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【英文】香港交易所:香港发展铁矿石衍生产品市场的机遇

来源: 南方日报网络版     时间: 2019年11月16日 06:50:34
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腾讯1.5分彩开户平台直属招商,最高返水100反9快,龙虎和龙虎1赔2.211合1赔9.95,定位胆1赔9.95腾讯5,10分欢乐生肖,,最高赔率,正规信誉大平台平台24h提供注册及登录。【英文】香港交易所:香港发展铁矿石衍生产品市场的机遇

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(Withrapiddevelopmentsinrecentyears,theglobalironorederivativesmarket,includingtheMainlandmarket,continuestogainrecordturnover.Notwithstandingthis,thereisstillpotentialforfurtherdevelopment.TheMainlanddomesticmarketisveryactivebutlacksoverseasparticipation.
Asforoverseasmarkets,themajorityofliquidityresidesintheover-the-counter(OTC)swapmarketwhichreliesonvoicebrokingfortradeexecution,whiletheon-exchangemarkets,whichoffermoreefficientscreen-basedtradingexecution,haveinsufficientliquidityandmarketdepth.HongKongseesopportunitiesincomplementingtheexistingmarketsandimprovingtheironore
pricediscoveryonscreenthroughtheintroductionofironorefuturesonHKEX:
HKEX'sironorefuturescontractisanexchange-tradedproductwithscreen-basedtrading.ComparedwiththeOTCmarket,itisexpectedtoimprovetradingconvenience,transparencyandpricediscoveryefficiencybybuildingupliquidityonscreen.
Theironorederivativesmarkethasarelativelyshortdevelopmenthistoryanditsgrowthpotentialisyettobefullyrealised.ThelaunchofironorefuturesonHKEX'sscreen-basedderivativesmarketwouldhelpfurtherexpandthecapacityofthismarketbyattractingabroaderinvestorbaseandenhancingmarketaccessthroughaconvenientandtransparentinfrastructure.
Giventhetransformationofthepricingmodelofphysicalironoreinthepastdecade,whetherthecurrentindex-linkedpricingmodellastorevolveagaininthefutureistobeobserved.AnewpathtothismightemergeupontheestablishmentofaliquidandtransparentfuturesmarketfacilitatedbyHKEX'sironorefutures.
WhiletheChinafactorintheironoremarketissignificant,theaccessibilitybetweentheironorederivativesmarketintheMainlandandoverseasisyettobeenhanced.GivenHongKong'sstrategicpositionasaglobalfinancialcentrelocatedatthegatewaytoChina,buildingatransparentandliquidoffshoreironorefuturesmarketinHongKongwouldnotonlyhelpsatisfythecommoditypriceriskmanagementneedsforusersofthephysicalcommodityandthetradingcommunity,butalsoofferanattractiveinvestmentproductofChinarelevanceforinstitutionalandretailinvestors.
1.CHINA'SSIGNIFICANCEINTHEIRONOREMARKET
1.1Thelargestdestinationmarketofironore
Ironoreisthekeyrawmaterialtomakesteelandthesecond-largestglobalcommoditybytradevalueaftercrudeoil(2).
Steelisheavilyusedinmanydownstreamindustries,suchasrealestate,transportation,carmanufacturing,energysupplynetworks,machineries,shipbuildingandhomeappliances.WiththerapiddevelopmentintheChineseeconomyandthegrowingdemandforsteeloverthepast20years,China'scrudesteelproductionhasseen8-foldincreaseandreached808milliontonnesin2016,makinguphalfoftheworld'stotalcrudesteelproduction(3).Beingtheprimaryingredientforsteelmaking,ironore'sconsumptioninChinahasgrownmorethan20foldsinthepast20yearsto1.3billiontonnesin2016(4).
Chinaistheworld'slargestironoreimporterintheworld,importing1,024milliontonnesin2016,andconstituting70%oftheworld'sseabornetrades(5).Withthedomesticironorereservesbeinglowingrade(6)andhighinimpurity,tofulfilChina'shugedemandonmediumtohighgradeironore,ithastorelyheavilyonimports(about84%(7))fromAustralia,Brazil,SouthAfrica,andIndia,etc.
Duetoitsheavyindustrialrelianceonthiscommodity,Chinaisanactiveparticipantinbothironorephysicalandderivativestrading.ManyChinesestate-ownedandprivatesteelmillsandtradingcompanieshaveestablishedapresenceoverseas.ManyofthemhavetradingandfinancingoperationssetupinHongKong,Singaporeorotheroffshoretaxharbours,andsomeownsoverseasmineinvestmentinironorereserve-richregionssuchasAustralia,WestAfrica,SouthAmericaandNorthAmerica.
1.2China'sstrategicpoliciesimpactingthesteelindustry
Withitseconomicgrowthadjustedtoaround6.5%in2017(comparedwiththegrowthrateof6.7%in2016),Chinaisfirmlyundertakingastructuralreformwithatargetofeliminatingexcesscapacityandupgradingproductionefficiency.TherearetwooverarchingpoliciesthatimpactChina'ssteelindustry,inparticular.
(1)One-Belt-One-Road("OBOR")
OBORconsistsoftheSilkRoadEconomicBeltandthe21stCenturyMaritimeSilkRoad.TheinitiativeincludesexportingexcesscapitalandcapacitytopromotetradeandbuildinginfrastructurenetworksthatconnectChinawithAsia,EuropeandAfricaalongtheancienttraderoutes.Thepolicywillleadtoover60bilateralcooperationdealsthatworthUS$100billionandencompasssome65countries(8).TheinitiativealsobringshistoricopportunitiestothesteelindustrytosupportexportsandrelieveovercapacitiesinChina,aspertargetobjectiveslaiddowninthe2017GovernmentReport(seeTable1).
(2)Supply-SideReform
The13thFive-YearPlanstatedthefocusofthesteelindustry,whichistobeontheconsolidationofsteelmills,reductionofexcesscapacity,andproductionefficiencyupgrades.TheOpinionsoftheStateCouncilonReducingOvercapacityintheIronandSteelIndustryrestrictsnewproductioncapacityfrombeingregisteredandenforcestheenvironmentalqualitystandardstobestrictlyincompliancewithrelevantrulesandregulations(9).Asof2016,theindustryhascutdown85milliontonnesofcapacitysuccessfully,withtargetedpermanentcapacityreductionof100-150millionmetrictonnesby2020(10).
TheOBORinitiativeandtheSupply-SideReformtargettoresolveovercapacity,tostimulatedemandandtoimproveprofitmarginforthesteel-makingsector.Theyalsohaveprofoundimplicationsonsteelandsteel-makingrawmaterialsprices(suchasironore,cokingcoalandcoke).Therefore,theimportanceofriskmanagementbyindustrialplayersandothermarketparticipantsagainstthepricevolatilityofthesecommoditiesisever-growing.
2.EVOLUTIONOFTHEPHYSICALMARKETANDDEVELOPMENTOFTHEDERIVATIVESMARKET
2.1Transformationoftheironorephysicalmarket
Since1960s,ironorephysicaltradesfollowedapatternofannualbenchmarkpricing,wherethesaleandpurchasepricewasfixedonceayearbetweenglobalminers(representingthesupplyside)andleadingsteelmakers(representingthedemandside).Thepricefixedwillthenbecomethebenchmarktobefollowedbytherestoftheindustry.Thistraditionalpricingmodelwasinflexibleandlostsightofthechangingspotmarketconditionsduringtheyear,leadingtoincreasingdefaultsincontractperformanceoncethemarketpricedeviatedfromthebenchmarkprice.
Theturningpointwasin2010,whenChinarejectedthepricesetbyVale,BHPBillitonandJapanesesteelmills.Thismarkedtheendofthedecades-oldannualbenchmarkpricingandtheindustrymovedontoaquarterlyandeventuallymonthlyindex-basedpricingmodel.IronOreisnottheonlycommoditythatunderwentsuchtransformation.Infact,similarevolutionhadhappenedtothermalcoal(inearly2000s),aluminium(inearly1980s),andcrudeoil(inlate1970s),wheretheannualbenchmarkpricingmodelwasabolishedandreplacedbyshorter-termandmoreflexiblepricingmodels.
Forindex-basedpricing,thephysicalironorepriceisnegotiatedbasedonthemonthlyaverageofoneormoremarket-recognisedspotpriceindices,publishedbypricereportingagencieslikePlatts,TheSteelIndex(TSI),MetalsBulletin(MB)orsomeChineseindexproviders.Thiscreatesflexibilityandensuresthatthepricealignswiththespotmarketandreflectscurrentmarketsupplyanddemand.Sincethen,thespotmarketinironore,whichhadbeenconstrainedbytheinflexibleannualbenchmarkpricingmodel,hasstartedtogrow.
2.2Emergenceoftheoffshoreironorederivativesmarket
Followingtheriseofindexationandthegrowthoftheironorespotmarket,priceshavebeenincreasinglyvolatileandtheneedtomanagepricerisksbecameessentialforallusersalongthevaluechain—producers,consumers,shippers,tradersandfinancers(banks).Theburgeoningneedsmarkedthebeginningoftheironorederivativesmarket.Thefirstironoreswapwaslaunchedin2009bytheSingaporeExchangeLimited(SGX).
Overthepast9years,theglobalironorederivativesmarket(excludingMainlandChina)hasgrownexponentiallyatanannualrateof89%(11).Theannualtradingvolumeandyear-endopeninterestinclearedironorederivativesoutsideChinareachedapproximately1.42billiontonnesand72milliontonnesrespectivelyin2016(12).Todate,ahandfulofoverseasexchangesincludingSGX,ChicagoMercantileExchange(CME),IntercontinentalExchange(ICE),LCHClearnet(13)andNasdaqClearing(14)haveofferedtradingand/orclearingservicesfortheproductsintheoffshoremarketoutsideMainlandChina.Amongsttheunderlyingsoftheoffshorederivatives,theTSIIronOreFines62%CFRChinaPriceIndex(TSI62Index)isthemostcommonlyreferencedbenchmarkindex,representingspotphysicalironorepriceinUSDdeliveredtoNorthChina(15).
Afterdevelopmentforadecade,theglobalironorederivativesmarketoutsideMainlandChinahassuccessfullyattractedparticipationfromsteelmills,traders,producersandbanks.However,asunderstoodfrommarketparticipants,themarketisstillpredominantlyover-thecounter(OTC)withtradesmatchedthroughvoicebrokingviainter-dealerbrokers,withrelativelythinliquidityandmarketdepthonscreen(transactionsareonlyabout10%oftheOTCvolumeon-exchange(16)).TheOTCmarkethasitsmeritfornegotiatinglargetradeortailor-madetransactions.However,itisnotanefficientandcost-effectivewayfortradingvanillaproductswheretherearenaturallyplentyofbuyersandsellers.Lackinganactivescreen-basedtradingplatformpreventsadiverseinvestorbasefromparticipatinginthismarket.Thislimits,tosomeextent,thegrowthoftheironorederivativesmarketoutsideMainlandChina.
2.3RapiddevelopmentoftheMainland'sironorederivativesmarket
DalianCommodityExchange(DCE)launchedaRMB-denominatedphysicallydeliverableironorefuturescontractinOctober2013,thefirstironorederivativesinMainlandChina.GivenChina'shugeriskmanagementandspeculativedemands,DCEhasquicklygrownintotheworld'slargestironorederivativesmarket,withannualtradingvolumeandyear-endopeninterestreaching34billiontonnes(morethan24timestheentireoffshoremarkettradingvolumeintheperiod)and55milliontonnesrespectivelyin2016(17),surpassingallitscounterpartsglobally.
AlthoughtheironorederivativesmarketonDCEcontinuestoattractretailinvestors,financialinstitutionsandphysicalusers,itisstilladomesticmarketandisnotyetopenedfordirectaccesstointernationalinvestors.Therearealsocertainkeychallengestobeaddressed,suchasbuildingliquidityacrosscontractmonthsandencourageahigherparticipationfromindustrialusers.
Theestablishmentandfastdevelopmentoftheonshorederivativesmarket,nevertheless,hasfacilitatedtheliquiditybuild-upintheoffshoremarketandimprovedtheoverallpricediscoverymechanismfortheironoremarket.AfterDCEintroduceditsownfuturescontracts,thetradingvolumeoftheironorefuturesonoverseasmarketsuchasSGXdoubledandtradingwasfoundtobethemostactiveduringtheDCEtradinghours(18).Accordingtomarketobservation,cross-marketpriceinteractionalsobecamemoretimely.ThisprovesthatahealthydevelopmentoftheMainland'sonshorefuturesmarketaddssignificantvaluetotheoverallpricediscoveryefficiencyandalsothegrowthoftheoffshoremarket.
3.OPPORTUNITIESFORHONGKONGTODEVELOPANIRONOREDERIVATIVESMARKET
3.1Theoffshoremarketcallsforhigherpricetransparency
Whiletheoverseasironorederivativesmarketwasestablishedin2009,theMainlandmarketdidnotcomeintoexistenceuntillate2013.YetthecurrentsizeratiooftheMainland'sonshoremarkettotheoffshoremarketisabout24:1(19).Theexponentialgrowthseenintheonshoremarketcouldbeattributedtoanumberofreasonssuchastheabundanceofinvestmentmoneyandincreasedspeculativetrading.Nevertheless,thescreen-basedtradingmodeloftheonshoremarketundoubtedlyhascontributedtothemarket'srapidgrowthbyfacilitatingpricetransparency,therebyattractingdiverseparticipants.Incontrast,asunderstoodfrommarketparticipants,tradingintheoffshoremarket(mainlyinironoreswaps)stillremainslargelyOTCviavoicebrokingandtheliquidityonscreenisstillthin.Willamoreliquidandtransparentoffshorescreen-basedtradingbenefitthemarket?Theanswerisdefinitelyyes.
AnOTCswapmarkethasitsmeritstoo,whichinclude(1)beingbilateralandoff-the-screen(i.e.withoutmarketimpact)forbigtradevolumes,and(2)theflexibilitytonegotiateonbespokestructures.However,voicebrokingforexecutionintheOTCmarketisaverytraditionalwaytodiscoverpriceandconcludetrades.Thereisnocomparisoninitsspeed,accuracyandefficiencywithmodernelectronictradingplatformsthatoffercentralisedautomatchingandclearing.Inaddition,themarketpricelackstransparencyasitisnotwidelyaccessiblebymarketparticipants.Thisleadstohighercostoftradingandasymmetricinformation.Theadvantagesofscreen-basedtrading(generallyadoptedforexchange-tradedderivatives)areapparentasstatedinTable2above.Giventhesecomparativeadvantages,arisingtrendinbothvolumeandopeninterestinexchange-tradedderivativesisobservedinrecentyears.
Giventhebenefitsandtheincreasingmarketpreferenceforelectronictrading,thelaunchofanexchange-tradedironorefuturescontractonHKEX,withintegratedpricediscovery,tradingandclearingononeplatform,isexpectedtobringhighertransparency,asmootherpricediscoveryprocessandlowertransactioncosttotheironoremarket.
3.2Thesignificantgrowthpotentialforironorederivativesmarket
Inthepastseveralyears,theironorederivativesmarkethasgrownfromscratchtoasizeof36billionmetrictonnesglobally(includingMainlandChina)in2016(20).Despitethisrapidgrowth,theglobalderivatives-to-physicaltradingvolumeratioforironoreisonlyaround25timesin2016,comparedtotheratioofaround80-100timesformorematurecommoditiessuchasgoldandcopper(21).Theratioforironoreisevendownto1.25timesifonlytheUSD-denominatedironorederivativesvolumeoutsideMainlandChinawascounted(22).Thisisduetotheshorterhistoryoftheironorederivativesmarket.Comparedtothederivativesmarketsofbasemetals,energyandpreciousmetals,whichhaveatradinghistoryofdecadesoroveracentury,ironorederivativesarestillinitsearlystageofdevelopmentandthegrowthpotentialisyettobefullyrealised.(SeeFigure5.)
Giventheirhedgingneeds,thetradingcommunityofthephysicalcommodityareoftenthefirstandthecoreparticipantsofthecommodity'sderivatives.Asthemarketevolves,morediverseparticipantsincludingvarioustypesoffinancialinstitution,investmentfundsandretailinvestorswilljointhemarketforhedgingorspeculation.Astheinvestorbasebecomesmorediversified,themarketwillbecomemoresophisticated,drivingupthecapacityandtheliquidityofthemarket.Thisisexactlywhatishappeningforironorederivativesnow.Thetransparencyandconvenienceofferedbyscreen-basedtradingwillgreatlyimprovethepricediscoveryefficiencyandenablesthemarkettoexpand.
Noonecouldhavecorrectlyenvisionedthegrowthtrajectoryoftheironorederivativesmarketwhenitwasfirstlaunchedin2009.Lookingforward,itiscertainthattheironorederivativesmarketstructureanddynamics,thecompositionofmarketparticipantsandtheproductofferingswillallevolveandimproveovertime.
3.3Whatisthefutureforironorepricing?
Tremendouschangeshavetakenplaceinthephysicalironoremarketsince2010,whenthe"annualbenchmarkpricing"modelceasedtofunctionandwassucceededbyindexpricing.Theindexpricingmodel,alongwiththeemergenceofindex-linkedderivatives,havefundamentallychangedthephysicalpricingandhowmarketmanagesitspricerisk.However,asthemarketcontinuestoevolve,willnewpricingmodelemergeinthefuturethatbettersuitsthemarketneeds?
Referencingtothetrajectoryofsomecommoditieswithalongerderivativesmarkethistory,suchassoybeans,copperandcrudeoil,a"pricing"mechanismiswidelyadoptedintheirphysicalspottrading.Thisisaspotpricingmechanismtodetermineaspotcommoditypricebetweenabuyerandasellerbyagreeinguponabasis(premiumordiscount)overafuturesmarketpriceforaparticularmonth.Sowhenthespottradeisnegotiated,thetermsagreedisnotafixedsalesprice,butanagreedbasis(thepricedifferencebetweenthephysicalspotpriceandthefuturesprice)plusafuturesprice.ThebuyerwillhavetherighttofixthepricebasedonthepricesoffuturescontractstradedonaspecificcommodityfuturesmarketduringtheagreedQuotationalPeriod("QP").Thispricingmodelisconsideredaneffectiveandmarket-reflectivepricedeterminationmechanism.Itminimizesthedefaultriskasthebuyerhassomeflexibilityindeterminingthetimingof"pricing"andthereforetheprice.Moreover,byfixingthephysicalpricewithreferencetoafuturesmarket,itfacilitatesseamlesshedgingasiteliminatesthebasisriskbetweenphysicalandfuturesmarketatthetimeofpricing.
Oneofthecorefunctionsofthefuturesmarketispricediscovery.Byusingthefuturespricetoformthebasisofphysicalspottrade,thepricingmodelbasedonfuturespricesisanultimatedemonstrationofthepricediscoveryroleofthefuturesmarket.
Forironore,aninterestingtrialapplicationofthepricingmodelwasseeninNovember2016.Atthattime,therewasaphysicaldealof10,000metrictonnestransactedonBeijingIronOreTradingCenterCorporation(COREX)whichwaspricedontheironorefuturespriceonDCEwithabasis.
Usually,forthispricingmechanismtowork,certainkeyconditionshavetobefulfilled:
(1)Havingafullyfunctionalliquidandtransparentfuturesmarketisthekey.Thefuturespriceatanypointoftimemustbevisibleandaccessibletoallmarketparticipantssothatthepricingcanbedoneatanygiventimeduringtheday.
(2)Thebuyersandsellersinthemarketneedtotrustandrecognisethepriceofthefuturesmarketasindicativeandrepresentativeoftheunderlyingphysicalmarket.
Changewilltaketime.Theferrousmarketwillitselfdeterminewhatthebestfortheindustryisandwhethertoevolveoutanewpricingmodelorcraftsomethingofitsown.Thisisworthpayingcloseattentionto.
3.4ThestrategicpositioningofHongKongandHKEX
AsaglobalfinancialcentrelocatedatthegatewayofChina,whichistheworld'ssecondlargesteconomyandthebiggestironoreimporteranddominantconsumer,HongKonghasbeenactingasa"super-connector"betweenMainlandChinaandtherestoftheworld.ItiswellpositionedtobuildupanironorederivativesmarkettobetterservetheriskmanagementneedsfromChineseenterprises,regionalcommoditytradingfirmsaswellastheirbusinesspartnersacrosstheglobe.
HKEX,afteritsacquisitionoftheLondonMetalExchange(LME)in2012,hasalsogeareduptobetterservetherealeconomyincommodities.ThelaunchoftheHKEXIronOreFuturescontractson13November2017isconsideredaconstructivemove.
(1)HongKong'sstrategicpositioning:ThekeygatewaytoChinaandthe"Super-Connector"betweenChinaandtheworld
HongKong,strategicallypositionedasthegatewayofChina,isa"super-connector"betweenChinaandtheworld.HongKonghasachievedmanybreakthroughsandinnovationsbyconnectingthetwoinrespectofthefinancialmarket.TheseincludethelaunchoftheStockConnectscheme(23)andvariousinitiativesthathavedrivenitselftobecometheworld'slargestoffshoreRMBcentre.
AsamajorshippingcentreandaninternationaltradecentreinAsia,aroundhalf(US$454billionin2016)ofHongKong'stradewasre-exports(24).Around20%ofMainland'sinternationaltradeisroutedviaHongKong.Busyshippingroutesandhighlyefficientportsandlogisticsmakethiscityprosper.HongKongisalsoaworld-classinternationalfinancialcentre(IFC)offeringacomprehensiverangeoffinancialproductsandservicesandabusinesscentrewithalargenumberofinternationalandMainlandenterprisessettingupofficesinit.Thankstoitsfreemarketeconomyandruleoflaw,HongKongestablishesitselfasthesinglelargestdestinationmarketforMainlandoutboundinvestments,providingaone-stopsolutionwithawiderangeoffinancialservices.Italsoaccumulatestheworld'slargestoffshoreRMBliquiditypool.Ontheotherhand,HongKongisthemarket-of-choiceforinternationalinvestorstoaccessMainlandChina.TheHKEXsecuritiesmarketrankedfirstamongglobalmarketintermsoffundsraisedbyinitialpublicofferingsin2015and2016.MorethanhalfofthecompanieslistedonHKEXareMainlandenterprises(25)andthereareover150listedcompaniesinthenaturalresourcesrelatedsectorasof31December2016(26).
HongKongprovidesthenecessaryfinancialinfrastructuretoservethebusinessneedsofenterprisesinalldimensionsofimport/exportactivities,fundraising,tradefinance,assetmanagementandfinancialriskmanagement.Amongthese,financialriskmanagement,inparticularthemanagementofassetpricerisk,isespeciallyimportantforenterprisesengagingincommoditiestrading.CommoditiespriceriskmanagementisthereforeconsideredakeyareaofdevelopmentintheHongKongfinancialmarket.Ononehand,suchvalue-addedservicewouldbeessentialforthecommoditiestradingcommunitytoprosperinHongKong.Ontheotherhand,itwouldfacilitateChinaingaininginternationalpricingpowerincommodities.
(2)StrategicinitiativeslikeOBORhasgivenHongKongahistoricopportunitytofacilitateChineseenterprisestoexpandtheirmarketandservicesabroad
AsmentionedinSection1.2above,China'spolicyinitiativeOBORbringshistoricopportunitiestothesteelindustrytosupportexportsandrelieveovercapacitiesinChina.
ThisstimulatesriskmanagementandinvestmentneedsintheironoreindustryasChineseenterprisesintheindustrytoexpandtheirmarketandservicesabroad.Asaresult,HongKongisprovidedwithahistoricopportunitytocontributebyleveragingonitsstrengthsinfinance,tradeandlogistics,anditswealthofprofessionalsinawiderangeofservices.HongKong'sexpertiseanduniquepositionasthegatewayofChinawillallowittocontinuetoplayanimportantroleinraisingcapital,managingrisks,leadingprojectsandexportingprofessionalservices.HongKongisthereforewellpositionedtodevelopanoffshoreironorederivativesmarketforChineseenterprisestomanagetheiroffshorerisks.
(3)HKEX,asthefinancialmarketoperatorinHongKong,shallenhanceHongKong'sstatusasanIFCbybuildingasteadyandliquidcommodityderivativesmarkettobetterservetheassetpriceriskmanagementneedsofMainland,localandinternationalenterprises
GiventheuniquepositionoftheHongKongfinancialmarketinconnectingMainlandChinaandtheworldandthehistoricopportunitiesofferedbyChina'sstrategicdevelopmentinitiatives,HKEXhasthecomparativeadvantages,asthefinancialmarketinfrastructureoperatorinHongKong,toexcelinitsroletobetterservetheneedsinthecommodityderivativesmarketforChinaandtheworld.Theseadvantagesinclude:鸱)(
Runningoneofthemostrobustsecuritiesandderivativestrading,clearingandsettlementsystemsintheworld;
Offeringawiderangeofproductsandservicescoveringthesegmentsofequities,equityderivatives,fixed-incomeandcurrency(FIC)productsandcommodityproducts;
Operatinginasoundregulatoryregime,withmarketrulesandregulationsalignedwiththehighestinternationalstandardsandwithemphasisputoninvestorprotection.
Inrecentyears,HKEXhasspearheadedaseriesofinnovationsandstrategicmovestooffersupporttothegradualopeningupoftheMainlandfinancialmarket.Intheequitiessegment,itlaunchedtheStockConnectschemejointlywiththeShanghaiStockExchangeinOctober2014andtheShenzhenStockExchangeinDecember2016,whichessentiallyledtotheestablishmentofacross-bordermutualmarket(27).IntheFICsegment,itlaunchedtheworld'sfirstexchange-tradeddeliverableRMBcurrencyfuturesproductinSeptember2012theUSdollar/offshoreRMB(USD/CNH)currencyfutures,andBondConnectNorthboundtrading(28)inJuly2017.Inthecommoditiessegment,itacquiredin2012theworld'slargestbasemetalsmarketplace,LME,andlauncheditsfirstphysicallydelivereddual-currencygoldfuturesonitsownHongKongplatforminJuly2017.Furtherproductofferingandexpansionarebeingmadeintotheferrousproductline,withthelaunchofironorefuturesasthefirstproduct.Thisnewproductaimstoservetheneedsoftheregion'sphysicaltradingcommunityandfinancialinstitutionsforthecommodity'spriceriskmanagement.(SeeAppendix1ontheproduct'skeyfeaturesandAppendix2ontheproduct'scontractspecifications.)
APPENDIX1.KEYFEATURESOFHKEX'SIRONOREFUTURES
(1)Exchange-tradedfutures
TheIronOrefuturescontractprovidesahighlevelofpricetransparencyandanefficientpricediscoveryprocess.
(2)Quarterlycontracts
Theproductmakesavailablethefirstquarterlycontractsintheglobalon-exchangemarket.ThisoffersmarketparticipantsamoretransparentandconvenientplatformthanOTCswapstoexecuteorderandhedgetheirpositionsinquarterlytrades,andtofacilitatepricediscoveryinforwardpricecurve.
(3)Daytradingsessionandafter-hourstrading(AHT)session
Tradinghoursspan,from9:00amto1:00amthenextmorning(Daytradingsession:9:00amto4:30pm;AHTsession:5:15pmto1:00amthenextmorning).Thiswouldservemarketparticipantsfromacrosstheglobe,coveringbusinesshoursofMainlandChinaandmajoroffshoremarkets.
(4)Blocktrades
BlocktradefacilityisavailabletofacilitatetheeaseofreportingOTCvolume,forthemtobeclearedontheexchange,reducingcounterpartyrisks.
(5)Tracksthemostrecognisedderivativesbenchmarkasunderlying
ThecontractsettlesagainsttheTSIIronOreFines62%FeCFRChinaIndex,whichiswidelyreferencedinthephysicaltradeofironoreandisalsochosenasthesettlementpriceforthemajorityofUSD-denominatedironorederivativescontracts.
Appendix2.CONTRACTSPECIFICATIONSOFHKEXIRONOREFUTURES
Notes
(1)Source:"Theloreofore",TheEconomist,13October2012(http://www.economist.com).
(2)Source:"Theloreofore",TheEconomist,13October2012(http://www.economist.com).
(3)Source:Wind,dataasof2016.
(4)Source:ChinaIronandSteelAssociation,Bloomberg,asof2016.
(5)Source:GeneralAdministrationofCustomsofPeople'sRepublicofChina,asof2016.
(6)Chinadomesticironoreisaround30%iniron(Fe)content.
(7)Chinahasahighrelianceonimportedironore—inevery100tonnesofironoreitconsumes,84tonnesareimported.Source:ChinaIronSteelAssociation,asof2015.
(8)Source:NationalDevelopmentandReformCommission(NDRC),asof2016.
(9)Source:MinistryofIndustryandInformationTechnology.
(10)Source:TheStateCouncil's"GovernmentWorkReport2017".
(11)Source:SGXandCMEwebsites.
(12)Source:FuturesIndustryAssociation(FIA),asof2016.
(13)LCHClearnetispartoftheLCHGroup,whichisaleadingmulti-assetclassclearinghouse,servingabroadnumberofmajorexchangesandplatformsaswellasarangeofOTCmarkets.
(14)NasdaqClearingisaleading,EuropeanMarketInfrastructureRegulation(EMIR)-authorised,clearinghouseprovidingcentralcounterpartyclearingforabroadrangeofmarketsandassetclasses.
(15)TheTSI62%CFRChinaindexreferstothedeliverypriceintoNorthChinaexcludingQingdaoport.
(16)Aninformalestimationbyclearingbrokersforthisresearchexercise.
(17)Source:FIA.
(18)Source:SGXwebsite.
(19)Referenceismadetothetradingvolumedataintonnesofreportedexchangesfor2016inFIAstatistics.
(20)IntermsofnotionaltradingvolumeofreportedexchangesinFIAstatistics.
(21)Theratioforaspecificcommodityistheglobalderivativestradingvolume(includingMainlandChina)intonnesonthatcommoditydividedbytheglobaltradingvolume(includingMainlandChina)ofthephysicalcommodityintonnes.(Source:FIA,WorldGoldCouncil,Bloomberg.)
(22)TheMainlandironorederivativesmarketoffersonlyfuturescontractswhiletheoffshorederivativesmarketsofferswaps,futuresandoptionscontracts.
(23)StockConnectisapilotprogrammeestablishedupontheMutualMarketAccessmodel.Forthefirsttimeever,investorsintheMainlandChinaandHongKongmarketsareabletohavedirectaccesstoeachother'sstockmarkets.
(24)Source:HongKongTradeDevelopmentCouncil(HKTDC)Researchwebsite.SubsequentquotationsofHongKong'seconomicdatainthisparagrapharealsofromthissource.
(25)Asof31December2016,outofatotalof1,973companieslistedonHKEXMainBoardandGEM,1,002wereMainlandenterprises.(Source:HKEX)
(26)Source:HKEX
(27)SeeHKEXresearchreport,ShanghaiandShenzhenStockConnectA"MutualMarket"forMainlandandglobalinvestors,March2017,ontheHKEXwebsite.
(28)BondConnectisamutualmarketaccessprogrammethatenablesoverseasinvestorstotradebondsontheChinaInterbankBondMarketintheMainland(Northboundtrading),andMainlandinvestorstotradebondsintheHongKongmarket(Southboundtrading)throughtheconnectivitylinksestablishedbetweentheinstitutionalfinancialinfrastructureintheMainlandandHongKong.TheinitiallaunchisconfinedtoNorthboundtrading.
(29)AccordingtoanannouncementfromPlattson6July2017,TSI62IndexwillmergewiththePlattsIODEXindexstartingfrom2January2018.Fordetails,pleaserefertoPlattsSubscriberNotesandMethodologyandSpecificationsGuide.
(30)Thereisnotradingafter12:30p.m.ontheevesofChristmas,NewYearandLunarNewYear.Thetradinghoursonthosethreedaysshallbe9:00a.m.12:30p.m.
(31)Thereisnotradingafter12:30p.m.ontheLastTradingDaythatisthelastHongKongBusinessDaybeforeNewYear'sDayortheLunarNewYear,andwhichisalsothelastdaybeforeNewYear'sDayortheLunarNewYearonwhichtheTSIIronOreFines62%FeCFRChinaIndexispublished.Thetradinghoursonthosetwodaysshallbe9:00a.m.12:30p.m.
(32)FinalSettlementDayshallbethefirstHongKongBusinessDayaftertheLastTradingDayif(i)theLastTradingDayisonthelastHongKongBusinessDaybeforeNewYear'sDayortheLunarNewYear,(ii)theTradingHoursoftheSpotMonthContractandtheSpotQuarterContractendat12:30pm.,and(iii)thedaytradingsessionofotherContractMonthsendsat4:30pm.ForfurtherdetailspleaserefertotherelatedRegulationsandContractSpecificationsontheHKEXwebsite.
(33)TheamountindicatedaboveissubjecttochangebytheExchangefromtimetotime.
(34)Waivedfrom13November2017to11May2018,bothdatesinclusive,excludingtheAfter-HoursFuturesTradingSessionon11May2018.
(35)TheamountindicatedaboveissubjecttochangebytheExchangefromtimetotime.
(36)ThecurrentrateissetatHK$0.54percontract,forwhichtheUSDequivalentwillbedeterminedbytheExchangefromtimetotime.
(37)Waivedfrom13November2017to11May2018,bothdatesinclusive,excludingtheAfter-HoursFuturesTradingSessionon11May2018.
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