TE||Whose price is it anyway?
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Whose price is it anyway?
究竟是谁在定价？
英文部分选自经济学人Finance and economics版块
Stock exchanges
证券交易所
Whose price is it anyway?
究竟是谁在定价？
India’s and Singapore’s bourses tussle over who owns market data
印度和新加坡的交易所之间的争斗焦点在于谁掌控着市场数据。
BUYING and selling shares in India is not for the faint of heart. Its own central-bank governor reckons equity capital is taxed up to five times. Never fear. There is a well-established alternative. Investors can just as easily buy financial instruments that track share prices but are not themselves shares. Such “derivatives” are used across the world to mirror markets in everything from platinum to pork bellies. But they also raise awkward questions: can the exchange that generates prices by matching buyers and sellers stop a rival using the data to create its own derivatives?
在印度交易股票买卖并不适合谨小慎微的人。印度央行行长表示股本的税收高达五倍。股民们不必惊慌，有一个替代方案，行之有效：投资者们很容易购买到追踪股价的金融工具。这些衍生品在全球范围内使用来反应市场情况，无论是白金还是猪肉。但它们同样带来了棘手的问题：通过撮合买卖双方制造成交价格的交易所是否能阻止竞争对手使用这些数据建立自己的衍生品？
注：the faint of heart：
lacking the courage to face something difficult or dangerous
A quarrel between the Singapore Exchange (SGX) and the National Stock Exchange (NSE) in Mumbai touches that very issue. Since 2000 global investors wanting exposure to Indian shares but not Indian red tape and tax have gone via SGX. Under a licence from NSE, punters could trade a derivative linked to the Nifty 50, an index which is to India what the FTSE 100 is to Britain or the S&P 500 is to America.
新加坡交易所和孟买国家证交所之间的一场争论就存在这个问题。2000年以来，全球投资者们有意进入印度股票市场，但想省去其“繁文缛节”，避免纳税，现已通过新加坡交易所得以实现。经国家证交所许可，投资者可以依据Nifty 50指数来交易衍生品，Nifty 50指数之于印度就如富时100指数之于英国，标准普尔500指数之于美国。
Because the contract paid out the value of the Nifty on a given date, arbitraging algorithms run by outside traders ensured the derivative tracked the index closely: buying the Nifty in Singapore or Mumbai amounted to much the same thing. But in February NSE ended the arrangement. It now thinks all trading can happen in India thanks to new regulatory arrangements that make it just as amenable to global capital as Singapore.
因为按合同在给定的日期支付了Nifty的市值，场外交易商通过套利交易算法确保金融衍生工具时刻掌握Nifty指数动态：在新加坡或者孟买购买价格相当的产品。但是孟买国家证交所在二月份终止了这项合约。目前市场上普遍认为，多亏了新管理方法，所有贸易都可以在印度进行，印度从而和新加坡一样，易受全球资本的影响。
That claim is doubtful. In any event, SGX is clearly not keen to find out. Instead of licensing the Nifty brand and paying the NSE for a steady flow of data, as hitherto, SGX said it would switch to what is in effect a home-brewed duplicate. Whereas the “real” Nifty is designed to match the price of an underlying basket of 50 shares, the new product is designed to match the price of the Nifty derivative instead. It is, in other words, the derivative of a derivative.
此种说法是有待商榷的。在任何情况下，新加坡交易所明确表示不愿对其有所证实。迄今，新加坡交易所称与其要去获得Nifty品牌授权，并向孟买国家证交所支付固定数据流量费，它宁愿使用一个国产复制品。“货真价实的”Nifty指数是用来匹配一揽子50只股票价格的，而这项新产品则用以匹配Nifty衍生品价格。也就是说，它是一种衍生工具的衍生品。
That is just a fancy way of breaching copyright, the NSE argues. It owns the Nifty trademark and SGX’s product is but a thinly veiled clone of its own. SGX does indeed seem to be making no effort to differentiate itself. The marketing literature for its new derivative says it aims to track 50 shares that together represent 65% of the Indian market, just like the Nifty. The only difference is that it does not mention it by name.
国家证券交易所反驳这只是为侵犯版权扣了一顶冠冕堂皇的帽子，只是印上了Nifty商标，一眼能看的出来，新加坡交易所的产品只是以Nifty为原型的克隆品。新交所确实没做任何努力区分其新旧产品。这项新衍生品的市场宣传表示，它旨在于跟踪合计占据印度市场65%的50支股票，与Nifty如出一辙，唯一的区别是它没有以Nifty命名。
Thinly：in a way that does not hide the truth very well （容易识破的，显而易见的）
Lawyers on both sides are brushing up on intellectual-property law. An arbitrator in Mumbai is due to make a ruling by June 16th, though appeals are expected. SGX has some precedents on its side. In 2005 a New York judge ruled that ICE, a commodity exchange, had broken no law when it lifted publicly available energy prices from NYMEX, a rival, to fuel its own derivatives contracts. “Settlement prices are not copyrightable because they are facts, and not original, creative works,” he said.
双方律师都在重新研读知识产权法。孟买的一位仲裁员预计将于6月16日作出裁决，尽管上诉是意料之中的事。同时，新交所也有一些先例供其参考。2005年，洲际商品交易所对外提高其竞争对手---纽约商品交易所可用能源的结算价格，来促进自身衍生品合约的交易。纽约法官判决这一行为并不违法，他说，“结算是客观性的，不能创造，因此不受版权保护”。
Nobody is arguing against SGX’s right to set up a derivative on individual shares listed in Mumbai; it recently started doing just that. But tracking the whole Nifty requires using one monthly value, calculated by NSE, to “settle” the derivative. Arguably this calculation is closer to an art than publishing a single fact. American courts have found firms that provide such indices (for example, on which stocks are included) may indeed limit their outside use.
新加坡交易所(SGX)有权在孟买上市的个股设立衍生品，谁也不能反对。新加坡交易所(SGX）最近也就此付诸行动。但是，追踪整个Nifty指数，则需要使用孟买国家证券交易所(NSE)计算的一个月度数值，以完成衍生品的清算。可以说，这种计算更接近于一种艺术，而不是仅仅公布其结果那么简单。美国法院发现，提供此类指数的公司(例如，包括股票公司)可能确实会限制它们的外部用途。
Though the row hurts both sides, no deal seems in sight. MSCI, which crafts a popular emerging-markets index that guides the investment of trillions worldwide, has warned that trying to throttle the dissemination of price data would make it harder for money to flow into India. It has argued that stockmarkets are natural monopolies that should in effect be compelled to sell their prices to whoever wants them. Information wants to be free, but try telling that to those compiling the data.
尽管这场争论对双方都不利，但似乎没有达成协议的迹象。为全球数万亿美元投资提供指导的新兴市场指数——MSCI，已发出警示表明，试图遏制价格数据传播将加大资金流入印度的难度。它认为，股票市场先天就有垄断的特性，理论上市场会被驱使着把价格数据卖给任何想要得到它的人。信息想要自由流通，要尽量把这些讲给那些编译数据的人（这里指NSE）。
翻译组：
Yoga，女，政府行业，经济学人粉丝
Jasmine， 女 ，税收专业， 经济学人粉丝
Vivian，女，国际商务硕士， 经济学人粉丝
校核组：
Lucia ，女，翻译学硕士三年制，经济学人粉丝
Leon, 男，ANU finance在读研究生，经济学人铁粉
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观点|评论|思考
本次观点
由金融工程硕士Alan全权执笔
印度有21家地区性证券交易所以及两家最主要的交易所NSE和BSE，其中NSE是最大的现货交易市场和大宗商品交易市场。最主要的股指是Sensex和S&P CNX Nifty，分别占流动市值的45%和62%。
NSE想要就知识产权和SGX打官司这件事其实挺扯的。金融市场本身是为了更好地衔接借款人和贷款人而存在的，证券更是重中之重，可是想要在印度市场投资股票有很麻烦的流程，而且资本利得税和股息税都相当高，逼得投资者去隔壁新加坡买它家的Nifty衍生品了。（印度针对外国投资者征10%或15%的资本利得税，国内投资者征20%到35%资本利得税；新加坡针对国内国外投资者不征资本利得税）于是NSE希望通过不再授权给SGX Nifty的品牌代理业务和其实时数据，让投资者全部回到自己这里来。但是SGX发布了以Nifty衍生品作为标的资产的的衍生品，然后NSE状告SGX剽窃知识产权。
即使假设SGX不再能够发行这个衍生品了，印度证券业的繁复流程和高税率，还是会让众多投资者望而却步，而这会让Nifty这个印度最重要的资产标的的流动性大大减少。
金融市场和生态环境一样，提供了一个优胜劣汰的平台，让参与者决定哪些是好公司哪些是糟糕的公司，从而让资源能够流向最能产生价值的企业。但是现在高税率和繁复流程现在严重打击了“清道夫“们将市场变得更有效的激励。
我们在这里仅仅看到了对Nifty的影响。但是印度繁文缛节和针对证券业的高税率其实影响了印度所有的金融资产。根治的良方应该是印度政府创造更良好的金融市场投资环境，诸如降税、简化审批流程、建立全国性的信用体系等。
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