港交所2012年收購了LME。相片:iStock

倫敦金屬交易所(LME)亞洲金屬論壇7日在香港舉行,香港交易所在會上透露,正在尋求與廣東省政府達成合作,在粵港澳大灣區試點,設立金屬倉庫。LME在亞洲各地共有10個倉庫,但在中國內地尚未設立。

每年舉辦的LME亞洲年會是港交所公開活動的重頭戲,為其大宗商品發展造勢。自港交所2012年收購LME以來,今年是LME亞洲年會第六次在香港舉辦。這一筆收購交易是港交所並購國際金融基礎設施的第一步,不過市場仍然記得達到180倍市盈率的收購價格當年引起的諸多爭議。

港交所行政總裁李小加在7日會議上舊事重提,稱有人認為在香港發展大宗商品市場是痴人說夢,因為確實沒有大宗商品的基因,但收購LME的重要意義在於中國在大宗商品定價權上的影響,港交所希望與內地共同發展LME業務,並逐步佈局商品通戰略。

港交所在最近發佈的三年戰略規劃再次提到了商品通,包括「現貨通」、「期貨通」和「倫港通」,港交所目前正準備推出LME的小型期貨合約產品,以現金結算,從而帶動貨幣產品的發展,鞏固港交所的大宗商品交易屬性。

香港已經有非常成熟的股票市場,李小加表示,希望在股票市場以外,拓展大宗商品與外匯市場,服務未來二十年香港資本市場的功能轉型。其中,大宗商品發展戰略包括兩部分,即與內地交易所互聯互通、互掛互惠的期貨戰略,以及「走出去買、走出去建」的現貨戰略。

基於這個戰略,除了從外面買回來的LME,港交所還自己建立了前海聯合交易中心(QME),於2018年10月在深圳正式開始試點營運,首筆交易的氧化鋁以每噸3,030元人民幣成交,幫助內地市場建立可信的氧化鋁現貨基準價格,未來還將擴展至銅以及其他金屬種類。

LME是全球基本金屬最權威的定價中心,掌握著全球基礎金屬交易80%的市場份額,其價格和庫存對世界範圍的有色金屬生產和銷售有著重要影響。LME在亞洲多地設立了10個倉庫,但在中國內地尚未設立,導致不少中國企業需要支付大量運輸和倉儲成本。大宗商品的定價權建立在金屬存量之上,從完成LME的收購開始,港交所一直努力在內地建立倉庫,曾考慮選址上海自貿區,但是由於內地審慎的政策規定,未能獲批。隨著粵港澳大灣區規劃出台,目前港交所正在此方向上尋求突破。

香港交易所主席史美倫當天的會上透露,港交所可以幫助中國取得長期大宗商品的全局定價權,不過也要和內地監管者達成共識,才能取得更大的發展,目前正在與廣東省政府對接LME倉庫網絡建設,以大灣區為試驗田,設立金屬倉庫,從而擴大LME全球倉儲網絡,減少內地交易者的壓力、倉儲費用及風險。李小加也表示,正在跟廣東省政府積極溝通,「這顯然不是一件容易的事,但我們希望能夠實現一定的突破,尋找途徑在大灣區內推出試點計劃」。

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