洲际交易所集团在伦敦推出了新的黄金期货合约，此举旨在拓展这个以场外交易为主且由少数全球性大银行主导的黄金市场。
Exchange Inc. has launched new gold futures contracts in London, in the latest effort to expand trading in a market built on over-the-counter deals that’s dominated by a handful of global banks.
这家总部位于美国的交易所本周开始提供每日交割的100盎司黄金期货合约，其规格与伦敦现货交易所采用的大规格金条相匹配。同时，该交易所还推出了白银、铂金和钯金的每日期货合约。
The US-based exchange operator this week started offering daily 100-ounce gold futures, aligning the contracts with the large-format bars that underpin spot trading in London. It’s also launched daily futures for silver, platinum and palladium.
目前，全球最大的黄金市场仍由少数几家银行和经纪商掌控，它们主要进行现货交易及场外远期交易。相比之下，纽约和上海的黄金期货市场则发展得较为成熟。摩根大通和汇丰银行正是伦敦市场上最具影响力的两家机构。
The world’s biggest bullion market remains in the hands of a small network of banks and brokerages trading in spot contracts and over-the-counter forwards, while exchange-traded gold futures are well established in rival hubs in New York and Shanghai. JPMorgan Chase & Co. and HSBC Holdings Plc are two of the London market’s dominant players.
这种市场结构因透明度较低且准入门槛较高而饱受诟病，但过去一直很难建立起与之抗衡的期货交易平台。
It’s a system that’s been criticized for its relative opacity and high barriers to entry, but establishing a rival futures-based platform has proven challenging in the past.
2017年，伦敦金属交易所曾联合高盛集团和法国兴业银行等大型交易商推出黄金合约，初期交易活跃，但随后成交量持续下滑，最终于2022年终止交易。
The London Metal Exchange made inroads in 2017 with the launch of gold contracts backed by major dealers including Goldman Sachs Group Inc. and Societe Generale SA. After an initial burst of activity, however, trading volumes declined steadily and the contracts were discontinued in 2022.
洲际交易所本身也于2016年推出了相关期货合约；芝加哥商品交易所集团亦在2020年推出了针对伦敦100盎司金条的合约，旨在服务大型机构及投资者。然而，这两款产品均未能获得预期的市场反响。
ICE — which already runs the daily auctions that set the benchmark for bullion prices in London — also launched an associated futures contracts in 2016, while CME Group Inc. set up a contract in 2020 to support trading in London’s 100-ounce bars, which are favored by large institutions and investors. Both contracts struggled to gain traction.