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cosmite (K)
2025-04-11 23:09:47独家：消息人士称，中国考虑向西方做市商开放其5,200亿美元的ETF市场
https://is.gd/oUfROO
路透
记者：Selena Li
April 11, 2025 10:00 PM GMT+8
概要：
消息人士指出，中国希望提升交易效率并降低成本
Citadel Securities、Jane Street与Optiver可能成为首批受益者
但中美贸易战可能使北京对美国企业的正式开放延后。
【香港讯｜路透社4月11日报导】——两位直接了解情况的知情人士透露，中国正在考虑允
许西方公司如Citadel Securities和Jane Street，在其快速增长的交易型开放式指数基金
（ETF）市场中担任做市商。
过去两年来，中国主管机关已核发更多执照，并鼓励国内做市商的发展。但消息人士指出，
国际做市商在为ETF提供流动性方面更具经验，此举将有助于提升交易效率并降低交易成本
。由于此事敏感，消息人士要求匿名。
不过，消息人士也警告，随着中美贸易战升温，今年中国已面临高达145%的美国关税，这可
能会导致北京延后对美国企业正式开放市场。
ETF做市商的角色是作为流动性提供者，持续报价ETF的买卖价，让投资人能以更有效率与更
低成本进行交易。在中国，拥有牌照的做市商享有较低的费用与较少的交易限制。
根据其中一位人士以及第三位消息来源表示，亿万富翁Ken Griffin旗下的Citadel Securit
ies、美国大型做市商Jane Street，以及总部位于阿姆斯特丹的Optiver，可能成为市场开
放后的首批受益者。
Citadel Securities已于今年1月申请在中国设立自己的证券经纪单位。
对于路透社的置评请求，中国证监会、Citadel Securities与Jane Street均未回应；Optiv
er则拒绝评论。
中国ETF市场在过去两年增长了134%，目前市值达5,100亿美元，成长主要来自国有资本的强
力流入，这些资金也支撑了股市表现。中国的ETF市场已成为亚太地区第二大市场，仅次于
日本的6,200亿美元市场。
近年来，外资金融机构获得了更多进入中国国内证券、基金与保险市场的机会。
尽管如此，许多外资公司已在中国大陆削减人力并缩减扩张计划，原因在于全球第二大经济
体的成长趋缓，以及地缘政治紧张情势的升高。
去年，包括富达国际（Fidelity International）、摩根士丹利（Morgan Stanley）与英国
保诚资产管理公司（Legal & General）等公司皆有相关行动。
报导撰写：Selena Li；编辑：Sumeet Chatterjee与Edwina Gibbs
心得评论：
中国正在考虑允许西方公司如Citadel Securities和Jane Street，在其快速增长的交易型
开放式指数基金（ETF）市场中担任做市商。
正好碰上美债美元被大卖，中国大概是想吸纳资金进入中国吧？不过依照中国的制度，外资
的投资意愿如何呢？
原文：
Exclusive: China has considered opening its $520 billion ETF market to Western m
arket makers, sources say
China wants to improve trading efficiency and lower costs, sou
rces sayCitadel
Securities, Jane Street and Optiver may be the first to benefit, sources sayTrad
e war with U.S. could delay official green light from Beijing, sources say
HONG KONG, April 11 (Reuters) - China has been looking at allowing Western firms
such as Citadel Securities and Jane Street to act as market makers in its rapid
ly growing exchange-traded fund (ETF) sector, two people with direct knowledge o
f the matter said.
Over the last two years, Chinese authorities have issued more licences and encou
raged the development of domestic market makers. But international market makers
are more experienced in providing liquidity to ETFs and the move would boost tr
ading efficiency and lower costs, the people said, declining to be identified du
e to the sensitivity of the matter.
The sources cautioned, however, that the escalating trade war with U.S. that has
seen China saddled with tariffs of 145% this year could delay Beijing's officia
l green light for U.S. firms.
ETF market makers serve as liquidity providers, offering continuous bid and ask
quotes for ETF shares which allow investors to trade the products efficiently an
d at lower cost. Licenced market makers in China enjoy lower fees and less restr
ictions in trading.
Billionaire Ken Griffin's Citadel Securities and Jane Street, two of the largest
market-making firms in the U.S., as well as Amsterdam-headquartered Optiver may
be the first to benefit when the market is opened up, according to one of the p
eople and a third source.
Citadel Securities applied in January to set up its own securities broker unit i
n China.
The China Securities Regulatory Commission, Citadel Securities and Jane Street d
id not respond to Reuters requests for comment. Optiver declined to comment.
China's ETF sector has expanded 134% over the past two years to be worth $510 bi
llion, driven by strong inflows from state capital that has propped up the stock
market. It is now the second-largest ETF market in the Asia Pacific region afte
r Japan's, which is worth $620 billion.
Foreign financial firms have in recent years been granted wider access to China'
s domestic securities, funds and insurance sectors.
Even so, many foreign firms have trimmed headcount in mainland China and pared b
ack expansion plans, concerned about slow growth for the world's second-biggest
economy and the rise in geopolitical tensions.
Last year, firms doing so included Fidelity International, Morgan Stanley (MS.N)
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and Legal & General (LGEN.L)
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.
Reporting by Selena Li; Editing by Sumeet Chatterjee and Edwina Gibbs