【英语财经】新加坡交易所延揽前中信证券高管 Singapore Exchange hires Citic exec for China derivatives push

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2014-5-9 07:07

小艾摘要: SGX, the Singapore exchange, has hired a top executive at China’s Citic Securities International to head a new office in Hong Kong as part of a focus on drumming up business in Asia amid intensifying ...
Singapore Exchange hires Citic exec for China derivatives push
SGX, the Singapore exchange, has hired a top executive at China’s Citic Securities International to head a new office in Hong Kong as part of a focus on drumming up business in Asia amid intensifying competition from exchanges in China.

Ringo Chiu, former chief operating officer at Citic Securities International, will join the Singapore bourse in a newly created job based in Hong Kong that will focus on derivatives, three people familiar with the matter said. SGX has a sales office in Beijing.

Mr Chiu is also a former chief information officer at the Securities and Futures Commission, Hong Kong’s financial watchdog.

Citic Securities International is the arm of the Citic Securities group responsible for spearheading the broker’s expansion outside China. Hong Kong is home to around 50 Chinese futures brokers licensed to conduct futures business on global exchanges.

The move by SGX highlights its increasing focus on generating business from Chinese customers – as its western rivals CME Group and IntercontinentalExchange are also doing.

This week SGX said it would launch nine more commodity derivatives contracts over the next two months in coal and iron ore, after reporting record monthly volume in iron ore futures, its most active commodity derivatives contract.

The Singapore bourse, which earns around 28 per cent of group revenues from derivatives, plans to use Mr Chiu’s appointment in particular to attract business from retail investors. That is the same strategy pursued by SGX’s rivals on the Chinese mainland, as well as by Hong Kong Exchanges & Clearing (HKEx).

HKEx and the London Metal Exchange last month unveiled the first set of new products that will be offered on the London bourse since it was acquired by HKEx last year. They are renminbi-denominated futures for zinc, copper and nickel, and a US dollar contract for thermal coal.

The contracts are smaller than derivatives ones aimed at institutional investors. Such smaller contract sizes are typical of the soyabean and iron ore futures contracts listed on the Dalian Commodity Exchange, reflecting the relatively large share of trading in derivatives by Chinese retail investors on the mainland.

SGX, whose derivatives markets are used mostly by institutional traders, aims to use its Hong Kong office to tap into the same retail market in China, one person said, as demand from Chinese traders, especially for commodity derivatives, is set to grow.

Subject to regulatory approval it will introduce options-on-futures for iron ore and freight next month, adding coking coal derivatives based on key export and import price indices in July. The same month will see the launch of Asian thermal coal derivatives.

SGX has in recent months been building closer ties with Chinese exchanges, including signing in March a memorandum of understanding with the Dalian bourse to explore co-operation including development of new commodity derivative products.

That followed a similar deal with the Shanghai Futures Exchange in October to explore joint development of derivatives for energy, metals, chemicals and commodity indices.

新加坡交易所(SGX)聘请了中国中信证券国际(Citic Securities International)的一名前高管,由其挂帅香港的一个新办事处,此举是新交所在来自中国同行的竞争不断加剧之际拓展亚洲业务的一部分。

三名知情人士称,中信证券国际前首席运营官赵国强(Ringo Chiu)将加盟新加坡交易所,担任常驻香港的上述新职务,专注于衍生品业务。新交所目前在北京有一个销售办事处。

赵国强也是香港金融监管机构——证券及期货事务监察委员会(Securities and Futures Commission)的前首席信息官。

中信证券国际是中信证券集团的一个分支,负责带头推进这家券商在中国境外的扩张。香港有大约50家中国期货经纪商,他们有资格在全球交易所开展期货业务。

新交所此举凸显其越来越着重于争取中国客户的业务;其西方竞争对手芝加哥商品交易所集团(CME Group)和洲际交易所(Intercontinental Exchange)目前也在这么做。

新交所本周表示,未来两个月期间将推出九只新的煤炭和铁矿石大宗商品衍生品合约,此前其最活跃的大宗商品衍生品合约——铁矿石期货——创下月度交易量纪录。

在新加坡交易所的集团营收中,大约28%来自衍生品。该所计划借助赵国强的任命,招揽散户投资者的业务。这也是新交所在中国内地的竞争对手以及香港交易所(HKEx)在奉行的战略。

香港交易所和伦敦金属交易所(LME)上月宣布了自LME去年被港交所收购以来的第一批新产品。这些产品将由LME提供,它们包括人民币计价的锌、铜和镍期货,以及一只美元计价的动力煤合约。

这些合约在规模上小于针对机构投资者的衍生产品。此类较小的合约规模在大连商品交易所上市的大豆和铁矿石期货合约中比较常见,反映中国内地散户投资者在衍生品交易中占相对较大份额。

新加坡交易所的衍生品市场目前大多被机构投资者利用。一名知情人士称,该交易所计划借助其香港办事处进军中国的散户市场,因为中国交易者的需求(尤其是对大宗商品衍生品)势必增长。

待监管部门批准后,新交所将在下月推出铁矿石和运费的期货期权,7月增加基于主要出口和进口价格指数的焦煤衍生品。同月将推出亚洲动力煤衍生品。

新交所在最近几个月与中国同行建立了更紧密的关系,包括在3月与大连商品交易所签署一份谅解备忘录,以探索合作机遇,包括开发新的大宗商品衍生产品。

在那之前,新交所在去年10月与上海期货交易所达成类似协议,以探索共同开发能源、金属、化工和大宗商品指数等的衍生产品的机会。

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