新加坡交易所有限公司旨在让欧洲投资者更便利地在其自身工作时间内交易亚洲债券。
Exchange Ltd. is aiming to make it easier for European investors to trade Asian bonds during their own working day.
对于欧洲的资金管理者而言，获得最佳价格通常意味着在清晨交易或在亚洲设立当地团队。从周二起，他们将能够使用新加坡交易所新设的一小时“流动性窗口”，旨在提升市场做市商和资产管理者在亚洲交易日后期的活跃度。
For money managers in Europe, getting the best prices usually means trading in the early hours of the morning or having staff on the ground in Asia. Starting Tuesday, they will be able to use the Singapore Exchange’s new one-hour “liquidity window” that aims to boost activity from market makers and asset managers later in the Asian trading day.
该窗口将于伦敦时间上午10点开放——即新加坡时间下午5点——作为新加坡交易所推动其债券期货成交量增长的一部分。
The window will open at 10 a.m. London time — 5 p.m. in Singapore — as part of SGX’s push to build volumes in its bond futures.
该交易所一直难以将其利率业务拓展至快速增长的日本政府 bond 期货以外。截至8月，除印度外，其所有新亚太合约的交易量均为零，凸显了在离岸市场建设亚洲债券流动性的挑战。
The exchange has struggled to broaden its rates franchise beyond its fast-growing Japanese government bond futures. Trading volumes across all of its new Asia-Pacific contracts, bar India, were at zero through August, underscoring the challenge of building offshore liquidity in Asian bonds.
“欧洲对交易这些市场有巨大需求，”新加坡交易所利率及衍生品主管William Chin在接受采访时表示。“他们不愿长时间加班，也不愿永久将团队迁至亚洲。”新加坡交易所今年早些时候已推出印度、印度尼西亚、泰国、马来西亚和菲律宾的政府 bond 期货，以及20年期日本期货。此次扩张发生在投资者对该地区兴趣增加之际，这源于日本加息以及亚洲市场波动性上升。
“There is a massive appetite in Europe to trade these markets,” William Chin, head of rates and derivatives at SGX, said in an interview. “They don’t want to be working crazy hours or have to relocate teams to Asia permanently.”SGX launched government bond futures for India, Indonesia, Thailand, Malaysia and the Philippines earlier this year, alongside 20-year Japanese futures. The expansion came amid increased investor interest in the region, following Japan’s interest-rate hikes and an uptick in volatility across Asian markets.
除了面向欧洲的举措外，交易所还将从周二起为印度投资者开放流动性窗口，时间为新加坡时间上午11点至下午12点30分，Chin如是说。
In addition to the European initiative, the exchange will also open a liquidity window for Indian investors from Tuesday, running between 11 a.m. to 12:30 p.m. Singapore time, Chin said.
这些举措旨在解决一个长期存在的问题：资产管理者在没有可见报价时不愿交易，而市场做市商则在需求不足时犹豫是否投入资本。通过将关注点集中在特定交易时段，而非要求全天候关注，Chin表示，新加坡交易所希望“打破这种鸡生蛋、蛋生鸡的循环”。
The initiatives aim to tackle a long-standing problem where asset managers don’t trade without visible pricing, while market makers hesitate to commit capital without enough demand. By “concentrating eyeballs” into set trading periods rather than requiring round-the-clock attention, Chin said SGX hopes to “break that chicken-and-egg cycle.”