经济学人299:德意志证券交易所和纽约泛欧证券交易所

 　　FOR the chief executives of Deutsche Boerse (DB) and NYSE Euronext, this week’s hobnobbing in Davos was strictly¹ business. A $9.5 billion plan to unite the two exchanges was derailed in early December when European Commission staff revealed they were likely to advise blocking it on competition grounds. The exchanges are lobbying hard to persuade the 27 EU commissioners² to ignore their staff and approve the deal. A decision is due to be made on February 1st.

　　对于德意志证券交易所和纽约泛欧证券交易所的CEO而言，本周在达沃斯经济论坛上的碰面谈的可都是正经事儿。去年12月初，欧盟委员会官员透露，欧盟极可能以反垄断为由，否决一起德交所和纽交所规模达95亿美元的合并交易。两家交易所目前都在极力游说欧盟27名执委会委员忽视反垄断官员的建议，批准这一交易。裁决将于2月1日作出。

　　On the face of it, investors⁴ should support the commission’s recommendation to stymie⁵ the deal. Its competition wing is mandated⁶ to stop mergers⁸ that are likely to raise prices, reduce quality or dull innovation. In this case the concern is that the exchanges’ derivatives⁹ businesses—DB’s Eurex and NYSE Euronext’s Liffe—would share over 95% of European trading for some assets. There may also be concerns that a merged¹⁰ exchange would be able to force investors to use its clearing facilities (for which it could ratchet up charges) once trades have been made.

　　乍一看，投资者们应当支持欧盟委员会否决交易的建议。欧盟委员会的反垄断部有权喊停任何可能导致价格升高、质量下降或者阻碍创新的并购交易。此次交易的主要问题在于两家交易所的衍生品交易所业务—德交所的欧洲期货交易所和纽交所的伦敦国际金融期货交易所，两者瓜分了欧洲期权期货交易95%的市场份额。人们还担心，一旦合并成功，新的交易所将强制投资者使用其清算系统（逐步抬高交易费用）。

　　But there are reasons to think that the deal could be beneficial to investors. Exchanges are platforms on which buyers and sellers can meet, so a lower number of exchanges, which increases the potential for buyer-seller matches, can be better than a fragmented system. In addition, making all trades on one exchange could lower investors’ costs. This is because some assets (gold and equities¹¹, say) tend to be negatively correlated, so risks offset¹² each other somewhat. An investor³ wagering¹³ that both gold and equities will go up should need to provide less collateral¹⁴ if a single exchange is used. Economists¹⁵ advising the exchanges estimate investors could reduce collateral-posting by €3 billion ($3.9 billion), a likely annual cost saving of roughly €300m.

　　但也有理由相信，该交易可能对投资者有利。交易所为买卖双方提供了交易平台，所以比起分崩离析，交易所的数量越少，买卖双方碰面成交的几率越大。此外，在一家交易所完成所有交易可以降低投资者的成本。因为许多交易品（例如黄金和股票）的涨跌呈负相关关系，所以从某种程度上来说，相互之间的风险可以互相抵消。如果只在一家交易所交易的话，既希望黄金上涨又希望股票价格上涨的投资者可以提供较少的抵押品。促成此次交易的经济学家预计，投资者每年可以减少30亿欧元（39亿美元）抵押品投入，节省3亿欧元的成本。

　　Nor would a merger⁷ necessarily mean increases in trading charges. The biggest investors are vital to the exchanges (the five largest NYSE clients make over 20% of total trades). These investors could move to non-European venues¹⁶ if charges rise, or they could set up their own platforms to deal with each other. And since costs of entry are not prohibitive, plenty of other established exchanges could be tempted¹⁷ into Europe if venues there started to look very profitable. The threats of switching or entry should keep prices to large investors competitive. And since regulators would take a dim view of any price discrimination, small investors should be protected from high charges, too.

　　而且合并并不意味着交易费用一定会上升。大客户对两家交易所都很重要(纽交所的前五大客户占了总交易份额的20%)。如果交易费用上涨，他们很可能转向其他非欧洲的交易所，或者自建平台相互交易。而且由于进入成本不高，许多交易所在看到欧洲有利可图时很可能受到诱惑加入分一杯羹。以上两种风险将确保大客户的交易费用不会上升。同时，由于监管当局反对价格歧视，小投资者们也将受到保护免遭高交易费用的“勒索”。

　　If these are all decent points for the exchanges to make, other arguments are weaker. The exchanges suggest regulation will be easier post-merger, so the deal supports financial stability. This is disingenuous¹⁸. Regulators are wary¹⁹ of mammoth²⁰ institutions that are too big to handle. And in a crisis some diversity in the system tends to enhance stability.

　　如果以上支持合并的论点还算有理有据，其他的论调可就有点儿牵强附会了。两家交易所宣称，合并之后监管将更加方便，所以合并又一轮金融稳定。这可不靠谱。监管者们对于大型机构十分警觉，担心它们规模太大难以控制。而且，经济危机时期，分散经营更有利于增强稳定性。

　　Nor should investors be particularly impressed by the DB-NYSE argument that Europe must have a unified²¹ exchange to compete with large or quickly growing exchanges in Chicago, Hong Kong and Brazil. The idea that competition law should be overridden²² by industrial policy to create a local champion that exploits economies of scale has often been used in merger cases. But the evidence does not support it: increasing size does not always make a more efficient firm, and governments have a mixed record when it comes to picking winners. The commission should allow the merger only if the benefits for investors stack up, not because Frankfurt is jealous of Chicago.

　　德交所和纽交所鼓吹，欧洲必须有一个统一联合的交易所，以应对来自芝加哥、香港和巴西的大规模高速发展的交易所的竞争，投资者们更不应该被这种观点煽动。在并购案中，充分利用规模经济创造地方龙头企业的工业政策应当压倒反垄断法律的说法可谓老生常谈了。但这可没有相关的支持证据：企业规模扩大并不一定更加有效率，政府更偏袒哪一方也很难说。如果合并对投资者确实有利，欧盟委员会才应该赞成这一交易，而不应该仅仅出于法兰克福对芝加哥的嫉妒。

1 strictly   

adv.严厉地，严格地；严密地

参考例句：

• His doctor is dieting him strictly.他的医生严格规定他的饮食。
• The guests were seated strictly in order of precedence.客人严格按照地位高低就座。

2 commissioners   

n.专员( commissioner的名词复数 )；长官；委员；政府部门的长官

参考例句：

• The Commissioners of Inland Revenue control British national taxes. 国家税收委员管理英国全国的税收。 来自《简明英汉词典》
• The SEC has five commissioners who are appointed by the president. 证券交易委员会有５名委员，是由总统任命的。 来自英汉非文学 - 政府文件

3 investor   

n.投资者，投资人

参考例句：

• My nephew is a cautious investor.我侄子是个小心谨慎的投资者。
• The investor believes that his investment will pay off handsomely soon.这个投资者相信他的投资不久会有相当大的收益。

4 investors   

n.投资者，出资者( investor的名词复数 )

参考例句：

• a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
• a cash bonanza for investors 投资者的赚钱机会

5 stymie   

v.妨碍，阻挠

参考例句：

• Companies have been stymied by the length of time it takes to reach an agreement.由于耗时过长，各公司一直未能达成协议。
• Relief efforts have been stymied in recent weeks by armed gunmen.最近几周的救援工作一直受到武装分子的阻挠。

6 mandated   

adj. 委托统治的

参考例句：

• Mandated desegregation of public schools. 命令解除公立学校中的种族隔离
• Britain was mandated to govern the former colony of German East Africa. 英国受权代管德国在东非的前殖民地。

7 merger   

n.企业合并，并吞

参考例句：

• Acceptance of the offer is the first step to a merger.对这项提议的赞同是合并的第一步。
• Shareholders will be voting on the merger of the companies.股东们将投票表决公司合并问题。

8 mergers   

n.（两个公司的）合并( merger的名词复数 )

参考例句：

• Mergers fall into three categories: horizontal, vertical, and conglomerate. 合并分为以下三种：横向合并，纵向合并和混合合并。 来自辞典例句
• Many recent mergers are concentrated within specific industries, particularly in retailing, airlines and communications. 现代许多合并企业集中进行某些特定业务，在零售业、民航和通讯业中更是如此。 来自英汉非文学 - 政府文件

9 derivatives   

n.衍生性金融商品；派生物，引出物( derivative的名词复数 )；导数

参考例句：

• Many English words are derivatives of Latin words. 许多英语词来自拉丁语。 来自《简明英汉词典》
• These compounds are nitrosohydroxylamine derivatives. 这类合成物是亚硝基羟胺衍生物。 来自辞典例句

10 merged   

（使）混合( merge的过去式和过去分词 )； 相融； 融入； 渐渐消失在某物中

参考例句：

• Turf wars are inevitable when two departments are merged. 两个部门合并时总免不了争争权限。
• The small shops were merged into a large market. 那些小商店合并成为一个大商场。

11 equities   

普通股，股票

参考例句：

• These are invested mainly in the OECD bonds and equities. 这些资产主要投资于经济合作及发展组织的债券与股票市场。
• They are also advantage of the global rebound in equities. 它们还在利用全球股市反弹的机会。

12 offset   

n.分支，补偿；v.抵消，补偿

参考例句：

• Their wage increases would be offset by higher prices.他们增加的工资会被物价上涨所抵消。
• He put up his prices to offset the increased cost of materials.他提高了售价以补偿材料成本的增加。

13 wagering   

v.在（某物）上赌钱，打赌( wager的现在分词 )；保证，担保

参考例句：

• Generally, wagering contracts are illegal and will not be enforced. 通常情况下，赌博性合同是无效的并且不能执行。 来自互联网

14 collateral   

adj.平行的；旁系的；n.担保品

参考例句：

• Many people use personal assets as collateral for small business loans.很多人把个人财产用作小额商业贷款的抵押品。
• Most people here cannot borrow from banks because they lack collateral.由于拿不出东西作为抵押，这里大部分人无法从银行贷款。

15 economists   

n.经济学家，经济专家( economist的名词复数 )

参考例句：

• The sudden rise in share prices has confounded economists. 股价的突然上涨使经济学家大惑不解。
• Foreign bankers and economists cautiously welcomed the minister's initiative. 外国银行家和经济学家对部长的倡议反应谨慎。 来自《简明英汉词典》

16 venues   

n.聚集地点( venue的名词复数 )；会场；（尤指）体育比赛场所；犯罪地点

参考例句：

• The band will be playing at 20 different venues on their UK tour. 这个乐队在英国巡回演出期间将在20个不同的地点演出。
• Farmers market corner, 800 meters long, 60 meters wide livestock trading venues. 农牧市场东北角，有长800米，宽60米的牲畜交易场地。 来自互联网

17 tempted   

v.怂恿（某人）干不正当的事；冒…的险（tempt的过去分词）

参考例句：

• I was sorely tempted to complain, but I didn't. 我极想发牢骚，但还是没开口。
• I was tempted by the dessert menu. 甜食菜单馋得我垂涎欲滴。

18 disingenuous   

adj.不诚恳的，虚伪的

参考例句：

• It is disingenuous of him to flatter me.他对我阿谀奉承，是居心叵测。
• His brother Shura with staring disingenuous eyes was plotting to master the world.他那长着一对狡诈眼睛的哥哥瑞拉，处心积虑图谋征服整个世界。

19 wary   

adj.谨慎的，机警的，小心的

参考例句：

• He is wary of telling secrets to others.他谨防向他人泄露秘密。
• Paula frowned,suddenly wary.宝拉皱了皱眉头，突然警惕起来。

20 mammoth   

n.长毛象；adj.长毛象似的，巨大的

参考例句：

• You can only undertake mammoth changes if the finances are there.资金到位的情况下方可进行重大变革。
• Building the new railroad will be a mammoth job.修建那条新铁路将是一项巨大工程。

21 unified   

(unify 的过去式和过去分词)； 统一的； 统一标准的； 一元化的

参考例句：

• The teacher unified the answer of her pupil with hers. 老师核对了学生的答案。
• The First Emperor of Qin unified China in 221 B.C. 秦始皇于公元前221年统一中国。

22 overridden   

越控( override的过去分词 )； （以权力）否决； 优先于； 比…更重要

参考例句：

• The chairman's veto was overridden by the committee. 主席的否决被委员会推翻了。
• Property '{0}' is not declarable, and cannot be overridden. 属性“{0}”是不可声明的，不能被重写。