Twenty years ago the world’s elite exchanges were clubby and obscure. Now their tentacles spread far and wide
二十年前世界顶尖交易所排外而低调。如今它们的触角四处蔓延

交易所巨头 Big fish-书迷号 shumihao.com

At the top of the food chain, with revenues at or exceeding $3bn, sit the giants: CME, Deutsche Börse, ICE and LSE. These have assured demand for big volumes, and will continue to reap the rewards of diversification. Two candidates are on the verge of promotion into the top league. Nasdaq, once famous only for its tech listings, now makes software that powers more than 130 other exchanges. HKEX enjoys the strongest tailwinds. It stands to win from China’s capital-market liberalisation, its growing tech nous and mainland firms’ desire to be closer to their home market. Geopolitics could also help, as Ant’s decision not to list in America may already show.
雄踞食品链顶端的是收入达到或超过30亿美元的巨头:芝商所、德交所、洲际交易所和伦交所。它们有对大宗交易的确切需求,并将继续通过多元化获得丰厚回报。另外两家交易所也有望很快跻身顶层团队。纳斯达克曾经只以科技股上市闻名,如今它开发的软件已为130多家交易所提供支持。港交所受到最强劲的顺风推动。随着中国资本市场不断开放、技术头脑不断增强,再加上中国大陆企业希望更贴近本土市场,它必将从中获益。地缘政治也可能成为助推因素,这从蚂蚁集团决定不在美国上市或许就已显现出来。

In time, Mr Li reckons, “almost all” Chinese companies listed in America will come back to Asia. Stock Connect, which makes up 7-8% of daily trading on HKEX, could end up accounting for a quarter of it. Being at the confluence of China’s rivers of capital and the sea of global funds should be a lucrative business. ■
李小加认为,“几乎所有”在美国上市的中国公司未来都会回归亚洲。沪港通和深港通现在占港交所日交易量的7%至8%,最终可能会扩大到四分之一。身处中国资本之河与全球资金之海的汇流处,理应钱途广阔。