納斯達克推出能源期貨市場優惠政策
Nasdaq is planning an extended fee holiday to tempt traders to its new energy market, mounting an aggressive challenge to the two reigning oil and gas futures exchanges.
納斯達克(Nasdaq)計劃推出一段較長的手續費減免期，以招徠交易員進入其新設的能源市場，此舉對兩家目前佔據主導地位的石油和天然氣期貨交易所發起有力挑戰。The start-up Nasdaq Futures exchange plans to launch 28 energy contracts at midyear as it diversifies beyond stock trading. Bob Greifeld, Nasdaq chief executive, has argued energy markets are a “monopoly” dominated by CME Group and Intercontinental Exchange.
新設立的納斯達克期貨交易所計劃在今年年中開始推出28種能源合約，目的是推動業務多元化，使其超出股票交易的範疇。納斯達克首席執行官鮑勃•格雷菲爾德(Robert Greifeld)表示，能源市場目前是一個被芝加哥商品交易所集團(CME Group)和洲際交易所（Intercontinental Exchange, 簡稱：ICE）控制的“壟斷市場”。
“The exchange will assess no transaction fees for energy products to any market participant during the initial nine months,” Nasdaq said in a regulatory filing. Options Clearing Corp, of Chicago, which will settle the trades, will also suspend clearing fees for nine months, the filing said.
“在最初的9個月，該交易所不會計算任何市場參與者的能源產品交易費，”納斯達克在一份監管申報文件中表示。該申報文件還表示，總部位於芝加哥、負責結算交易的期權清算公司(Options Clearing Corporation)也將暫停收取結算費用9個月。
According to FIA, an industry body, 1.16bn energy futures and options contracts were traded worldwide last year. CME and ICE together generated about $1.2bn in energy revenue last year.
據美國期貨業協會(Futures Industry Association)的數據，去年全球共交易11.6億份能源期貨和期權合約。CME和ICE去年共產生了大約12億美元的能源收入。Nasdaq’s efforts illustrate the difficulty of grabbing market share from established futures exchanges. Traders tend to flock to the deepest markets where they can enter and exit without moving prices. CME and ICE also require contracts executed on their exchanges to be processed at their own clearing houses, inhibiting movement across venues.
納斯達克的舉措突顯了從老牌期貨交易所搶奪市場份額的難度。交易員們傾向於涌入最具深度的市場，因爲他們在那裏可以在不影響價格的情況下進出市場。CME和ICE還要求在各自交易所執行的合約在其自營的結算公司處理，這抑制了在交易所之間的遷移。CME and ICE are locked in a battle already in the energy market, both listing identical contracts such as Brent crude, Henry Hub natural gas and gasoline. Richard Repetto, analyst at Sandler O’Neill, said of Nasdaq’s venture: “It’s got an uphill battle. You have two strong incumbents in one of the few highly competitive product lines in futures.”
CME和ICE已經深陷一場能源市場之爭，兩者推出實際上相同的合約，如布倫特原油(Brent crude)、Henry Hub天然氣和汽油。投資機構Sandler O'Neill & Partners分析師理查德•雷佩託(Richard Repetto)談到納斯達克的新期貨交易所時說：“它面臨着一場艱苦的戰鬥。在期貨市場競爭最激烈的產品線之一，目前已經有兩個強大的老牌對手。”A top CME executive told analysts last week that he was “absolutely, acutely concerned” about the threat from Nasdaq. But Derek Samman, CME’s global head of commodities and options, added that Nasdaq was moving into a sector “with two very robust, competitive, dynamic market participants already”. ICE declined to comment.
一名CME高管上週告訴分析師稱，他對來自納斯達克的威脅絕對感到“強烈擔憂”。但是，CME大宗商品和期權產品全球主管德里克•薩曼(Derek Samman)補充稱，納斯達克正進入一個“已經擁有兩個非常強勁、具有競爭力、活力十足的市場參與者的”領域。ICE拒絕置評。Nasdaq will also pay a stipend to market makers committed to buy and sell energy futures above certain volumes, according to another filing. Exchanges commonly use incentives, such as volume-based rebates, to attract market participants.
另一份監管申報文件顯示，納斯達克還將向承諾買入和賣出能源期貨達到一定量以上的造市商支付津貼。交易所通常會利用激勵措施（比如基於交易量的回扣）來吸引市場參與者。Energy futures tend to generate higher fees for exchanges than financial futures tracking interest rates and stock indices. The collapse of oil prices in the past year has also spurred airlines, energy companies and hedge funds to add positions. Open interest in ICE’s Brent contract last month topped 2m contracts.
能源期貨爲交易所帶來的收費收入往往高於那些追蹤利率和股票指數的金融期貨。過去一年油價崩盤也促使航空公司、能源公司及對衝基金進行補倉。上個月，ICE布倫特原油合約的未平倉合約超過200萬份。When Nasdaq announced its energy futures market in March, Mr Greifeld said he would halve costs for traders. More than a dozen brokers, proprietary trading firms and physical commodity traders including Goldman Sachs and Virtu Financial have signed on to the exchange. Mr Greifeld said in March: “We believe monopolies are against the natural order of competitive forces.”
當納斯達克於3月宣佈其能源期貨市場時，該交易所CEO格賴費爾德稱，他將爲交易員削減一半的費用。包括高盛(Goldman Sachs)和Virtu Financial在內的十多家經紀商、自營交易公司及實物大宗商品交易商已簽約加入該交易所。格賴費爾德曾在3月稱：“我們相信壟斷是違背競爭力的自然秩序的。”
