獨家：消息人士稱，中國考慮向西方做市商開放其5,200億美元的ETF市場
https://is.gd/oUfROO
路透
記者：Selena Li
April 11, 2025 10:00 PM GMT+8
概要：
消息人士指出，中國希望提升交易效率並降低成本
Citadel Securities、Jane Street與Optiver可能成為首批受益者
但中美貿易戰可能使北京對美國企業的正式開放延後。
【香港訊｜路透社4月11日報導】——兩位直接了解情況的知情人士透露，中國正在考慮允
許西方公司如Citadel Securities和Jane Street，在其快速增長的交易型開放式指數基金
（ETF）市場中擔任做市商。
過去兩年來，中國主管機關已核發更多執照，並鼓勵國內做市商的發展。但消息人士指出，
國際做市商在為ETF提供流動性方面更具經驗，此舉將有助於提升交易效率並降低交易成本
。由於此事敏感，消息人士要求匿名。
不過，消息人士也警告，隨著中美貿易戰升溫，今年中國已面臨高達145%的美國關稅，這可
能會導致北京延後對美國企業正式開放市場。
ETF做市商的角色是作為流動性提供者，持續報價ETF的買賣價，讓投資人能以更有效率與更
低成本進行交易。在中國，擁有牌照的做市商享有較低的費用與較少的交易限制。
根據其中一位人士以及第三位消息來源表示，億萬富翁Ken Griffin旗下的Citadel Securit
ies、美國大型做市商Jane Street，以及總部位於阿姆斯特丹的Optiver，可能成為市場開
放後的首批受益者。
Citadel Securities已於今年1月申請在中國設立自己的證券經紀單位。
對於路透社的置評請求，中國證監會、Citadel Securities與Jane Street均未回應；Optiv
er則拒絕評論。
中國ETF市場在過去兩年增長了134%，目前市值達5,100億美元，成長主要來自國有資本的強
力流入，這些資金也支撐了股市表現。中國的ETF市場已成為亞太地區第二大市場，僅次於
日本的6,200億美元市場。
近年來，外資金融機構獲得了更多進入中國國內證券、基金與保險市場的機會。
儘管如此，許多外資公司已在中國大陸削減人力並縮減擴張計劃，原因在於全球第二大經濟
體的成長趨緩，以及地緣政治緊張情勢的升高。
去年，包括富達國際（Fidelity International）、摩根士丹利（Morgan Stanley）與英國
保誠資產管理公司（Legal & General）等公司皆有相關行動。
報導撰寫：Selena Li；編輯：Sumeet Chatterjee與Edwina Gibbs
心得評論：
中國正在考慮允許西方公司如Citadel Securities和Jane Street，在其快速增長的交易型
開放式指數基金（ETF）市場中擔任做市商。
正好碰上美債美元被大賣，中國大概是想吸納資金進入中國吧？不過依照中國的制度，外資
的投資意願如何呢？
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
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