交易清淡打击港交所业绩

Daily trading volumes on the Hong Kong stock exchange plunged to less than HK$50bn a day in the third quarter, levels last seen in the depths of the global financial crisis, as investors were scared off by economic and political uncertainties.

香港交易所第三季度每日成交额大幅跌至不到500亿港元，清淡程度为全球金融危机最严重时期以来所未见。投资者被各种经济和政治不确定性吓退。

Blaming the poor market activity, Hong Kong Exchanges and Clearingon Wednesday reported profits that were down by one-fifth in the third quarter compared with the same period last year, underlining the rationale behind the exchange’s deal to buy the London Metals Exchange and diversify its revenues.

将原因归咎于市场活动不振的香港交易及结算所有限公司(Hong Kong Exchanges and Clearing)，昨日公布第三季度利润同比下降五分之一，突显该交易所协议收购伦敦金属交易所(LME)、以扩大其营收来源的理由。

Charles Li, chief executive, also highlighted HKEx’s push into more renminbi-related products and its launch of a clearing house for over-the-counter derivatives.

行政总裁李小加(Charles Li)还着重介绍了港交所开拓更多人民币相关产品的努力，以及该交易所将为场外交易的衍生品成立一个结算所。

“For the first three quarters of 2012, we experienced weak fundraising and trading activities amidst economic uncertainties around the world, he said. Nevertheless, our strategic initiatives?.?.?.?began to bear fruit which I believe will significantly enhance our competitive position.

“2012年前三个季度，受全球各种经济不确定因素影响，我们经历了筹资及交易活动疲弱的局面，他表示。“不过，我们的战略举措……开始产生果实，我相信这将显著增强我们的竞争地位。

He added that the deal for the LME was expected to close in the final quarter of this year.

他补充称，收购伦敦金属交易所的交易预计可在今年末季完成。

HKEx recorded profits before tax of HK$1.2bn (US$155m) in the third quarter, marginally ahead of market expectations but down 20 per cent from the HK$1.5bn recorded in the same period last year. Over the first nine months, profits were 16 per cent lower at HK$3.8bn.

港交所公司报告第三季度实现12亿港元（合1.55亿美元）税前利润，微幅超出市场预期，但比去年同期录得的15亿港元下降20%。今年前9个月期间，利润同比下降16%，为38亿港元。

The results came on the back of average daily stock trading volumes that were down 36 per cent in the third quarter to HK$46.4bn, the worst quarterly activity levels since the HK$44.7bn seen in the first quarter of 2010.

这些业绩的背景是，第三季度平均每日成交额下降36%，至464亿港元，成为自2010年首季（447亿美元）以来最低迷的季度。

Quarterly futures trading activity was down 20 per cent and activity in options was 39 per cent lower, while the volume of new listings on the exchange for the first nine months declined 46 per cent to HK$195.8bn.

第三季度期货交易活动下降20%，期权交易活动下降39%，而前9个月期间在港交所上市的筹资总额下滑46%，至1958亿港元。

Since the US Federal Reserve launched its latest round of quantitative easing in September, market volumes have picked up as more money has flowed into Hong Kong, prompting the Hong Kong Monetary Authority to intervene to weaken the local currency. But market trading volumes remain below levels seen in the final months of last year, according to Bloomberg data.

自美联储(US Federal Reserve)在9月份启动最新一轮量化宽松以来，随着更多资金流入香港，市场成交量有所抬头，同时也促使香港金融管理局(HKMA)出手干预，以便压低港元。但根据彭博(Bloomberg )数据，市场成交额仍低于去年最后几个月的水平。

The Hong Kong exchange has had its worst year for initial public offerings since before the financial crisis. Between 2010 and 2011, it was the leading exchange in the world for new companies raising equity funding, but has dropped to fifth place primarily due to the ending of a run of Hong Kong listings by large Chinese state-run enterprises.

今年是从金融危机爆发前以来港交所在首次公开发行(IPO)方面最清淡的一年。2010年至2011年期间，港交所是全球新上市公司筹资金额最高的交易所，但现已跌至第五位，主要是由于中国内地大型国营企业结束了一波赴港上市行动。

PICC, the insurance company, is expected to press ahead with its $3bn-$4bn IPO in Hong Kong this month, which would be by some margin the largest deal this year.

预计中国人保(PICC)将推进本月在香港进行30亿至40亿美元IPO的计划，这将是今年最大规模的上市活动。