市场对沪港通似未准备好
Asian banks and investors have asked regulators for a month’s notice before the start of the Shanghai-Hong Kong stock connect, throwing more doubt on the launch date of the equity trading scheme.
亚洲的银行和投资者已恳请监管机构提前一个月通知沪港通的开通时间，给该机制的正式启动日期笼罩上了更多的疑云。The stock connect is the most significant development in the opening of China’s domestic markets in years, giving global funds far easier access to mainland shares by removing the need for an investment licence.
沪港通项目是中国在开放国内市场方面多年来最重大的进展，通过取消申请一项投资许可的环节，它将让国际资金更方便地进入中国内地股市。
The project will also allow mainland investors to buy Hong Kong-listed equities directly, boosting trading volumes in both markets.
该项目还将允许内地投资者购买在香港上市的股票，对沪港两个市场的交易量均能起到提振作用。
Many investors and analysts say the stock connect will pave the way for China to be added to international benchmark indices – such as those compiled by MSCI and FTSE – bringing Chinese markets a big step closer to integration with the rest of the global financial system.
许多投资者和分析师表示，沪港通将为中国股票被纳入国际基准股指——比如摩根士丹利资本国际(MSCI)和富时(FTSE)编制的股指——铺平道路，让中国股市朝着与全球金融体系接轨迈出大大的一步。In the six months since the scheme was announced, investors, brokers and banks have been working furiously to build the technical and legal systems needed to handle the complexities of the programme.
在建立沪港通机制的消息宣布后的6个月里，投资者、券商和银行都在紧锣密鼓地做着准备，以创建应对该项目复杂状况所必需的各种技术和法律制度。However, lingering uncertainties over various issues – including the taxes on share gains and the custody of assets – have caused concerns for many of those involved, especially asset managers.
然而，目前许多问题仍然没有确定的答案，包括股票收益税、资产托管等，导致许多相关方面（特别是资产管理公司）产生担忧。In a letter dated October 17, the head of the Asian Securities Industry & Financial Markets Association (Asifma) urged Hong Kong regulators to provide sufficient notice before the project was formally launched.
亚洲证券业与金融市场协会(ASIFMA)的负责人日前已致信香港证监会，要求在该项目正式启动前提前足够长的时间发出通知。信上的日期为10月17日。“We believe a month’s notice would be reasonable and prudent,” wrote Mark Austen, Asifma chief executive, in a letter to Hong Kong’s Securities and Futures Commission seen by the FT.
根据英国《金融时报》看到的信件内容，该协会行政总裁马克•奥斯汀(Mark Austen)写道：“我们认为，提前一个月通知是合理和谨慎的。”“We as an industry are strong supporters of the stock connect project and are very committed to having a successful launch,” he added.
他接着说道：“作为一个行业，我们强烈支持沪港通项目，并致力于该项目的成功启动。”Asifma represents some of the largest asset managers operating in Asia, including BlackRock, Schroders and Amundi, as well as global investment banks, law firms and rating agencies.
该协会成员包括一些在亚洲运营的大型资产管理公司，如贝莱德(BlackRock)、施罗德(Schroders)和Amundi，还有跨国投行、律师行和评级机构。Market participants had originally been working towards an October 27 launch. As that date has drawn closer, members of Asifma have raised concerns that too many issues remain unresolved.
市场参与者一开始是按照项目10月27日启动的目标准备的。随着这一日期临近，该协会一些成员就许多问题仍未解决表示了担忧。The letter, first reported by Reuters, goes on to say that anything less than two weeks’ warning “could well mean that participation in the stock connect launch will be limited”.
率先由路透(Reuters)报道出来的这封信接着说，如果提前不到两个星期通知，“很可能意味着投资者对沪港通启动的参与度将是有限的”。Charles Li, chief executive of Hong Kong Exchanges & Clearing, has played down the idea that a launch is imminent, saying last week there is no set timetable.
港交所(HKEx)行政总裁李小加(Charles Li)的说法给有关沪港通启动在即的看法泼了冷水，他上周表示，目前没有确定的时间表。The Shanghai-Hong Kong stock connect is not just a milestone for investors but also a big opening of China’s capital account.
沪港通不仅对投资者是件大事，也标志着中国资本账户开放迈出了一大步。It was revealed in a high-profile speech by Li Keqiang, Chinese premier, in April, an indication of its political backing. Mr Li is on a tour of Europe, leading to speculation that the scheme will be launched on his return.
今年4月，李克强总理在一次备受瞩目的讲话中宣布了沪港通项目，凸显出该项目得到政治上的支持。在李克强近日访欧期间，有人猜测，沪港通项目将在他出访归来后启动。
