IntercontinentalExchange (ICE) has been forced to rethink plans for the launch of its new Singapore platform after a Chinese exchange threatened legal action to stop the US group launching two commodity futures that are copies of contracts offered in China.
洲际交易所(ICE)已被迫重新思考推出其新的新加坡平台的计划，此前中国郑州期货交易所(ZCE)威胁将采取法律措施，阻止这家美国集团推出两种与中国期货合约类似的大宗商品合约。
The move by the Zhengzhou Commodity Exchange (ZCE) is likely to send shockwaves through the global futures industry because it signals that China will not tolerate foreign exchanges copying its futures contracts, and comes in spite of the practice of offering “lookalike” contracts being accepted around the world for years.
此举可能会在全球期货界掀起轩然大波，因为这表明，中国不允许外国交易所仿效其期货合约，而这种推出“类似”期货合约的做法已得到世界认可多年。
It also highlights how China appears determined to challenge a long-accepted industry norm in the way futures markets function just as big global banks are assessing plans by China to open up its Shanghai futures markets to foreign participation.
这还突显出，中国似乎决定挑战得到长久认可的期货市场运作方式的行业标准，与此同时，大型国际投行正在评估中国向外国参与者开放上海期货市场的计划。
ICE had planned to launch its Singapore exchange, based on the Singapore Mercantile Exchange which it bought in 2013, this month. Two of the launch contracts were to have been cotton and sugar futures similar to those already traded on the ZCE.
ICE原计划在2013年收购的新加坡商品交易所(Singapore Mercantile Exchange)的基础上于本月推出其新加坡交易所。其中首推的两种期货合约是棉花和白糖期货，与郑州期货交易所交易的合约类似。
However, upon learning of the plan ZCE in December sent ICE a “cease and desist” letter, demanding that the US group halt its plans for those contracts, according to people familiar with the situation.
据知情人士称，在获悉ICE的这一计划后，郑州期货交易所于去年12月向ICE发送了一封“停止”函，要求ICE停止其推出这些合约的计划。
China’s regulator, the China Securities Regulatory Commission, then contacted the Monetary Authority of Singapore to ask the city-state’s watchdog to ensure that such contracts were not launched.
接着，中国监管机构中国证监会(CSRC)联络新加坡金管局(Monetary Authority of Singapore)，要求该监管机构确保这些合约不会推出。
One person said ZCE threatened legal action if ICE did not drop its plan, which it has since done.
一位人士表示，郑州期货交易所威胁称，如果ICE不放弃其计划，将采取法律措施。
ICE declined to comment. But Jennifer Ilkiw, ICE Asia-Pacific vice-president, said: “Our customers have expressed an interest in being better able to manage their exposures in China.”
ICE拒绝置评。但ICE亚太区副总裁詹妮弗•尔基夫(Jennifer Ilkiw)表示：“我们的客户对于更好地管理他们在中国的风险敞口感兴趣。”
Neither ZCE nor the CSRC responded to requests for comment.
郑州期货交易所和中国证监会都没有对置评要求做出回应。
The MAS said: “MAS is aware of the delay in the launch of Intercontinental Exchange. As a matter of policy, we do not comment on our confidential dealings with individual financial institutions.”
新加坡金管局表示：“金管局知晓ICE延期推出一事。根据政策，我们不会就我们与单独金融机构的保密协议置评。”
The intervention of the CSRC in a case beyond China’s borders is a signal that authorities in Beijing are determined not to allow any copycat contracts to be offered on exchanges even if they are outside China.
中国证监会介入这起中国以外的案例表明，中国政府决心不允许任何仿制合约在交易所上市，即便交易所位于中国以外。
The move by China to stop foreign exchanges listing copycat contracts “does seem to set a new paradigm", said a senior exchange executive, not at ICE, in Singapore.
一位并不供职于ICE的新加坡交易所高管表示，中国阻止外国交易所推出仿制合约的举措，“确实似乎要确立一种新的模式”。
ICE is set to launch its Singapore exchange in May, starting with futures on Brent crude oil and on gold.
ICE决定在今年5月推出其新加坡交易所，首批交易的期货合约是布伦特原油和黄金。