Securities exchanges in the Asia-Pacific region have experienced the most explosive growth over the past year, with the National Stock Exchange of India emerging as the world’s third most active exchange measured by volume, according to a study from Celent, the exchanges consultancy firm.

Celent稱(chēng)，這一強(qiáng)勁增長(zhǎng)表明了在全球競(jìng)爭(zhēng)壓力加劇的情況下，證交所行業(yè)所發(fā)生的變化�？萍紕�(chuàng)新使得本土交易所能夠?qū)崿F(xiàn)全球規(guī)模，并擴(kuò)大交易量，從而引發(fā)了競(jìng)爭(zhēng)。

The strong growth is symptomatic of the way the exchanges industry is evolving under competitive pressure that has increased worldwide, says Celent, with competition enabled by technological innovation that allows local exchanges to achieve global scale, and increasing trading volumes.

該研究報(bào)告題為《全球證交所格局》(Global Securities Exchanges Landscape)。研究發(fā)現(xiàn)，按交易活動(dòng)增幅衡量，亞洲增幅最大，尤其是中國(guó)，其上海和深圳交易所的上市總市值分別擴(kuò)大了591%和485%。以股票交易量衡量，兩交易所的增幅分別為311%和231%。

The study, titled “Global Securities Exchanges Landscape”, found that in terms of growth in trading activity, the biggest increases occurred in Asia, particularly in China where the Shangahi and Shenzhen exchanges increased the value of equities traded by 591 per cent and 485 per cent, respectively. By the number of shares traded, the growth rates were 311 per cent and 231 per cent.

整體而言，從2006年上半年到2007年上半年，全球股票交易量增幅為44%。

Overall, the number of equities trades worldwide increased 44 per cent between the first half of 2006 and that of 2007.

研究發(fā)現(xiàn)，盡管競(jìng)爭(zhēng)加劇且存在科技投資需求，但交易所行業(yè)仍利潤(rùn)不菲。不過(guò)，各交易所的利潤(rùn)率則大有不同。

The study found that in spite of increasing competition and the need for investment in technology, the exchanges sector remains highly profitable, although profit margins vary widely from group to group.

整體而言，盈利最高的證交所是香港證交所，其利潤(rùn)率高達(dá)61%；緊隨其后的是倫敦證交所(LSE)和西班牙交易所BME，其利潤(rùn)率分別為50%和45%。

Overall, the single most profitable exchange is that of Hong Kong where margins are 61 per cent, followed by the London Stock Ex- change, where margins are 50 per cent, and the Spanish exchange, BME, where margins are 45 per cent.

美國(guó)兩大交易所——紐約證交所(NYSE)和納斯達(dá)克(Nasdaq)的利潤(rùn)率較低。二者分別占全球股票交易總量的31%和17%，但利潤(rùn)率分別為9%和8%。

The two largest US exchanges, NYSE and Nasdaq, which together account for 31 per cent and 17 per cent of all volume traded worldwide, are less profitable. Margins at the two are 9 per cent and 8 per cent, respectively.

報(bào)告指出，面對(duì)競(jìng)爭(zhēng)，各交易所紛紛實(shí)行了股份制改革，并且有很多交易所進(jìn)行了上市融資。

On the subject of competition, the report notes ex- changes have responded to threats by de-mutualising ownership and in many cases, seeking a listing that gives them access to capital.

報(bào)告總結(jié)稱(chēng)，在歐洲要實(shí)現(xiàn)競(jìng)爭(zhēng)比美國(guó)更難。

The report concludes that competition in Europe will be more difficult to achieve than in the US.