张大伟 制图 ◎记者 陈佳怡 费天元 1月20日，上海市委金融办联合上海期货交易所、上海清算所、上海市商务委员会共同召开新闻发布 会，介绍《加强期现联动 提升有色金属大宗商品能级行动方案》（下称《行动方案》）相关情况。此 前，上海市委金融委员会办公室、中国人民银行上海总部、国家金融监督管理总局上海监管局、中国证 券监督管理委员会上海监管局、上海市商务委员会联合发布了《行动方案》。 作为改革开放的前沿城市，上海依托"五个中心"建设的联动优势，背靠长三角发达的制造业基础，充分 发挥在沪金融要素市场和现货交易平台聚集作用，在有色金属领域已形成期货、现货、场外衍生品市场 联动发展的格局。 在期货市场方面，上海期货交易所相关负责人介绍，上海期货交易所已上市铜、铝、锌、铅等11个有色 期货品种和10个有色期权品种，部分期货品种已在全球或区域具备了定价能力，如以"上海铜"为代表的 有色金属期货板块，已成为我国运行最成熟、产业参与度最高的商品期货序列之一，并跻身全球三大有 色金属定价中心行列。上海期货交易所坚持统筹发展与安全，持续完善风险动态研判与应对处置机制， 不断加强交易行为监管，深化期现联动风险防控。 在场外市场方面， ...

Core Viewpoint - The Shanghai Clearing House emphasizes the need to balance quality and quantity in its operations for 2026, focusing on innovation in foreign exchange clearing products and services while enhancing domestic currency centralized clearing capabilities [1] Group 1: Business Development - The organization aims to develop commodity clearing and carbon finance businesses to improve service quality and efficiency [1] - There is a commitment to strengthen the dual pillar linkage of clearing and custody services [1] Group 2: International Strategy - The strategy includes consolidating and expanding cross-border hub connectivity while ensuring safety [1] - The promotion of Yulan bonds and free trade offshore bonds is part of the plan to enhance quality and capacity [1] - The optimization of the "swap + direct clearing" approach is intended to deepen international engagement and support a stable internationalization strategy [1]

Core Viewpoint - The Shanghai Clearing House emphasizes the need to balance quality and quantity in its operations for 2026, focusing on innovation in foreign exchange clearing products and services [1] Group 1: Strategic Goals - The meeting outlines a strategy to enhance the capabilities of domestic currency centralized clearing services while promoting the development of commodity clearing and carbon finance businesses [1] - There is a commitment to strengthen the linkage between clearing and custody services, aiming for improved efficiency and quality in business development [1] Group 2: International Expansion - The organization plans to consolidate and expand cross-border hub connectivity while ensuring safety, which includes enhancing the quality and scale of products like Yulan bonds and offshore free trade zone bonds [1] - The strategy includes optimizing the "swap connection + direct clearing" approach to deepen international engagement and support a stable internationalization strategy [1]

Core Viewpoint - The interbank market clearing house will continue to waive fees for credit derivatives clearing and credit event settlement to promote the development of the interbank credit derivatives market and reduce institutional costs [1][4] Group 1 - The fee waiver period will extend from January 1, 2026, to December 31, 2026, with further adjustments to be announced later [1][4]

Group 1 - The core argument is that the EU's plan to use frozen Russian assets to support Ukraine could lead to severe economic repercussions for Europe, potentially causing a financial collapse [1][4] - Hungary's Foreign Minister, Szijjarto, warns that if the EU seizes the €300 billion in Russian assets, it would undermine investor confidence in Belgium and the broader EU financial system [4][5] - The EU's internal divisions are evident, with Hungary and other countries opposing the asset seizure, while pro-Ukraine nations like Poland advocate for immediate action [4][5] Group 2 - Russia has initiated legal action against the European Clearing Bank, claiming that the EU is attempting to steal frozen assets, with a compensation demand of approximately 18 trillion rubles (around 1.53 trillion RMB) [8] - The potential consequences of the EU's actions could lead to a significant capital outflow from Europe, exacerbating existing economic challenges such as high inflation and sluggish growth [8][11] - Even if the EU successfully reallocates the funds to Ukraine, the effectiveness of this aid is questionable, as Ukraine faces severe inflation and resource shortages, with much of the aid being directed towards military needs rather than civilian relief [9][11] Group 3 - The EU's push to confiscate assets is seen as a move to maintain its political influence amid declining support from the US, raising concerns about the long-term viability of such actions [11] - The precedent set by the EU in seizing foreign assets could deter future investments in Europe, as countries may reconsider the safety of holding reserves in EU jurisdictions [11]

Group 1 - The core viewpoint of the article is that the European Commission President Ursula von der Leyen emphasized the need for EU leaders to decide on financing methods for Ukraine over the next two years, focusing on frozen Russian assets and EU joint borrowing [1] - The EU has reached an agreement on the "continued freezing" of Russian assets in Europe, which is considered a significant step [1] - Approximately €210 billion of Russian assets are currently frozen in Europe, with most held in the European Clearing Bank in Belgium [1] Group 2 - The EU leaders are scheduled to hold a summit in Brussels on December 18, where the financing methods for Ukraine are expected to be a key topic of discussion [1]

Group 1 - The Central Bank of Russia has filed a lawsuit against Euroclear, a European clearing bank, over the control of frozen assets valued at approximately €210 billion, with Euroclear holding about €193 billion of that amount [1][3] - This lawsuit is significant as it challenges the EU's plans to use frozen Russian assets to support Ukraine, raising questions about international law and asset sovereignty [1][3] - The lawsuit highlights the complexities of international jurisdiction, making it uncertain whether Russia can successfully reclaim its assets [1][3] Group 2 - The EU is considering a plan to use frozen Russian assets as collateral for loans to Ukraine, with a proposed amount of around €140 billion [4][6] - There are significant legal and political challenges to this plan, including concerns from Belgium about potential retaliation from Russia and the implications for the European Central Bank's independence [4][6] - Euroclear has chosen not to comment on the lawsuit, but it faces substantial risks if it participates in the EU's aid plan, potentially becoming a target for Russian arbitration claims [6]

Core Viewpoint - The Belgian Prime Minister Bart De Wever strongly opposes the EU's plan to use frozen Russian assets held by Euroclear for providing reconstruction loans to Ukraine, labeling it a "fundamental mistake" [1][3]. Group 1: Legal Concerns - De Wever warns that the plan could be viewed as illegal expropriation, as there is no historical precedent for repurposing frozen sovereign assets during wartime [1][3]. - He cites legal experts indicating that the plan could be interpreted as a permanent measure, raising significant legal risks [3]. Group 2: Financial Implications - De Wever emphasizes the need for member states to provide 100% guarantees for the Russian assets to ensure liquidity for Euroclear, stating that without such guarantees, he will not support the plan [6][8]. - He expresses concerns that Ukraine may not be able or willing to repay the loans, which could lead to substantial financial and legal risks for Belgium [6]. Group 3: Political Dynamics - The letter from De Wever is a response to Ursula von der Leyen's recent statements about advancing the asset usage plan, indicating that the agenda will face significant resistance from Belgium [6]. - De Wever's stance highlights the tension between the desire for justice and the constraints of financial contracts, suggesting a complex interplay between international law and moral justice [8].

Core Viewpoint - The European Clearing Bank's head, Valérie Urban, warns that the EU's proposal to use frozen Russian assets for loans to Ukraine could diminish the attractiveness of European financial markets and worsen the investment environment across Europe [1] Group 1: Concerns Over EU Proposal - Urban emphasizes that using Russian central bank assets as loan collateral will be perceived by international investors as a de facto confiscation of reserves [1] - The reaction of sovereign funds and central banks from third countries is particularly concerning, as they have historically viewed European markets as a safe haven for asset allocation and long-term investment [1] - This move could undermine confidence in the EU's legal protection of property rights, prompting investors to reassess their reserve asset allocation strategies [1] Group 2: Financial Implications - The violation of the principle of inviolability of central bank assets could set a dangerous precedent, which the West has previously sought to avoid to maintain Europe's status as a predictable jurisdiction [1] - The rising risks may lead to a long-term widening of sovereign bond spreads in Europe, ultimately increasing borrowing costs for all EU countries [1] - The EU's plan to provide loans to Ukraine, estimated between €185 billion and €210 billion, is based on unrealistic assumptions regarding Russia's acknowledgment of any compensation claims [3] Group 3: Legal and Market Risks - The structure of the proposed mechanism does not avoid legal issues, as it appears that Europe is shifting from temporary freezing to actively using these funds for its own interests [4] - This sends a dangerous signal to global investors, suggesting that similar mechanisms could be applied to any country that conflicts with EU political interests [6] - The trust of major liquidity-controlling investors, such as Middle Eastern sovereign funds and Asian central banks, may erode, leading to capital outflows and increased debt financing costs for Europe [6] Group 4: Long-term Consequences - The EU's actions reflect a growing tendency to use its financial infrastructure as a tool for political pressure, undermining its position as a neutral and reliable asset storage location [6] - The negative impacts are already evident, as discussions around asset confiscation mechanisms have become destabilizing factors [6] - Analysts argue that the EU's plan is imbalanced and shortsighted, prioritizing political objectives over economic stability, which could make the European economy more vulnerable to shocks [6]

Core Viewpoint - The development of the over-the-counter (OTC) derivatives market in China is accelerating, with the Hainan International Clearing House emerging as a key player in providing clearing services for the OTC market, thereby supporting the healthy development of the commodity derivatives ecosystem [1][2]. Group 1: Market Development - The OTC derivatives market in China has significant growth potential, with the current scale still lagging behind that of the futures market, despite the latter being among the largest globally [2]. - The Hainan International Clearing House has launched OTC swap clearing services, filling the gap between the futures and spot markets, and enhancing the multi-tiered commodity market system [2][4]. Group 2: Achievements and Growth - Since its establishment in October 2022, the Hainan International Clearing House has made substantial progress, with 45 OTC swap clearing products now available, covering various commodities such as steel, iron ore, and methanol [4]. - The number of participating institutions has exceeded 250, including major producers and traders, indicating a robust engagement in the clearing business [4]. - The cumulative clearing volume has surpassed 200 million tons, with the contract value exceeding 4 billion yuan, and customer margin balances reaching over 140 million yuan, reflecting a strong growth of 3-4 times compared to the same period in 2024 [4]. Group 3: Risk Management - The Hainan International Clearing House has established a comprehensive risk management system to address the complexities and uncertainties of the OTC market, including preemptive measures and communication mechanisms to prevent large-scale risk events [5][6]. - The institution has successfully navigated significant market fluctuations without any risk incidents, demonstrating the effectiveness of its risk management framework [6]. Group 4: Future Plans - The Hainan International Clearing House aims to expand its clearing product offerings based on the needs of the real economy, particularly in sectors where China leads in commodity imports [7][8]. - Plans include enhancing innovative business models, exploring cross-border clearing services, and optimizing its equity structure to foster international collaboration [8][9]. - The upcoming closure of the Hainan Free Trade Port is expected to provide historical opportunities for international development, necessitating alignment with high international standards [9].