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金融

ROBERT GREIFELD, CHIEF EXECUTIVE OF NASDAQ OMX GROUP
专访纳斯达克CEO

罗伯特•格雷菲尔德是位马拉松选手,难怪他有毅力。最近,这位现年50岁的纳斯达克-OMX集团首席执行官进行了一轮令人精疲力竭的疯狂采购,将三家新的交易所收归纳斯达克旗下。

马拉松选手罗伯特•格雷菲尔德(Robert Greifeld)有毅力,这是一件好事。这位现年50岁的纳斯达克-OMX集团(Nasdaq OMX Group)首席执行官最近进行了一轮令人精疲力竭的疯狂采购,将三家新的交易所收归纳斯达克家族旗下。

在这轮采购中,最近与瑞典OMX的合并是最大的挑战。为收购OMX,纳斯达克先与迪拜的证交所签署了复杂的协议,由迪拜证交所入股纳斯达克集团。格雷菲尔德必须努力让这个斯堪迪纳维亚证交所的技术、员工和文化为纳斯达克所同化。

It is a good thing marathon runner Robert Greifeld has stamina. The 50-year-old chief executive of the Nasdaq OMX Group has been on an exhausting shopping spree, acquiring three new exchanges as part of the Nasdaq family.

在努力应对这些跨越大西洋挑战的同时,格雷菲尔德还要完成与波士顿和费城证交所签定的交易。

The recent merger with Sweden's OMX – which followed a complex agreement with Dubai's bourse that saw the emirate taking a stake in the Nasdaq group – is the biggest challenge. Mr Greifeld must try to assimilate the technology, staff and culture of the Scandinavian exchange with the US bourse.

格雷菲尔德面临来自其他交易所——特别是其劲敌纽约-泛欧交易所(NYSE Euronext)——的激烈竞争,以及投资银行在定价方面向交易所发起的挑战。

These transatlantic challenges will need to be juggled with seeing through the deals he has signed with the Boston and Philadelphia stock exchanges.

在接受FT.com的视频采访时,格雷菲尔德谈到了交易所的整合、迪拜的政治影响、自己在金融衍生品业务方面的雄心,以及移民问题。以下则是经过编辑的采访要点:

He faces fierce competition from other exchanges, most notably bitter rival NYSE Euronext, and also from investment banks challenging exchanges on their pricing.

In a video interview with FT.com, Mr Greifeld discusses exchange consolidation, Dubai's political influence, his ambitions in the derivatives business and immigration. Edited highlights of the interview appear below.

在与OMX合并前,纳斯达克与迪拜的证交所签了一份协议,后者将把自己持有的OMX股份出售给纳斯达克,换取对纳斯达克的持股。迪拜对纳斯达克完成OMX交易有多关键?

我认为它很关键。我们看到了极大的机遇。像别人一样,我们热爱中东和发展中国家的潜力。我们有一个基本信念,在未来几年,这些地区的有机增长将从根本上超过美国和欧洲。

Nasdaq's merger followed an agreement that Dubai's bourse would sell its OMX shares to Nasdaq in exchange for the emirate taking a stake in the US group. How essential was Dubai to Nasdaq closing the OMX deal?

I think it was essential. We see great opportunities. We, like others, love the potential in the Middle East and the developing world. We have a basic belief that their organic growth rate will be fundamentally higher than ours or Europe's in the years to come.

迪拜对纽约这边的纳斯达克会有多大影响?

And how much influence will Dubai have on Nasdaq here in New York?

They'll be our single largest shareholder, owning 19.9 per cent. They will have two seats on the board. They will be restricted to 5 per cent voting rights and that's not a Dubai rule. It's the rule the Securities and Exchange Commission has put upon any large shareholders, so we have a number of other shareholders who fall within that rule. Should we be concerned about Dubai's possible political influence on the Nasdaq group? No. We voluntarily submitted the transaction to the [Committee on Foreign Investment in the US, the government committee that vets cross-border deals]. Thirteen governmental agencies [had] the opportunity to opine upon the merits of a transactions and whether it [raised] any national security concerns. So we voluntarily went through that process, we passed that process and the Cfius panel said go ahead with the transaction.

他们将成为我们最大的单一股东,拥有19.9%的股份,占有两个董事会席位。他们的表决权将限制在5%。这不是迪拜的规定,而是美国证券交易委员会(Securities and Exchange Commission)对所有大股东的规定,我们有许多其他股东都受到这个规定的约束。我们应该为迪拜可能对纳斯达克集团产生的政治影响感到担忧吗?不必。我们主动提交这笔交易(给负责审查跨境交易的美国政府部门——外国投资委员会(Committee on Foreign Investment))。13家政府机构有机会就交易的价值及其是否会(引起)国家安全担忧发表意见。因此我们主动走了这个程序,而且通过了审查。外国投资委员会的专门小组说我们可以着手进行这笔交易。

Derivatives can be a great high-margin business. Are you interested in getting more involved?

Definitely. We've made two significant moves into derivatives, one is the acquisition of the Philadelphia Stock Exchange, which will close in the next 60 days; two is the acquisition of Nord Pool. So Nord Pool is the leading trader of derivatives for power and for carbon trading in the Nordic regions and certainly under our leadership we expect to expand them into a pan-European context.

金融衍生品可以是一项利润很高的业务。你是否有兴趣进一步介入这项业务?

当然了。我们在衍生品领域已经迈出重要的两步。一是收购了费城证券交易所(Philadelphia Stock Exchange),交易将在今后60天内完成;二是收购了北方电力交易所(Nord Pool)。北方电力交易所是北欧地区电力及碳交易衍生品的领先交易商。当然,我们希望,在我们的领导下,它能扩张成为一家泛欧交易所。

In derivatives overall, is the CME's dominance now unchallengeable?

Well, I don't know about that. It's not something that's on our radar. We have many, many different opportunities and we have picked our spots in derivatives. We're not into direct competition with the CME. When you look at carbon trading and power trading there's great opportunities for us in the Nordic region and in the rest of Europe, hopefully in the US and in the cash options market place.

America has an election this year – at a time when the economy is slowing down and when we've seen a credit crunch on Wall Street. Do you worry that all of these things coming together will mean that we see an increase in protectionist sentiment and maybe policies?

就整个衍生品市场而言,芝加哥商品交易所(CME)目前的主导地位是否是不可动摇的?

I don't worry about it but certainly don't want to see that [happening]. Clearly, [we] in the US are beneficiaries of globalisation. Globalisation like any other set of human progresses is uneven but the progress is definite and we've raised our standard of living, so we want to see that continue. As you can guess since we will be acquiring Nord Pool, which is a leader in carbon trading, we wouldn't mind seeing a carbon trade regime coming in the US and we certainly support the candidates supportive of that initiative.

这个问题嘛,我不清楚。它不在我们的关注范围内。我们有许多许多不同的机遇,已经找到了自己在衍生品市场上的位置。我们不会与芝加哥商品交易所直接竞争。如果着眼于碳交易和电力交易,我们在北欧以及欧洲其他地区有很多机会,可能还包括美国和现金期权市场。

Do American CEOs need to make the public case more forcefully for free trade or risk putting their businesses in jeopardy?

美国今年将进行总统大选——适逢美国经济走向低迷和华尔街出现信贷紧缩之时。你是否担心,所有这些事情加在一起,会意味着我们将看到贸易保护主义情绪的升温,乃至贸易保护主义政策的加剧?

No doubt and certainly we at Nasdaq have a very strong outreach programme but I just want to put it in context. As a sitting CEO of a public company you have many things coming at you and you're in this position because you have the ability to multi-task. But like anything else, there's room for improvements; and communication to policy makers [regarding] the benefits that businesses get from globalisation is something that we should focus on.

我不担心。不过我当然不希望看到这种事(发生)。显然,我们美国人是全球化的受益者。和其他任何一次人类进步一样,全球化的进程并不均衡,但进步是不容置疑的,我们的生活水平提高了,因此我们希望看到全球化继续下去。你也能猜到,由于我们将要收购的北方电力交易所在碳交易中处于领先地位,我们不会介意看到美国出现碳交易机制。我们当然会拥护支持这项动议的候选人。

What about immigration? Is America sufficiently open to the most talented people in the world?

Definitely not. We have very strong views that we are bungling this issue [by] conflating the illegal immigrant issue with the issue of getting highly skilled employees into the US. When I speak to the chief executives out in Silicon Valley that is the number one issue, and they will not wait for the US [government] to solve these problems.

对于美国的首席执行官们来说,他们是否有必要更加激烈地公开支持自由贸易,或是冒险将自己的生意置于险境?

确定无疑的是,我们纳斯达克有一个非常强大的扩张计划,但我只想结合背景来谈论它。作为一家上市公司的在任首席执行官,你要面对许多事情。你能在这个位置上,是因为你有能力同时处理多项任务。但是,和其他所有事情一样,你还有改进的空间;就全球化给企业带来的益处与决策者进行沟通,这才是我们应该关注的焦点。

你怎样看待移民问题?对于全球最具才华的人来说,美国是否足够开放?

当然不够。我们强烈认为,由于将非法移民问题与引进高技术员工混为一谈,我们正在把这件事搞得一团糟。我在硅谷和首席执行官们聊天时,这是我们首先要谈的话题。他们不会坐等美国(政府)来解决这些问题。

译者/李晖

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