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【财经新闻】Asia´s oldest stock exchange fights for survival亚洲最古老的证券交易所为生存而

(2011-05-24 19:21:20)
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杂谈

分类: 经济新闻

以下均为社员原创翻译,欢迎分享转载,未经本社同意,不得随意复制、抄录。谢谢合作

May 19th 2011 | MUMBAI| from the print edition 

【财经新闻】Asia´s <wbr>oldest <wbr>stock <wbr>exchange <wbr>fights <wbr>for <wbr>survival亚洲最古老的证券交易所为生存而

Asia´s oldest stock exchange fights for survival

亚洲最古老的证券交易所为生存而斗争

                              

JAWAHARLAL NEHRU, India´s first prime minister, decried those "who sit in stock exchanges, shout at one another and think themselves civilised."Today the barbarians aren´t confined to the bourses. In Mumbai one specimen can be found in a café near the Gateway of India, a landmark, wearing flip-flops and in the manner of a bored zillionaire yapping with his broker on his mobile phone while tapping a laptop alive with share prices. He is not alone. IIFL, a big Indian brokerage firm, has more than 1m customers and operates in over 500 cities and towns. Some $30 billion of equities are now traded in India in a typical day, either through cash deals in shares or by using derivatives. The majority of this activity is by foreigners, rich individuals and retail investors.

印度首任总理贾瓦哈拉尔尼赫鲁谴责那些 坐在在证券交易所,互相叫嚣并认为自己很文明的人。今天的野蛮人并不仅仅存在于股市。在孟买一个靠近印度网关的咖啡馆里可以找到这样一个标本。一个具有代表性的形象是,穿着拖鞋的、无聊的亿万富翁一边通过手机对他的经纪人吼叫,一边敲击手提电脑与股票价格保持同步。他并不孤单。 IIFL是印度的一个大型经济公司,拥有100多万客户并在500多个城市和城镇运作。现在每一个普通日都有大约300亿美元的股票在印度交易,无论是通过现金进行股份交易还是使用衍生工具。这项活动的大部分参与者是外国人,富有的个人和散户投资者。

 

That all suggests a bonanza for stock exchanges. Yet a stroll a few blocks away to the country´s once-dominant Bombay Stock Exchange (BSE), established in 1875, shows the truth is stranger. The BSE´s 1970s tower looks tired insideon the walls of the warren-like corridors there are no-spitting signs-but not as exhausted as the bourse´s market share, which has slipped to about 25% in cash trading and below 5% if derivatives are included too. Its lunch has been stolen by the National Stock Exchange (NSE), established in the 1990s, brilliantly run and unencumbered by the BSE´s clubby traditions. From a glass and steel campus in the north of Mumbai, its boss, Ravi Narain, insists that the two firms´ rivalry is of the Coke and Pepsi kind. But in truth many financial types doubt the older exchange will survive.

这一切都表明证券交易所是一座富矿。曾由国家经主导的孟买证券交易所(BSE)成立于1875年,然而漫步在它之外的几个街区,显示出的真相却让人感到陌生。这个建于20世纪70年代的高塔内部看上去疲惫不堪,拥挤的走廊墙上没有痰迹,但还不像股市份额那样疲软不堪。交易所的现金交易已经下滑到25%左右,如果将衍生工具包括在内则低于5%。成立于20世纪90年代的国家股票交易所(NSE)偷走了它的午餐,这个交易所运行出色并且丝毫不被BSE的俱乐部传统妨碍。拉维卡菲基恩是一个位于孟买北部的玻璃和钢公司的老板,他坚持认为两家公司的竞争就像可口可乐和百事可乐的竞争一样。但事实上许多经济形态怀疑老交易所是否能生存下去。

 

The NSE´s rise is mainly explained by its early mastery of derivatives contracts on individual stocks and equity indices. Barely existing a decade ago, derivatives now account for 85% of equity trading in India. There are some technical explanations for this convulsion, but most brokers reckon lower trading costs and the animal spirits of Indian citizens have much to do with it. In contrast to many countries there are few safeguards to keep out retail investors. Unleashed, Gujarat´s grannies are as mad for call options as Wall Street´s finest.

NSE的崛起,主要由于其对个别股票衍生品合约和股票指数的提早掌握。衍生产品的出现仅仅有10年时间,但是已经占据印度85%的股份交易。对于这个变动还有一些技术上的解释,但大多数经纪人的估计降低交易成本和印度公民的兽性也对它做出了不少“贡献”。与许多国家相反,这里还没有保障措施来阻止散户投资者进入股市。由于没有限制,古吉拉特邦的阿妈在认购期权上同华尔街最好的投资者一样疯狂。

 

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Advices of the translation and assistance are warmly welcomed. We are responsible for the imperfections that remain in the translation and would welcome and appreciate any feedback from our readers.

 

 

Translated by 川透社: 王烁

当日负责人:肖罗乐    责编:陈柏伊

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