中資銀行將參與黃金定價機制

The replacement for the near-century-old London gold fix will start in March, with the hope of attracting at least 11 members, including Chinese banks for the first time.

從今年3月開始，近百年曆史的倫敦黃金定盤價(London Gold Fix)將被取代。新的替代機制有望吸引至少11個成員的支持，其中首次包括了中資銀行。

UK financial authorities are undertaking an assessment of financial benchmarks in the wake of a series of scandals, including over the gold fix.

在發生涉及倫敦黃金定盤價的一系列醜聞之後，英國金融部門正在對各種金融基準指標開展評估。

The presence of Chinese banks would give the world’s second-largest consumer of the precious metal a greater say in the global gold price. Participants in the fix aggregate orders from clients on to a platform to determine the price.

中資銀行的出現會賦予全球第二大黃金消費國在全球金價方面的更大話語權。參與對黃金定價的銀行，會將來自客戶的訂單合併到一個平臺上，以確定金價。

“Interest has been very positive and creates a more diverse pool of participants, which includes Chinese banks,” said Ruth Crowell, chief executive of the London Bullion Market Association, a trade body for London’s gold and silver markets.

倫敦黃金和白銀市場的行業組織——倫敦金銀市場協會(London Bullion Market Association, 簡稱LBMA)行政總裁露絲•克羅韋爾(Ruth Crowell)表示：“有關方面的反響非常積極，這將帶來更加多元化的參與機構，其中包括了中資銀行。”

In October, China Construction Bank, the country’s second-biggest state-owned bank, was admitted as an ordinary member of the LBMA.

2014年10月，國有的中國第二大銀行中國建設銀行(China Construction Bank)被批准爲LBMA的普通成員。

Industrial and Commercial Bank of China and Bank of China are also members.

中國工商銀行(Industrial and Commercial Bank of China)和中國銀行(Bank of China)也同樣是該組織的成員。

London’s gold market is an over-the-counter market between buyers and sellers, while prices in China are set through trading on the Shanghai Gold Exchange.

倫敦黃金市場是買家和賣家間的場外(OTC)交易市場，而中國的金價是通過在上海黃金交易所(Shanghai Gold Exchange)的交易設定的。

However, the Financial Conduct Authority has yet to issue guidance about how it will regulate the new electronic auction, run by energy exchange operator Intercontinental Exchange, after banks opted out of a system that had been in place since September 1919 amid growing criticism that it favoured insiders.

然而，英國金融市場行爲監管局(Financial Conduct Authority，簡稱FCA)目前仍未發佈有關如何監管新的電子拍賣方式的指導意見。這種新的拍賣方式由能源交易所運營商——美國洲際交易所(Intercontinental Exchange)運營。在此之前，從1919年9月起使用的舊的金價機制面對越來越多的批評，被指有利於內部人士，這導致各銀行決定退出。

“Without clear guidance from the FCA now and forthcoming final rules, participants will be unable to gain internal approval to take part in the new process,” the LBMA said in a letter to the FCA. “If a significant number of participants cannot get approval to take part due to lack of regulatory clarity, there will be a disruption.”

LBMA在寫給FCA的信中表示：“沒有來自FCA的明確指導意見及尚未出臺的最終規則，參與機構將無法得到參與新定價流程的內部批准。如果大量參與機構由於缺乏監管透明度而無法獲批參與定價流程，新的定價機制將被打亂。”

The old telephone system of fixing the daily gold price presently involves only four banks.

舊的每日金價電話定價系統目前僅涉及四家銀行。

Last May, the system drew increasing scrutiny from regulators after Barclays was fined £26m for its failure to rein in an options trader who, in 2012, drove the gold price lower to avoid paying £2.3m to one of the lender’s clients.

去年5月，在巴克萊銀行(Barclays)被罰款2600萬英鎊之後，該系統受到監管機構日益嚴格的審查。巴克萊銀行被罰款的原因，是該行未能約束旗下一名期權交易員。這名交易員在2012年爲避免向該行客戶之一支付230萬英鎊，曾故意壓低黃金價格。