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Nasdaq is planning an extended fee holiday to tempt traders to its new energy market, mounting an aggressive challenge to the two reigning oil and gas futures exchanges.
纳斯达克(Nasdaq)计划推出一段较长的手续费减免期，以招徕交易员进入其新设的能源市场，此举对两家目前占据主导地位的石油和天然气期货交易所发起有力挑战。
The start-up Nasdaq Futures exchange plans to launch 28 energy contracts at midyear as it diversifies beyond stock trading. Bob Greifeld, Nasdaq chief executive, has argued energy markets are a “monopoly” dominated by CME Group and Intercontinental Exchange.
新设立的纳斯达克期货交易所计划在今年年中开始推出28种能源合约，目的是推动业务多元化，使其超出股票交易的范畴。纳斯达克首席执行官鲍勃•格雷菲尔德(Robert Greifeld)表示，能源市场目前是一个被芝加哥商品交易所集团(CME Group)和洲际交易所（Intercontinental Exchange, 简称：ICE）控制的“垄断市场”。
“The exchange will assess no transaction fees for energy products to any market participant during the initial nine months,” Nasdaq said in a regulatory filing. Options Clearing Corp, of Chicago, which will settle the trades, will also suspend clearing fees for nine months, the filing said.
“在最初的9个月，该交易所不会计算任何市场参与者的能源产品交易费，”纳斯达克在一份监管申报文件中表示。该申报文件还表示，总部位于芝加哥、负责结算交易的期权清算公司(Options Clearing Corporation)也将暂停收取结算费用9个月。
According to FIA, an industry body, 1.16bn energy futures and options contracts were traded worldwide last year. CME and ICE together generated about $1.2bn in energy revenue last year.
据美国期货业协会(Futures Industry Association)的数据，去年全球共交易11.6亿份能源期货和期权合约。CME和ICE去年共产生了大约12亿美元的能源收入。
Nasdaq’s efforts illustrate the difficulty of grabbing market share from established futures exchanges. Traders tend to flock to the deepest markets where they can enter and exit without moving prices. CME and ICE also require contracts executed on their exchanges to be processed at their own clearing houses, inhibiting movement across venues.
纳斯达克的举措突显了从老牌期货交易所抢夺市场份额的难度。交易员们倾向于涌入最具深度的市场，因为他们在那里可以在不影响价格的情况下进出市场。CME和ICE还要求在各自交易所执行的合约在其自营的结算公司处理，这抑制了在交易所之间的迁移。
CME and ICE are locked in a battle already in the energy market, both listing identical contracts such as Brent crude, Henry Hub natural gas and gasoline. Richard Repetto, analyst at Sandler O’Neill, said of Nasdaq’s venture: “It’s got an uphill battle. You have two strong incumbents in one of the few highly competitive product lines in futures.”
CME和ICE已经深陷一场能源市场之争，两者推出实际上相同的合约，如布伦特原油(Brent crude)、Henry Hub天然气和汽油。投资机构Sandler O'Neill & Partners分析师理查德•雷佩托(Richard Repetto)谈到纳斯达克的新期货交易所时说：“它面临着一场艰苦的战斗。在期货市场竞争最激烈的产品线之一，目前已经有两个强大的老牌对手。”
A top CME executive told analysts last week that he was “absolutely, acutely concerned” about the threat from Nasdaq. But Derek Samman, CME’s global head of commodities and options, added that Nasdaq was moving into a sector “with two very robust, competitive, dynamic market participants already”. ICE declined to comment.
一名CME高管上周告诉分析师称，他对来自纳斯达克的威胁绝对感到“强烈担忧”。但是，CME大宗商品和期权产品全球主管德里克•萨曼(Derek Samman)补充称，纳斯达克正进入一个“已经拥有两个非常强劲、具有竞争力、活力十足的市场参与者的”领域。ICE拒绝置评。
Nasdaq will also pay a stipend to market makers committed to buy and sell energy futures above certain volumes, according to another filing. Exchanges commonly use incentives, such as volume-based rebates, to attract market participants.
另一份监管申报文件显示，纳斯达克还将向承诺买入和卖出能源期货达到一定量以上的造市商支付津贴。交易所通常会利用激励措施（比如基于交易量的回扣）来吸引市场参与者。
Energy futures tend to generate higher fees for exchanges than financial futures tracking interest rates and stock indices. The collapse of oil prices in the past year has also spurred airlines, energy companies and hedge funds to add positions. Open interest in ICE’s Brent contract last month topped 2m contracts.
能源期货为交易所带来的收费收入往往高于那些追踪利率和股票指数的金融期货。过去一年油价崩盘也促使航空公司、能源公司及对冲基金进行补仓。上个月，ICE布伦特原油合约的未平仓合约超过200万份。
When Nasdaq announced its energy futures market in March, Mr Greifeld said he would halve costs for traders. More than a dozen brokers, proprietary trading firms and physical commodity traders including Goldman Sachs and Virtu Financial have signed on to the exchange. Mr Greifeld said in March: “We believe monopolies are against the natural order of competitive forces.”
当纳斯达克于3月宣布其能源期货市场时，该交易所CEO格赖费尔德称，他将为交易员削减一半的费用。包括高盛(Goldman Sachs)和Virtu Financial在内的十多家经纪商、自营交易公司及实物大宗商品交易商已签约加入该交易所。格赖费尔德曾在3月称：“我们相信垄断是违背竞争力的自然秩序的。”
