股市联通机制须证明自身价值

The Shanghai-Hong Kong Stock Connect, whichprovides offshore investors with direct access to theShanghai stock exchange, has attracted ferventsupport from many global asset managementcompanies that are gearing up to take advantage ofit. But Asia is witnessing a flurry of such tradinglinks, many of which are not likely to win the sameinterest.

“沪港通为海外投资者提供了一条直接进入上海股市的渠道，得到了很多准备利用这一机会的全球资产管理公司的热情支持。但亚洲正出现一连串此类交易联通机制，其中很多不太可能引起同等的兴趣。

Launched in November last year, the Shanghai-Hong Kong Stock Connect should be followedbefore the end of 2015 by a similar link between Hong Kong and Shenzhen, China’s secondlargest stock exchange, which will provide foreign investors with access to many of China’ssmall and medium-sized enterprises and technology stocks. A future trading exchange toallow foreign access to China’s onshore bond market has also been touted.

“沪港通于去年11月开通，在2015年年底之前，“深港通也将启动，为境外投资者提供一个投资中国众多中小企业和科技股的渠道。深圳证交所是中国第二大股票交易所。还有人在谈论未来设立一个交易机制，让境外投资者进入中国国内债券市场。

Other Asian exchanges are following suit. The Singapore and Taiwan exchanges are working ona similar programme to be launched in July. The Taiwan stock exchange says it is discussing asimilar move with Japan.

其他亚洲交易所也在跟进。新加坡和台湾交易所正致力于类似的联通计划，将于7月推出。台湾证交所表示，正与日本讨论类似的举措。

But asset managers have shown little interest in utilising many of the new exchange tradinglinks, says Yoon Ng, Asia research director at asset management researchers CerulliAssociates, other than those that provide access to China’s controlled equities markets.Investment quotas previously restricted these.

但资产管理研究机构Cerulli Associates的亚洲研究总监吴尹(Yoon Ng)表示，除了那些为中国受到限制的股市打开门户的机制外，资产管理公司没什么兴趣利用很多新的交易联通机制。此前投资额度限制了对中国股市的投资。

The creation of exchange link-ups outside China has been driven more by political will thaninvestor demand, says Ms Ng. They would need to offer asset managers or institutionalinvestors different benefits, either in transaction cost savings or operational efficiencies, sheadds.

吴女士表示，中国以外交易联通机制的出现，在更大程度上是由政治意愿(而非投资者需求)推动的。她补充称，它们需要为资产管理公司或机构投资者带来不一样的好处，要么是交易成本节省，要么是运营效率。

The Association of Southeast Asian Nations’ trading link, set up in 2012, eases investor accessacross stock exchanges in six southeast Asian markets, yet has failed to attract significantinvestor interest. Trading volumes have not been great and asset managers have not switchedfrom the original brokerage relationships they had in individual markets, says Justin Ong, Asia-Pacific asset management leader at PwC Singapore. He foresees a similar fate for the link-upbetween Singapore and Taiwan.

2012年推出的东盟(Asean)交易联通机制，为投资者进入6个东南亚市场的股市提供了便利，但未能吸引投资者的重大兴趣。普华永道新加坡(PwC Singapore)的亚太资产管理负责人Justin Ong表示，交易量一直不是很大，资产管理公司也没有改变它们在各个市场的券商关系。他预测，新加坡与台湾股市的联通机制也将遭遇类似的命运。

Any new stock connect link with China’s equities markets, by contrast, is most likely to be metwith interest from many global investment managers. The Shenzhen-Hong Kong StockConnect will offer fund managers an additional universe of some 2,600 listed securities. MrOng says Taiwan exchanges are eventually expected to be added to Hong Kong’s two stocklink-ups with China to establish greater China stock connect between three markets. “There isno doubt that the China, Hong Kong, Taiwan links are probably where the main trading volumeswill be for the next five years, he adds.

相比之下，与中国股市联通的新机制最有可能吸引很多全球投资管理公司的兴趣。“深港通将为基金管理公司提供另外大约2600只上市股票。Justin Ong表示，预计台湾交易所最终将加入香港与中国内地的两个股市交易联通机制，在两岸三地之间建立一个股市联通机制。他补充称：“毫无疑问，中国内地、香港、台湾之间的联通机制很可能是未来5年交易量的主要来源。

It may not be long before China links its exchanges with stock markets outside Asia. Charles Li,Hong Kong Exchanges and Clearing chief executive, floated the idea of linking China’s boursesdirectly with those in the US and Europe late last year. Eugenie Shen, asset management headat Asia Securities Industry & Financial Markets Association, envisages that manyinvestment managers with a single base in New York or London would look to benefit from adirect trading link to China’s equities markets.

中国股市与亚洲以外股市的联通可能不需要等太久。去年末，香港交易所(HKEx)首席执行官李小加(CharlesLi)提出了将中国股市与美欧股市直接联通的想法。亚洲证券业与金融市场协会(ASIFMA)资产管理业务主管Eugenie Shen预计，很多在纽约或伦敦拥有单一总部的投资管理公司将希望受益于当地同中国股市的直接联通机制。

Ms Shen identifies operational problems stemming from the fact that China’s market would beclosed during the daytime in New York and, for the most part, London, too. Global fund housesthat have infrastructure and investment professionals in all leading financial locations would notfind this a setback but may not necessarily benefit either.

Eugenie Shen认为，运营问题在于这样的事实：在纽约日间(以及伦敦日间的很长时间内)，中国股市休市。在所有领先金融中心拥有基础设施和投资专业人士的全球基金公司，不会把这视为一种挫折，但可能也未必从中受益。

Ms Ng believes that more dialogue between exchanges will be positive. They will foster co-operation and operational conformity across diverse markets, she adds.

Cerulli Associates的吴尹认为，交易所之间的更多对话将起到积极作用。她补充称，这些对话将促进不同市场之间的合作和运行接轨。