中国企业进入铁矿石掉期交易市场

luwei

中国企业已开始在新兴的衍生产品市场进行铁矿石交易，这进一步表明，中国政府可能正在为摆脱年度铁矿石价格谈判的基准体系做准备。

铁矿石掉期协议能够让参与者对冲铁矿石现货市场上的风险。如果铁矿石生产商和中国钢铁制造商未能达成2009-2010年基准价格协议，这种衍生工具的重要性将凸显出来。

交易员和经纪商告诉英国《金融时报》，多达7家中国贸易公司参与了掉期交易市场，同时，至少还有一家中国钢企有可能在本月底前涉足这一市场。

中国企业参与之前，新加坡交易所(singaporeexchange)和欧洲最大的独立结算公司lch.clearnet已在一个月前开始为铁矿石掉期交易提供结算服务。

集中结算十分重要，因为到目前为止，私下进行、双边场外交易的掉期协议买、卖双方，都承担着对手方违约风险，这妨碍了很多公司与中国的交易。

“过去一个月有好几家中国公司进入这一市场，”伦敦航运投资者服务公司(freightinvestorservices)铁矿石经纪人迈克尔·盖拉德(michaelgaylard)表示。

铁矿石经纪商drybulk的负责人克莱夫·默里(clivemurray)补充称，中国企业进入铁矿石掉期市场是“一种非常好的进展，表明它们正与时俱进，进一步接纳风险管理的理念”。

瑞士信贷(creditsuisse)和德意志银行(deutschebank)一年前推出了第一份现金结算的铁矿石掉期交易合约，目前，铁矿石定价出现了结构性变化的可能性——即基于现货价格而不是年度基准协议价格。包括摩根士丹利(morganstanley)和巴克莱资本(barclayscapital)在内的其它银行也已跟进。高盛(goldmansachs)等另外一些银行也打算开始铁矿石掉期交易。

今年中国钢铁工业协会代表中国钢铁企业与力拓(riotinto)、必和必拓(bhpbilliton)及淡水河谷(vale)之间的基准价格谈判尤其曲折，目前仍然处于僵局，最后期限可能是6月30日。

luwei

financial times: chinese moving into iron ore swaps
by javier blas in london
published: june 5 2009 03:00 | last updated: june 5 2009 03:00
chinese companies have started trading iron ore in the nascent derivatives market in a further sign that beijing could be laying the ground to move away from the benchmark system of annual iron ore prices.
the iron ore swaps allow participants to hedge exposure to the physical iron ore spot market. the derivatives could gain importance if miners and chinese steelmakers fail to reach an agreement over 2009-10 benchmark prices.
traders and brokers told the financial times that up to seven chinese trading companies were participating in the swaps market and that at least one china-based steelmaker was likely to join the market before the end of the month.
the arrival of chinese companies comes after the singapore exchange and lch.clearnet, europes largest independent clearing house, started clearing iron ore swaps a month ago.
central clearing is important because until now, buyers and sellers of the private, bilateral over-the-counter swaps bore the risk of their counterparties defaulting, deterring many from dealing with china.
more than a handful of chinese counterparties have come to the market in the last month, said michael gaylard, an iron ore broker at freight investor services in london.
clive murray, head of london dry bulk, the iron ore brokers, added that the entry into the iron ore swaps market of chinese companies linked to the steel industry was a fantastic development and signals that they are moving forward with the times and embracing the concept of risk management further.
the likelihood of a structural change to price iron ore sales based on spot prices rather than annual benchmark settlements comes a year after the launch of the first cash-settled ore swap by credit suisse and deutsche bank. other banks, including morgan stanley and barclays capital have since joined. others, such as goldman sachs, aim to start trading iron ore swaps.
benchmark negotiations between chinese steelmakers, led by the china iron and steel association, and miners rio tinto, bhp billiton and vale, have been particularly tortuous this year and remain deadlocked ahead of a potential deadline on june 30.
there are signs that bhp billiton is pushing for a move to quarterly pricing, based on the spot market, and away from the traditional benchmark system, which has been the cornerstone of the industry for the past 40 years.

封神老沙

引用：

luwei 发表于 2009-6-5 11:49
中国企业已开始在新兴的衍生产品市场进行铁矿石交易，这进一步表明，中国政府可能正在为摆脱年度铁矿石价格谈判的基准体系做准备。

铁矿石掉期协议能够让参与者对冲铁矿石现货市场上的风险。如果铁矿石生产商和中...

这让我想起国内推出钢铁期货前的激辩，不同意推出的第一个理由是无法控制产品质量，无法顺利交割。

能作为理由的就说说，一看就不能做理由的非说出来也不干啥？历史每向前走一步都异常的艰难，果真。

封神老沙

我们习惯按部就班，潜意识里就是社会要稳定，再稳定，再再稳定，最后死水一潭。

多想想如何快速适应形势变化不好吗？因为内外形势你无法阻挡，除非你放弃开放。

有既得利益的原因另说。