Yet the deal is about more than that. Assuming it is approved by LME shareholders, it signals the start of a shift away from the west to Asia in how prices are fixed between buyers and sellers – a process known as “price discovery.
然而,这笔交易还具有更深远的意义。假设交易获得伦敦金属交易所股东的批准,这表明,买家和卖家之间的价格确定过程(即“价格发现)已开始从西方转移到亚洲。
For exchanges, where much of that price discovery takes place, this is an important moment. For more than a century, Chicago, with its noisy pits, was the place where prices were set and hedged by farmers and commercial buyers of wheat. The same was true of crude oil at the New York Mercantile Exchange. London also has its massive oil market and the LME, where global benchmarks are set daily in the prices of copper, aluminium and zinc.
对于交易所——交易所是价格发现的重要场所——而言,这是一个重要时刻。100多年来,芝加哥是农民和小麦商人确定价格并进行相应对冲的地方,各个交易场所里向来熙熙攘攘。在纽约商品交易所(New York Mercantile Exchange),原油的价格在这里确定。伦敦也拥有大规模的石油市场,还有伦敦金属交易所,每日铜、铝和锌的国际基准价格就是在这里确定的。
It has taken an Asian exchange – with no previous record of acquisitions – to land the last remaining prize in the exchange business and set that shift towards Asia in motion. HKEx’s western peers have spent much of the past two years entangled in a string of failed mergers – most recently, an attempt by NYSE Euronext, operator of the New York Stock Exchange, to combine with Deutsche B?rse. NYSE Euronext was among the losing bidders for the LME, withdrawing after deciding that the auction had bid the LME’s price up too far.
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