<p>全球最大的石油交易商之一的法律诉讼引发了对全球金融一个晦涩但关键领域的关注——数十亿美元的货运市场以及位于其核心的成立已有 282 年的伦敦城市机构。</p>
<p>据彭博社报道，Mercuria Energy Group 正在起诉波罗的海交易所，声称由于一个关键基准的扭曲，它遭受了数亿美元的损失，该基准用于计算从中东到中国的石油运输成本。</p>
<p>此案是石油交易商和航运公司如何努力适应霍尔木兹海峡几乎关闭所带来的干扰的最新例证，管理人员和律师们已经预测将会出现一系列法律争端。</p>
<p>“这不仅仅是物理分子被阻碍的问题。这是对整个市场的连锁反应，” 负责沃森·法利与威廉斯律师事务所（WFW）商品和国际贸易业务的 Sumeet Malhotra 表示。</p>
<p>“当这种情况发生时，看到衍生品争端和针对指数的案件并不奇怪。”</p>
<p>这也是对少数历史悠久的伦敦实体在设定对庞大全球产业至关重要的价格方面所发挥关键作用的一个新提醒——就在几年前，伦敦金属交易所（LME）因取消数十亿美元镍合约而引发了一场法律斗争。</p>
<h3>在新的全球秩序中导航亚洲</h3>
<p>获取洞察信息，直接发送到您的邮箱。</p>
<p>波罗的海交易所的历史可以追溯到 1744 年，是全球航运行业的核心部分，负责设定处理全球商品贸易的油轮和大型散货船的运费。</p>
<p>争议的核心是从中东到中国运输石油的油轮租赁费率，多年来该费率是基于从沙特阿拉伯拉斯坦乌拉港运输石油的成本计算的。至关重要的是，该港口位于波斯湾内，只能通过霍尔木兹海峡进入。</p>
<p>每天，由波罗的海交易所召集的船舶经纪人提交他们对价格的评估，这些评估用于创建一个称为 TD3C 的费率。该费率随后在全球石油行业中作为基准，用于设定油轮合同的费率，并支撑一个数十亿美元的衍生品市场。</p>
<p>另见</p>
<p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/2650d373e5e5e82033b7a3dcf7d8efa51feddf02c15f4d997f0d5934b3073d1c/query-dz0yNDAWZHByPTEWZj13ZWJw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/2650d373e5e5e82033b7a3dcf7d8efa51feddf02c15f4d997f0d5934b3073d1c/query-dz0yNDAWZHByPTEWZj13ZWJw"/></p>
<h3>为什么对马六甲海峡的担忧在上升，亚洲的关键航运路线</h3>
<p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/fab10a90a84d752cad2208c0c477054b11530cf8dcbfa7f53b39d656b32be3c3/query-dz0yNDAWZHByPTEWZj13ZWJw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/fab10a90a84d752cad2208c0c477054b11530cf8dcbfa7f53b39d656b32be3c3/query-dz0yNDAWZHByPTEWZj13ZWJw"/></p>
<h3>海洋保险和战争时期的五权条款</h3>
<p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/5579cc13719dda467281eceb9122e9a2f2fed1359b548f948a0e9b645055b171/query-dz0yNDAWZHByPTEWZj13ZWJw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/5579cc13719dda467281eceb9122e9a2f2fed1359b548f948a0e9b645055b171/query-dz0yNDAWZHByPTEWZj13ZWJw"/></p>
<h3>股票市场是否对伊朗战争的真实成本存在否认？</h3>
<blockquote>
<p>“SGX 否认了波罗的海交易所未能履行其在基准方面的法定和合同义务的指控。”</p>
</blockquote>
<p>波罗的海交易所现在由新加坡交易所（SGX）拥有，3 月份它告诉经纪人，TD3C 费率应继续基于从拉斯坦乌拉港运输石油的成本进行计算——尽管由于战争，运输几乎已经停止。</p>
<p>因此，TD3C 费率飙升，最高达到每天 60 万美元，而更典型的费率在 4 万美元到 10 万美元之间。</p>
<p>对于与该指数相关的合同和衍生品头寸的交易商和船东来说，这造成了动荡。</p>
<p>例如，挪威航运公司 Hunter Group 上个月表示，一位客户在 3 月份支付给它的船舶租赁费用比应支付的少 830 万美元。涉及的客户是 Mercuria，该客户拒绝支付与 TD3C 挂钩的租船费率，一位知情人士表示。</p>
<p>波罗的海交易所、Mercuria 和 Hunter Group 的发言人均拒绝置评。SGX 否认了波罗的海交易所未能履行其在基准方面的法定和合同义务的指控。</p>
<p>“波罗的海根据既定和健全的治理框架、方法论和监督流程制定其基准，” 它表示。</p>
<p>“SGX 集团注意到，波罗的海已发布单独声明，确认其对其流程的充分信心，认为 Mercuria 的索赔毫无依据，并将全力以赴进行辩护。”</p>
<h2>极端波动性</h2>
<p>在其索赔中，Mercuria 辩称，决定将费率保持在基于霍尔木兹海峡运输成本的基础上扭曲了市场。</p>
<p>通过该海峡的交通 “基本上已停止”，而那些仍在进行的运输 “需要向受制裁实体支付非法通行费”，它表示。</p>
<p>波罗的海交易所的决定导致 “TD3C 定价的持续极端波动，这不再准确或可靠地代表其旨在衡量的基础市场，并对依赖 TD3C 指数的航运和货运衍生品市场造成持续扭曲和干扰，” Mercuria 补充道。</p>
<p>尽管如此，该交易所的索赔称 TD3C 航线 “无法合法通行”，与其联合创始人兼首席执行官 Marco Dunand 上周在一次会议上的评论形成对比，他在会议上表示，Mercuria 已经设法将船只从波斯湾转移出去。</p>
<p>“有多种方式可以做到这一点，我不想对此发表评论，” 他在洛桑的 FT 商品全球峰会上表示。</p>
<p>在其索赔中，Mercuria 认为波罗的海交易所应该暂停 TD3C 基准，或者使用仍在运营的经济可比航线来确定该基准——例如，从阿曼港口到中国的航运费率，或从西非到中国的航运费率。</p>
<p>波罗的海交易所的规则赋予其因 “突发情况或市场变化导致无法产生可行的海洋散货基准” 而更改或暂停指数的权力。</p>
<p>然而，当它上周咨询会员是否应在冲突升级或延长的情况下暂停 TD3C 基准或增加海湾以外的港口时，55% 的受访者反对任何变更。</p>
<p>波罗的海交易所在咨询总结中表示：“关于保持连续性和稳定性的一致反馈，强调现有基准仍然可用。”</p>
<p>一些受访者认为，任何变更将使那些基于波罗的海交易所三月份提供的指导进入交易头寸的人处于不利地位。</p>
<p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/da07e3ee6fc2b4ac70592619dccfa2826e4410006800390b8961bec3b2d6b8ad?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/da07e3ee6fc2b4ac70592619dccfa2826e4410006800390b8961bec3b2d6b8ad"/></p>
<p>此案不太可能是由于霍尔木兹海峡商品贸易中断而引发的最后一场争议。照片：路透社</p>
<h2>数亿美元</h2>
<p>Mercuria 正在请求伦敦高等法院强制波罗的海交易所要么暂停 TD3C，要么根据其他仍在进行贸易的航线来确定该基准——包括追溯 “对于其不当确定的先前期间”。</p>
<p>它没有对其索赔给出货币价值，仅要求 “法院认为适当的进一步或其他声明性救济”。</p>
<p>但它表示，它及其附属公司已经在与 TD3C 相关的实物和衍生货运合同中遭受了损失，“目前估计在数亿美元”，并且面临潜在的 “非常显著的未来损失”。</p>
<p>Mercuria 表示，此案 “涉及对航运、衍生品和商品市场参与者具有重要意义的重要问题”，并认为引用 TD3C 基准的金融工具价值数十亿美元。</p>
<p>此案不太可能是由于霍尔木兹海峡商品贸易中断而引发的最后一场争议。</p>
<p>LME 取消镍交易引发了一波愤怒投资者的诉讼，交易所最终成功辩称其规则赋予其在危机中对市场做出决策的广泛自由裁量权。</p>
<p>WFW 的 Malhotra 说：“我们接到了一些客户的投诉，抱怨指数未能反映基础市场的情况。”</p>
<p>“我们在过去也见过这种情况，当指数未能迅速反应突发市场条件时。2008 年发生过这种情况，最近我们也看到镍价飙升时，LME 冻结了交易。” 彭博社</p>
<p>解码亚洲通讯：您在新的全球秩序中导航亚洲的指南。点击此处注册以获取解码亚洲通讯。免费送达您的邮箱。</p>

新加坡交易所

<p>Mercuria Energy Group 对波罗的海交易所的法律诉讼突显了数十亿美元货运市场中的问题，特别是关于从中东到中国的石油运输费率。Mercuria 指控由于 TD3C 基准的扭曲而造成损失，该基准对设定油轮合同费率至关重要。波罗的海交易所（由新加坡交易所拥有）坚称其遵循治理框架。此案强调了地缘政治冲突对全球航运的影响，以及霍尔木兹海峡持续局势导致的价格波动</p>

<p>A LEGAL claim from one of the world’s largest oil traders is throwing a spotlight on an arcane but critical corner of global finance – the multibillion-dollar freight market and the 282-year-old City of London institution that sits at the heart of it.</p>
<div class="lb-trans"><p>全球最大的石油交易商之一的法律诉讼引发了对全球金融一个晦涩但关键领域的关注——数十亿美元的货运市场以及位于其核心的成立已有 282 年的伦敦城市机构。</p>
</div><p>Mercuria Energy Group is suing the Baltic Exchange, Bloomberg reported on Thursday (Apr 30), alleging that it has suffered losses in the hundreds of millions of dollars as a result of distortions in a key benchmark for the cost of shipping oil from the Middle East to China.</p>
<div class="lb-trans"><p>据彭博社报道，Mercuria Energy Group 正在起诉波罗的海交易所，声称由于一个关键基准的扭曲，它遭受了数亿美元的损失，该基准用于计算从中东到中国的石油运输成本。</p>
</div><p>The case is the latest example of how oil traders and shippers are struggling to adjust to the disruption wrought by the near-closure of the Strait of Hormuz, with executives and lawyers already predicting a slew of legal disputes.</p>
<div class="lb-trans"><p>此案是石油交易商和航运公司如何努力适应霍尔木兹海峡几乎关闭所带来的干扰的最新例证，管理人员和律师们已经预测将会出现一系列法律争端。</p>
</div><p>“It’s not just a case of the physical molecules getting held up. It’s about the cascading effect on the market at large,” said Sumeet Malhotra, who leads the commodities and international trade practice for law firm Watson Farley &amp; Williams (WFW).</p>
<div class="lb-trans"><p>“这不仅仅是物理分子被阻碍的问题。这是对整个市场的连锁反应，” 负责沃森·法利与威廉斯律师事务所（WFW）商品和国际贸易业务的 Sumeet Malhotra 表示。</p>
</div><p>“When that happens, there’s no surprise that we’re seeing derivatives disputes and cases against indices.”</p>
<div class="lb-trans"><p>“当这种情况发生时，看到衍生品争端和针对指数的案件并不奇怪。”</p>
</div><p>It is also a fresh reminder of the key role that a small number of historic London entities play in setting prices critical to vast global industries – just a few years after a legal battle over the London Metal Exchange’s (LME) decision to cancel billions of dollars in nickel contracts in 2022.</p>
<div class="lb-trans"><p>这也是对少数历史悠久的伦敦实体在设定对庞大全球产业至关重要的价格方面所发挥关键作用的一个新提醒——就在几年前，伦敦金属交易所（LME）因取消数十亿美元镍合约而引发了一场法律斗争。</p>
</div><h3>Navigate Asia in  a new global order</h3>
<div class="lb-trans"><h3>在新的全球秩序中导航亚洲</h3>
</div><p>Get the insights delivered to your inbox.</p>
<div class="lb-trans"><p>获取洞察信息，直接发送到您的邮箱。</p>
</div><p>The Baltic Exchange, which traces its history back to 1744, is a central part of the global shipping industry as the venue where rates are set for the tankers and massive bulk carriers that handle the world’s commodity trade.</p>
<div class="lb-trans"><p>波罗的海交易所的历史可以追溯到 1744 年，是全球航运行业的核心部分，负责设定处理全球商品贸易的油轮和大型散货船的运费。</p>
</div><p>At the heart of the dispute is the rate for hiring a tanker to ship oil from the Middle East to China, which for years has been calculated based on the cost of shipping oil from Saudi Arabia’s Ras Tanura port. Crucially, it is located inside the Persian Gulf, and can only be accessed via the Strait of Hormuz.</p>
<div class="lb-trans"><p>争议的核心是从中东到中国运输石油的油轮租赁费率，多年来该费率是基于从沙特阿拉伯拉斯坦乌拉港运输石油的成本计算的。至关重要的是，该港口位于波斯湾内，只能通过霍尔木兹海峡进入。</p>
</div><p>Each day, shipbrokers convened by the Baltic Exchange submit their assessments of the price, which are used to create a rate known as TD3C. That rate is then used across the global oil industry as a benchmark to set the rate of tanker contracts, as well as to underpin a multibilllion-dollar derivatives market.</p>
<div class="lb-trans"><p>每天，由波罗的海交易所召集的船舶经纪人提交他们对价格的评估，这些评估用于创建一个称为 TD3C 的费率。该费率随后在全球石油行业中作为基准，用于设定油轮合同的费率，并支撑一个数十亿美元的衍生品市场。</p>
</div><p>SEE ALSO</p>
<div class="lb-trans"><p>另见</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/2650d373e5e5e82033b7a3dcf7d8efa51feddf02c15f4d997f0d5934b3073d1c/query-ZHByPTEmZj13ZWJwJnc9MjQw" alt="" original-src="https://cassette.sphdigital.com.sg/image/businesstimes/2650d373e5e5e82033b7a3dcf7d8efa51feddf02c15f4d997f0d5934b3073d1c?w=240&amp;dpr=1&amp;f=webp"/></p>
<h3>Why anxieties are rising over the Malacca Strait, Asia’s key shipping route</h3>
<div class="lb-trans"><h3>为什么对马六甲海峡的担忧在上升，亚洲的关键航运路线</h3>
</div><p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/fab10a90a84d752cad2208c0c477054b11530cf8dcbfa7f53b39d656b32be3c3/query-ZHByPTEmZj13ZWJwJnc9MjQw" alt="" original-src="https://cassette.sphdigital.com.sg/image/businesstimes/fab10a90a84d752cad2208c0c477054b11530cf8dcbfa7f53b39d656b32be3c3?w=240&amp;dpr=1&amp;f=webp"/></p>
<h3>Marine insurance and the five powers clause in times of war</h3>
<div class="lb-trans"><h3>海洋保险和战争时期的五权条款</h3>
</div><p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/5579cc13719dda467281eceb9122e9a2f2fed1359b548f948a0e9b645055b171/query-ZHByPTEmZj13ZWJwJnc9MjQw" alt="" original-src="https://cassette.sphdigital.com.sg/image/businesstimes/5579cc13719dda467281eceb9122e9a2f2fed1359b548f948a0e9b645055b171?w=240&amp;dpr=1&amp;f=webp"/></p>
<h3>Are stock markets in denial about the true cost of Iran war?</h3>
<div class="lb-trans"><h3>股票市场是否对伊朗战争的真实成本存在否认？</h3>
</div><blockquote>
<p>“SGX denied the allegations that the Baltic Exchange has not met its statutory and contractual obligations with regard to the benchmark in a statement on Sunday.”</p>
</blockquote>
<div class="lb-trans"><blockquote>
<p>“SGX 否认了波罗的海交易所未能履行其在基准方面的法定和合同义务的指控。”</p>
</blockquote>
</div><p>The Baltic Exchange, which is now owned by the Singapore Exchange (SGX), stirred controversy in March when it told brokers that the TD3C rate should continue to be calculated based on the cost of shipping oil from Ras Tanura – even though shipments had all but ceased due to the war.</p>
<div class="lb-trans"><p>波罗的海交易所现在由新加坡交易所（SGX）拥有，3 月份它告诉经纪人，TD3C 费率应继续基于从拉斯坦乌拉港运输石油的成本进行计算——尽管由于战争，运输几乎已经停止。</p>
</div><p>The TD3C rate soared as a result, rising to as much as US$600,000 a day compared to more typical rates between US$40,000 and US$100,000.</p>
<div class="lb-trans"><p>因此，TD3C 费率飙升，最高达到每天 60 万美元，而更典型的费率在 4 万美元到 10 万美元之间。</p>
</div><p>For traders and shipowners who have contracts and derivatives positions linked to the index, it has caused turmoil.</p>
<div class="lb-trans"><p>对于与该指数相关的合同和衍生品头寸的交易商和船东来说，这造成了动荡。</p>
</div><p>In one example, Norwegian shipping company Hunter Group said last month that a customer had paid it US$8.3 million less than it was due for ship charters during the month of March. The customer involved was Mercuria, and it was refusing to pay charter rates that were pegged to TD3C, said a person familiar with the matter.</p>
<div class="lb-trans"><p>例如，挪威航运公司 Hunter Group 上个月表示，一位客户在 3 月份支付给它的船舶租赁费用比应支付的少 830 万美元。涉及的客户是 Mercuria，该客户拒绝支付与 TD3C 挂钩的租船费率，一位知情人士表示。</p>
</div><p>Spokespeople for the Baltic Exchange, Mercuria and Hunter Group declined to comment. SGX denied the allegations that the Baltic Exchange has not met its statutory and contractual obligations with regard to the benchmark in a statement on Sunday.</p>
<div class="lb-trans"><p>波罗的海交易所、Mercuria 和 Hunter Group 的发言人均拒绝置评。SGX 否认了波罗的海交易所未能履行其在基准方面的法定和合同义务的指控。</p>
</div><p>“The Baltic produces its benchmarks in accordance with established and robust governance frameworks, methodologies and oversight processes,” it said.</p>
<div class="lb-trans"><p>“波罗的海根据既定和健全的治理框架、方法论和监督流程制定其基准，” 它表示。</p>
</div><p>“SGX Group notes that the Baltic has issued a separate statement affirming its full confidence in its processes, its belief that the claim from Mercuria to be without merit, and that it will defend it to the fullest extent.”</p>
<div class="lb-trans"><p>“SGX 集团注意到，波罗的海已发布单独声明，确认其对其流程的充分信心，认为 Mercuria 的索赔毫无依据，并将全力以赴进行辩护。”</p>
</div><h2>Extreme volatility</h2>
<div class="lb-trans"><h2>极端波动性</h2>
</div><p>In its claim, Mercuria argued that the decision to keep the rate based on the cost of shipping through Hormuz has distorted the market.</p>
<div class="lb-trans"><p>在其索赔中，Mercuria 辩称，决定将费率保持在基于霍尔木兹海峡运输成本的基础上扭曲了市场。</p>
</div><p>Traffic through the strait has “essentially ceased”, and those shipments that do take place “require the payment of illegal tolls to sanctioned entities”, it said.</p>
<div class="lb-trans"><p>通过该海峡的交通 “基本上已停止”，而那些仍在进行的运输 “需要向受制裁实体支付非法通行费”，它表示。</p>
</div><p>The Baltic Exchange’s decision has resulted in “ongoing extreme volatility in the pricing of TD3C, which no longer accurately or reliably represents the underlying market it is intended to measure, and ongoing distortion and disruption to the shipping and freight derivatives markets reliant on the TD3C index”, Mercuria added.</p>
<div class="lb-trans"><p>波罗的海交易所的决定导致 “TD3C 定价的持续极端波动，这不再准确或可靠地代表其旨在衡量的基础市场，并对依赖 TD3C 指数的航运和货运衍生品市场造成持续扭曲和干扰，” Mercuria 补充道。</p>
</div><p>Still, the trading house’s claim that the TD3C route is “incapable of lawful passage” stands in contrast to comments from its co-founder and chief executive officer Marco Dunand last week, when he told a conference that Mercuria had managed to move ships out of the Persian Gulf.</p>
<div class="lb-trans"><p>尽管如此，该交易所的索赔称 TD3C 航线 “无法合法通行”，与其联合创始人兼首席执行官 Marco Dunand 上周在一次会议上的评论形成对比，他在会议上表示，Mercuria 已经设法将船只从波斯湾转移出去。</p>
</div><p>“(There’re) various ways to do it and I’d rather not comment on that,” he told the FT Commodities Global Summit in Lausanne.</p>
<div class="lb-trans"><p>“有多种方式可以做到这一点，我不想对此发表评论，” 他在洛桑的 FT 商品全球峰会上表示。</p>
</div><p>In its claim, Mercuria argued that the Baltic Exchange should have either suspended the TD3C benchmark or used economically comparable routes that are still operating to determine it – for example, the rate for shipping from an Omani port outside the Gulf to China, or from West Africa to China.</p>
<div class="lb-trans"><p>在其索赔中，Mercuria 认为波罗的海交易所应该暂停 TD3C 基准，或者使用仍在运营的经济可比航线来确定该基准——例如，从阿曼港口到中国的航运费率，或从西非到中国的航运费率。</p>
</div><p>The Baltic Exchange’s rules give it the power to change or suspend an index due to “a sudden change in circumstances or markets resulting in it being impossible to produce a viable Ocean Bulk benchmark”.</p>
<div class="lb-trans"><p>波罗的海交易所的规则赋予其因 “突发情况或市场变化导致无法产生可行的海洋散货基准” 而更改或暂停指数的权力。</p>
</div><p>Still, when it consulted members last week on whether it should suspend the TD3C benchmark or add ports outside the Gulf in the event of an escalation or extension of the conflict, 55 per cent of respondents opposed any changes.</p>
<div class="lb-trans"><p>然而，当它上周咨询会员是否应在冲突升级或延长的情况下暂停 TD3C 基准或增加海湾以外的港口时，55% 的受访者反对任何变更。</p>
</div><p>“There was consistent feedback on maintaining continuity and stability, emphasising that the existing benchmarks continue to be usable,” the Baltic Exchange said in a summary of the consultation.</p>
<div class="lb-trans"><p>波罗的海交易所在咨询总结中表示：“关于保持连续性和稳定性的一致反馈，强调现有基准仍然可用。”</p>
</div><p>Some respondents argued that any changes would disadvantage anyone who had entered into trading positions based on the guidance the Baltic Exchange had given in March.</p>
<div class="lb-trans"><p>一些受访者认为，任何变更将使那些基于波罗的海交易所三月份提供的指导进入交易头寸的人处于不利地位。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/da07e3ee6fc2b4ac70592619dccfa2826e4410006800390b8961bec3b2d6b8ad" alt="" original-src="https://cassette.sphdigital.com.sg/image/businesstimes/da07e3ee6fc2b4ac70592619dccfa2826e4410006800390b8961bec3b2d6b8ad"/></p>
<p>The case is unlikely to be the last dispute caused by the disruptions to commodity trade through the Strait of Hormuz. PHOTO: REUTERS</p>
<div class="lb-trans"><p>此案不太可能是由于霍尔木兹海峡商品贸易中断而引发的最后一场争议。照片：路透社</p>
</div><h2>Hundreds of millions of dollars</h2>
<div class="lb-trans"><h2>数亿美元</h2>
</div><p>Mercuria is asking the High Court in London to force the Baltic Exchange to either suspend TD3C or to determine it based on other routes where trade has continued – including retrospectively “for the prior periods for which it has been improperly determined”.</p>
<div class="lb-trans"><p>Mercuria 正在请求伦敦高等法院强制波罗的海交易所要么暂停 TD3C，要么根据其他仍在进行贸易的航线来确定该基准——包括追溯 “对于其不当确定的先前期间”。</p>
</div><p>It has not put a monetary value on its claim, asking only for “such further or other declaratory relief as the court considers appropriate”.</p>
<div class="lb-trans"><p>它没有对其索赔给出货币价值，仅要求 “法院认为适当的进一步或其他声明性救济”。</p>
</div><p>But it said it and its affiliates have already incurred losses on physical and derivative freight contracts tied to TD3C that “are presently estimated to be in the hundreds of millions of US dollars”, and that it is exposed to potential “very significant future losses”.</p>
<div class="lb-trans"><p>但它表示，它及其附属公司已经在与 TD3C 相关的实物和衍生货运合同中遭受了损失，“目前估计在数亿美元”，并且面临潜在的 “非常显著的未来损失”。</p>
</div><p>The case “raises significant issues of importance to market participants in the shipping, derivatives and commodities markets”, Mercuria says, arguing that financial instruments that reference the TD3C benchmark are worth billions of dollars.</p>
<div class="lb-trans"><p>Mercuria 表示，此案 “涉及对航运、衍生品和商品市场参与者具有重要意义的重要问题”，并认为引用 TD3C 基准的金融工具价值数十亿美元。</p>
</div><p>The case is unlikely to be the last dispute caused by the disruptions to commodity trade through the Strait of Hormuz.</p>
<div class="lb-trans"><p>此案不太可能是由于霍尔木兹海峡商品贸易中断而引发的最后一场争议。</p>
</div><p>The cancellation of nickel trades by LME spurred a wave of lawsuits from furious investors, with the exchange ultimately succeeding in its argument that its rules gave it wide discretion to make decisions about the market in a crisis.</p>
<div class="lb-trans"><p>LME 取消镍交易引发了一波愤怒投资者的诉讼，交易所最终成功辩称其规则赋予其在危机中对市场做出决策的广泛自由裁量权。</p>
</div><p>“We’ve been approached by a number of clients complaining of indices failing to reflect what the underlying market was,” said Malhotra of WFW.</p>
<div class="lb-trans"><p>WFW 的 Malhotra 说：“我们接到了一些客户的投诉，抱怨指数未能反映基础市场的情况。”</p>
</div><p>“We’ve seen this in the past, when indices haven’t reacted fast enough to abrupt market conditions. It happened in 2008, and we also saw this more recently when nickel prices spiked and the LME froze trading.” BLOOMBERG</p>
<div class="lb-trans"><p>“我们在过去也见过这种情况，当指数未能迅速反应突发市场条件时。2008 年发生过这种情况，最近我们也看到镍价飙升时，LME 冻结了交易。” 彭博社</p>
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