经济学人财经 || 交易所巨头

原文:http://mp.weixin.qq.com/s?__biz=MzU1MDQwNTgzMg==&mid=2247491592&idx=1&sn=6a106c59a93bafe3014bff8f95073011&chksm=fba3b3afccd43ab92492058d5bc82073ec0d049458eb835a52a464e0b15e3178ad8c77689bcb#rd

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导读


感谢思维导图作者

Summer,女,QE在职,梦想能仗翻译/音乐 /健康走天涯


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听力|精读|翻译|词组

Big fish

巨头

英文部分选自经济学人20200829期财经版块

Big fish

巨头


Twenty years ago the world’s elite exchanges were clubby and obscure. Now their tentacles spread far and wide

二十年前,全球精英交易所呈现高门槛的俱乐部化。如今,它们的触角已伸向四面八方。


 注释:

1.clubby:排外的;俱乐部的;爱交际的;资格要求严的

2.obscure:昏暗的,朦胧的;晦涩的,不清楚的;隐蔽的;不著名的,无名的

3.tentacle:触手、触角


The Hong Kong Stock Exchange (HKEX) resembles a financial estuary, says Charles Li, its boss. China’s capital flows mix with the open seas of global markets. In 2014 hkex sought to ride the waves by launching Stock Connect, a conduit allowing offshore and mainland punters to invest in each other’s markets. Later it eased its listing rules for firms with dual share classes. All that has helped make hkex more hospitable to the tech firms that exchanges covet. It has just landed another big catch. On August 25th Ant Group, the fintech affiliate of Alibaba, a Chinese e-commerce giant, filed for a listing that may raise $30bn in Hong Kong and Shanghai (see next article). That would make it the largest initial public offering ever.


香港证券交易所(HKEX)的总裁查尔斯·李(李小加)说,港交所像一个金融河口,中国的资本流经此处融入全球市场的汪洋大海。2014年,香港证券交易所推出沪(深)港通项目,试图搭上这波浪潮,这是一条允许离岸和大陆投资者投资对方市场的渠道。后来,它放宽了双重股权结构公司的上市规则。所有这些都让港交所更适合交易所梦寐以求的科技公司。它刚刚又抓到了一个大单。825日,中国电子商务巨头阿里巴巴(Alibaba)的金融科技子公司蚂蚁集团(Ant Group)申请上市,有望在香港和上海筹集300亿美元资金(请参阅下一篇文章),可能成为有史以来最大规模的首次公开募股。

  

 注释:

1. resembleIf one thing or person resembles another, they are similar to each other.

2. estuaryAn estuary is the wide part of a river where it joins the sea. 河口

3. Stock ConnectA unique collaboration between the Hong Kong, Shanghai and Shenzhen Stock Exchanges, Stock Connect allows international and Mainland Chinese investors to trade securities in each other's markets through the trading and clearing facilities of their home exchange. 沪港通及深港通是香港、上海和深圳股票交易所的合作计划,使国际和内地投资者可以通过本地交易所的交易和结算系统来交易对方市场的证券。

4. punter:船夫,用篙撑船的人;赌博者

5. dual share classes: 双重股权结构中,上市公司可以同股不同权,即公司的股票分高、低两种投票权。

6.covetIf you covet something, you strongly want to have it for yourself. 垂涎三尺


The news made a splash. But it is easy to forget that, in the two decades or so since they themselves listed, hkex and other exchanges have become big fish too, by exploiting the benefits of network effects, data and scale that Big Tech is best known for. The London Stock Exchange, which was worth less than $2bn when it went public in 2001, now has a market capitalisation of $41bn. The New York Stock Exchange (nyse) is now part of Intercontinental Exchange (ice) which is worth $57bn (see chart 1). hkex’s market capitalisation has grown nearly sixty-fold, to $61bn. Their revenues similarly boomed.


这个消息引起了轰动。但容易遗忘的是,自上市以来20年左右,港交所和其他交易所通过挖掘大型科技公司所最负盛名的网络效应、数据和规模的优势,自身也成为了巨头。2001年上市价值不足20亿美元的伦敦证交所,如今市值已达410亿美元。纽交所(NYSE)已成为价值570亿美元(见图1)的洲际交易所(ICE)的一部分。港交所的市值已增长至原先的60倍,达到610亿美元。他们的收入同样快速增长。


注释:

1.Make a splashIf you make a splash, you become noticed or become popular because of something that you have done. 引起关注

2.Intercontinental Exchange (ice) The Intercontinental Exchange (ICE) is an American company that owns and operates financial and commodity marketplaces and exchanges.洲际交易所,是美国一网上期货交易平台,亦提供能源及商品及其衍生产品的柜台买卖(OTC)服务。集团最初主要经营能源相关产品,例如:原油、天然气、电力及碳排放,透过近年收购合并,经营范围已拓展到其他商品,例如:糖、棉花、咖啡、外汇及指数期货。


Once crusty monopolies, exchanges have continually stretched their business models. They still run the match-making infrastructure that allows billions of shares and trillions of dollars to change hands daily. Stacey Cunningham, who helms nyse, says it received over 300bn messages across its systems on peak days this spring; that is more than 50 times the number of daily Google searches. But after two decades of epic bidding wars and political drama, exchanges are also remarkably powerful financial conglomerates, controlling everything from the software powering banks’ back offices to the data pored over by investors. The race for dominance means that, today, a small group of elite exchanges are far ahead of the rest.


交易所曾是固执的垄断集团,现在正不停延展它们的商业模式。它们仍然运营着撮合交易的基础设施,让每日数十亿股和数万亿美元得以转手。纽交所(NYSE)的掌舵人史黛西坎宁安(Stacey Cunningham)表示,今年春季的高峰时段,公司在系统中收到超过3000亿条信息,是谷歌每日搜索量的50倍以上。但在经历了20年史诗般的竞购战和政治戏码之后,交易所同时也是非常强大的金融集团,控制着从支持银行后台的软件到投资者精心研读的数据等一切。在主导地位的争夺中,一小部分精英交易所当前远远领先于其他交易所。


注释:

1. crusty:易怒的;执拗的;有壳的;像外壳一样的

2. monopoly: 垄断

3. conglomerateA conglomerate is a large business firm consisting of several different companies. 企业集团

4.pore over:集中精神地阅读


Stock exchanges used to be owned by their members, which were mostly banks and brokers. When the biggest went public in the 2000s, they earned their crust by charging fees on equity issuance and transactions. The exchanges sought to diversify by expanding abroad and becoming trading venues for other assets, like derivatives and currencies. Most moved into clearing and settlement facilities, too.


证券交易所过去往往由其成员所持有,大多是银行和经纪商。证券交易所巨头于本世纪上市后,主要通过收取股票发行和交易费用来赚钱,试图通过向海外扩张、成为衍生工具和货币等其他资产的交易场所来实现多元化。大多数也将持牌清算和结算服务纳入业务范围。


注释:

earn a crust: To do work of any kind for a living; to earn money.


For much of that period, “eat or be eaten” was the industry’s motto. In 2007 nyse bought Euronext, a group that included the Amsterdam and Paris exchanges. ice bought nyse in 2013 (and spun out Euronext). Yet the strategy soon came up against antitrust and political vetoes. Attempts to marry Toronto’s stock exchange with lse, lse with Deutsche Börse, Deutsche Börse with nyse, have all collapsed. Most recently, in 2019, an opportunistic bid by hkex for the lse fell through.


自那此后的大部分时间里,吞并还是被吞并一直被业内奉为圭臬。纽交所在2007年收购了泛欧交易所(Euronext),后者包括阿姆斯特丹证券交易所和巴黎证券交易所在内。洲际交易所在2013年收购了纽交所(并拆分出泛欧交易所)。然而,该策略很快遭到了反垄断和政治利益的反对。多伦多证交所与伦敦证交所(LES)、伦敦证交所与德意志交易所(Deutsche Börse)、德意志交易所与纽交所(NYSE)合并计划全部流产。最近一次是2019年港交所向伦敦证交所提出的合并邀约,同样失败了。


注释:

1. eat or be eaten

The idea that if you do not work your ass off, then someone else will beat you to it and potentially take advantage of you. It is the concept of fighting to be the best and come out on top or else you'll just be another unimportant number.

Source: https://www.urbandictionary.com/define.php?term=eat%20or%20be%20eaten

2.延申阅读:《多伦多证券交易所与伦敦证券交易所寻求合并》

Source: http://finance.sina.com.cn/j/20110210/08449353837.shtml

3.《伦敦与德意志证交所合并交易流产凶手是谁?》

https://www.bbc.com/zhongwen/simp/business-39434952

4.《欧盟否决德交所纽交所合并——全球最大交易所并购案泡汤》

https://wiki.mbalib.com/wiki/%E7%BA%BD%E4%BA%A4%E6%89%80%E4%B8%8E%E5%BE%B7%E4%BA%A4%E6%89%80%E5%90%88%E5%B9%B6

《香港交易所收购伦敦证券交易所:世纪联姻背后的政治担忧》


With deals proving tricky the firms have found crafty ways to expand. As passive funds came to prominence, trading venues set their sights on benchmarks tracked by these funds. In 2010 Chicago Mercantile Exchange (cme), a big derivatives market, acquired Dow Jones, which assembles many of America’s most widely followed indices. lse has a number of benchmarks that cover both sides of the Atlantic. (Updates to such indices—like the ejection of ExxonMobil, an oil firm, from Dow’s flagship index on August 25th—can cause mountains of money to shift).


收并购变得棘手之时,交易所发现了巧妙的扩张途径。随着被动型基金的兴起,交易所将目光投向了追踪这些基金的基准指数。2010年,大型衍生品市场芝加哥商品交易所(CME)收购了道琼斯(Dow Jones),道琼斯提供了美国许多最受广泛关注的指数。伦敦交易所则涵盖了大西洋两岸许多指数。(这些指数的更新或会导致巨额资金的转移,如825日石油公司埃克森美孚(ExxonMobil)被道琼斯指数剔出成份股。)


延申阅读:《石油企业真衰落了?埃克森美孚(XOM.US)被踢出道琼斯指数!

https://finance.sina.com.cn/stock/hkstock/hkstocknews/2020-08-25/doc-iivhvpwy3003823.shtml


Now the elite exchanges have turned their attention to data. On August 6th ice said it had agreed to pay $11bn for Ellie Mae, which tracks the mortgage industry. lse is awaiting approval of its $27bn bid for Refinitiv, a market-data firm. The hunt, says David Schwimmer, lse’s boss, is only beginning. Whereas trading volumes are cyclical, indices and data are typically sold via more stable subscriptions. Oliver Wyman, a consultancy, expects trading revenues to stagnate or even decline, but those from crunching data to grow by over 5% annually in coming years.


如今,精英交易所的注意力转移至交易数据。86日,洲际交易所表示其已同意斥资110亿美元收购跟踪抵押贷款行业数据公司艾莉梅(Ellie Mae)。伦敦证交所以270亿美元收购市场数据公司Refinitiv的邀约,正在等待许可。伦敦证交所的老板大卫·施维默(David Schwimmer)表示,捕猎才刚刚开始。尽管交易量会呈周期性波动,但指数和数据通常是以更稳定的订阅形式销售。奥纬咨询(Oliver Wyman)预测,未来交易利润将会停滞甚至下滑,但是数据处理板块的利润将会以每年高于5%的增长率蒸蒸日上。


Twenty years ago the fear was that new entrants would eventually topple the exchanges’ de facto monopolies. But the incumbents have kept the challengers at bay. Customer complaints about their fat fees once enticed startups, such as iex, an exchange that pledges fairer pricing. The rise of “dark pools”—venues that match buyers and sellers anonymously—also posed a threat. But seven years since it was founded, iex’s market share is stuck at 1.8%. The share of trading volume accounted for by dark pools in America has stabilised at 12%.


20年前,市场对新进入者的担忧是其会颠覆既有交易所的实际垄断地位。但是已在位者们对新进挑战者也千方百计的阻挠。客户对(既有交易所)高额收费的抱怨也一度吸引了一批初创企业,比如IEX,一家承诺更公平定价的交易所。匿名匹配买卖交易双方信息的暗池场所兴起,也对交易所构成了一定的威胁。但是自IEX创立7年以来,其市场份额也仅为1.8%。美国的暗池交易量也稳定在12%


The result is a pyramidal hierarchy, a good gauge of which is an exchange’s revenues. At the base are the minnows, in poor countries or small developed ones, which lack liquidity or scale and are struggling to diversify. Some should merge or close, but governments will keep them alive. “Every nation wants to have a strong airline, a good beer and a stock exchange,” says NickO’Donnell of Baker McKenzie, a law firm.


最终的交易所市场将会呈金字塔层次结构,而该层级的衡量标准将是交易所的收入。位于底层将是贫穷国家或者小型发达国家的小型交易所,它们缺乏流动性和市场规模,并且正在努力实现多样化。一些将会被合并或者关门,但是政府将会让其生存下去。贝克·麦坚时(McKenzie)律所的尼克·奥唐纳(Nick O 'Donnel)律师说道:每个国家都希望有一个强大的航空公司、一个好的啤酒品牌和一个股票交易所


The next tier consists of exchanges with regional heft, and revenues exceeding $500m. Their reliance on trading in an era of tensions between America and China means they must team up or play to their strengths as neutral turf in order to thrive. On August 20th Singapore Exchange said it would work with lse’s benchmark business to develop index derivatives focused on Asian and emerging markets. Euronext has acquired Nord Pool, a power market.


第二层则是具有区域影响力,并且收入超过5亿美元的交易所。在中美关系紧张的时代,交易所对贸易的依赖意味着他们必须组队联合,或者发挥他们作为中立势力的优势,才能繁荣发展。820日,新加坡交易所表示将和伦敦证交所基准业务进行合作,开发专注于亚洲和新兴市场的指数衍生品。泛欧交易所已经收购了北欧电力交易所(Nord Pool),为一家电力市场。


注释:

1.heft n. 影响力,重要性

2.Nord pool, 北欧电力交易所,是欧洲领先的电力市场交易机构,提供遍及欧洲的有效、简单和安全的电力交易;


At the top of the food chain, with revenues at or exceeding $3bn, sit the giants: cme, Deutsche Börse, ice and lse. These have assured demand for big volumes, and will continue to reap the rewards of diversification. Two candidates are on the verge of promotion into the top league. Nasdaq, once famous only for its tech listings, now makes software that powers more than 130 other exchanges. hkex enjoys the strongest tailwinds. It stands to win from China’s capital-market liberalisation, its growing tech nous and mainland firms’ desire to be closer to their home market. Geopolitics could also help, as Ant’s decision not to list in America may already show.


而在食物链的顶端,则是收入达到或超过30亿美金的巨头:芝加哥商品交易所、德意志交易所、洲际交易所和伦敦证交所。这些大鳄保证了大量交易的需求,同时也会持续收割多样化带来的回报。两名候选者也即将步入顶级俱乐部圈。纳斯达克曾经因只上市科技公司而闻名,现在它开发的软件为其他130多家交易所提供服务。港交所则正站在风口上。该交易所将受益于中国资本市场的自由化,自身日益增强的科技意识,以及大陆公司想要更接近其本土市场的愿望。地缘政治因素同样也有帮助,蚂蚁集团不在美上市可能已经证明了这一点。


注释:

1.reap v. 收获,获得,收割

2.on the verge of  濒临于,接近于

Eg. He seemed to be on the verge of total derangement

他似乎已濒临精神崩溃的边缘。


In time, Mr Li reckons, “almost all” Chinese companies listed in America will come back to Asia. Stock Connect, which makes up 7-8% of daily trading on hkex, could end up accounting for a quarter of it. Being at the confluence of China’s rivers of capital and the sea of global funds should be a lucrative business.


适时,李小加认为,几乎所有在美国上市的中国公司都会回到亚洲。现在仅占港交所每日交易量的7-8%沪(深)港通,最终可能会占到交易量的四分之一。身处中国资本大河以及全球基金之海的交汇处,这将会是一笔获益颇丰的生意。


翻译组:

Jerry,男,金融专业硕士,经济学人铁粉

Martina,女,爱电影爱生活,爱金融经济

Vivifang,女,外币债券交易员,经济学人粉丝

Ashley,女 ,金融硕士,爱宠物 爱英语,爱旅游,经济学人粉丝


校对组:
Chloe,女,翻译硕士,经济学人忠实读者

Jessie Lulu,女,金融从业者,爱阳光,爱细雨,爱经济学人

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观点|评论|思考


本次感想

Zihan, 对冲基金,大数据工程师

我们先看看大的时代背景。2018年,中美进入贸易战争。美国对想再美国上市的中国公司的监管增加。而中美贸易战的加剧让港交所对大陆公司更有有吸引力。原本打算在纽约证券交易所或者纳斯达克上市的中国公司,现在更愿意回归祖国的怀抱。但是港交所并不是唯一的选择,仅仅是截止今年6月末,上交所的IPOs就有77个。这是纽约交易所的7倍。港交所的总募集的资金量很大而且上市公司数量也很多,但是和上交所比还是有一点点差距。不过话又说回来,港交所也有他自己特有的优势。首先,在什么交易所上市取决于想要吸引什么样的投资人。其次,港交所会更吸引国际化股东架构的公司。所以说,虽然大陆和香港的交易们所有着竞争关系和共同感兴趣的群体,但是也有各自的优势和重心。而长期来看,众多交易所的角色很难会更加重叠。


4


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