄的，潜在的

参考例句：

• The underlying theme of the novel is very serious.小说隐含的主题是十分严肃的。
• This word has its underlying meaning.这个单词有它潜在的含义。

3 underpinning   

n.基础材料；基础结构；（学说、理论等的）基础；（人的）腿v.用砖石结构等从下面支撑（墙等）( underpin的现在分词 )；加固（墙等）的基础；为（论据、主张等）打下基础；加强

参考例句：

• Underpinning this success has been an exemplary record of innovation. 具有典范性的创新确保了这次成功。 来自辞典例句
• But underpinning Mr Armstrong's technology changes is a human touch. 但阿姆斯特朗技术变革的支柱是人情味。 来自互联网

4 warehouse   

n.仓库；vt.存入仓库

参考例句：

• We freighted the goods to the warehouse by truck.我们用卡车把货物运到仓库。
• The manager wants to clear off the old stocks in the warehouse.经理想把仓库里积压的存货处理掉。

5 speculation   

n.思索，沉思；猜测；投机

参考例句：

• Her mind is occupied with speculation.她的头脑忙于思考。
• There is widespread speculation that he is going to resign.人们普遍推测他要辞职。

6 forum   

n.论坛，讨论会

参考例句：

• They're holding a forum on new ways of teaching history.他们正在举行历史教学讨论会。
• The organisation would provide a forum where problems could be discussed.这个组织将提供一个可以讨论问题的平台。

7 futures   

n.期货，期货交易

参考例句：

• He continued his operations in cotton futures.他继续进行棉花期货交易。
• Cotton futures are selling at high prices.棉花期货交易的卖价是很高的。

8 retail   

v./n.零售；adv.以零售价格

参考例句：

• In this shop they retail tobacco and sweets.这家铺子零售香烟和糖果。
• These shoes retail at 10 yuan a pair.这些鞋子零卖10元一双。

9 niche   

n.壁龛；合适的职务(环境、位置等)

参考例句：

• Madeleine placed it carefully in the rocky niche. 玛德琳小心翼翼地把它放在岩石壁龛里。
• The really talented among women would always make their own niche.妇女中真正有才能的人总是各得其所。

10 briefly   

adv.简单地，简短地

参考例句：

• I want to touch briefly on another aspect of the problem.我想简单地谈一下这个问题的另一方面。
• He was kidnapped and briefly detained by a terrorist group.他被一个恐怖组织绑架并短暂拘禁。

11 liquidity   

n.流动性，偿债能力，流动资产

参考例句：

• The bank has progressively increased its liquidity.银行逐渐地增加其流动资产。
• The demand for and the supply of credit is closely linked to changes in liquidity.信用的供求和流动资金的变化有密切关系。

12 warehouses   

仓库，货栈( warehouse的名词复数 )

参考例句：

• The whisky was taken to bonded warehouses at Port Dundee. 威士忌酒已送到邓迪港的保稅仓库。
• Row upon row of newly built warehouses line the waterfront. 江岸新建的仓库鳞次栉比。

13 restrictions   

约束( restriction的名词复数 )； 管制； 制约因素； 带限制性的条件（或规则）

参考例句：

• I found the restrictions irksome. 我对那些限制感到很烦。
• a snaggle of restrictions 杂乱无章的种种限制

14 investors   

n.投资者，出资者( investor的名词复数 )

参考例句：

• a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
• a cash bonanza for investors 投资者的赚钱机会