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While regulators in the US fret that the pace of growth in the exchange traded fund market may be too explosive, their counterparts in Asia along with asset managers and distributors sweat over what more can be done to raise investor interest.
在美国监管机构担心交易所交易基金(ETF)市场增速可能太快的同时，他们在亚洲的同行以及资产管理公司和分销商却忙着考虑还有什么办法可以提高投资者的兴趣。
As US ETF assets under management passed the $3tn mark this summer, AUM in the Asia-Pacific industry just managed to creep over $350bn.
今年夏季，美国ETF管理的资产规模跨过3万亿美元大关，亚太ETF行业管理的资产仅成功爬上3500亿美元关口。
Between 2015 and 2016, the US market grew by 20 per cent, while the Asian market increased by just 10 per cent. There are two ways to look at the relatively modest size of the Asian ETF market compared with both the US and Europe — which is twice as big as Asia, with $716bn in ETF assets — say analysts.
从2015年至2016年，美国ETF市场增长20%，而亚洲市场仅扩大10%。分析师们表示，从两个角度可以看出亚洲ETF市场的规模不及美国和欧洲：后者的市场规模是亚洲的两倍，ETF管理的资产规模为7160亿美元。
The first is to view Asia as a market that has proved resistant to rapid development and will require significant structural and regulatory change before taking off. The second sees the possibility of sudden upside surprise.
第一种是把亚洲视作一个被证明为排斥快速发展的市场，在起飞之前需要重大结构和监管改变。第二种是看到突然出现上行惊喜的可能性。
One difficulty in assessing the potential for ETFs in Asia, say experts at the largest asset management houses, is both the disproportionate size of the Japanese market within the region and the role played by the Bank of Japan, which distorts the market as it buys ￥6tn ($54bn) of ETFs a year.
各大资产管理公司的专家们表示，评估亚洲ETF潜力的难题在于日本市场在地区所占比重过大，以及日本央行(Bank of Japan)扮演的角色过大。日本央行每年购买6万亿日元（合540亿美元）的ETF，这扭曲了市场。
With assets under management of $200bn, according to Nomura Securities, Japan’s ETF market is about $50bn larger than all other Asia-Pacific ETF markets put together. At the end of August, the market value of the BOJ’s ETF holdings was $175bn.
根据野村证券(Nomura Securities)的数据，日本ETF市场管理的资产规模为2000亿美元，比亚太其他所有ETF市场的总规模还要高出约500亿美元。8月底，日本央行持有的ETF资产的市值为1750亿美元。
Through an ETF buying programme that has been criticised by some as the “de facto nationalisation” of the Japanese stock market, the central bank indirectly holds a 10 per cent stake in some 22 large Japanese companies and about 3 per cent of the whole Japanese stock market.
通过ETF购买计划，日本央行间接持有约22家日本大企业10%的股权，并持有整个日本股市的3%左右。一些人批评称，这是对日本股市“事实上的国有化”。
Meanwhile, there are other factors holding back the Asian ETF market that some sceptics fear will hold back development of the retail side.
与此同时，还有其他因素在掣肘亚洲ETF市场，一些怀疑者担心，这些因素将阻碍散户市场的发展。
There are, for example, clear differences in the way the products are pitched to investors in the US and Asia. A high proportion — some estimate 90 per cent — of funds in Asia are commission-based. This disadvantages ETFs because they are openly traded on stock exchanges and are not structured to pay commissions to banks, brokerages or financial advisers that might recommend them, unlike the mutual fund industry in the region.
例如，美国和亚洲向投资者推介产品的方式存在明显区别。在亚洲，很大比例的基金（一些人估计为90%）是以佣金为基础。这对ETF不利，因为它们在股票交易所公开交易，在结构上不便向可能推荐它们的银行、券商或理财顾问支付佣金，这与该地区的共同基金行业不同。
A vibrant ETF market would depend on the evolution of fee-based distribution networks. Mark Talbot, managing director of Asia-Pacific at Fidelity International, says the distribution infrastructure is holding back retail demand.
活跃的ETF市场将取决于基于收费的分销网络的发展。富达国际(Fidelity International)亚太区董事总经理陶博宏(Mark Talbot)表示，分销基础设施正抑制零售需求。
“Where ETFs have grown — in the US and Europe — there is a big ecosystem of financial advisers,” he says. “You need a more advisory model. But until you see people paying for advice rather than paying for commissions, it is hard to see when it will take off.”
“在ETF壮大的地区（美国和欧洲），有一个庞大的理财顾问生态系统，”他表示，“你需要一个更加依靠顾问的模式。但在你看到人们为建议付费（而不是支付佣金）之前，很难设想它何时起飞。”
In the US, he adds, ETFs emerged into a market where there were lots of registered investment advisers incentivised to use lower-cost products for their clients.
他补充称，在美国，在ETF兴起之际，市场上有很多注册投资顾问，他们有动力为客户选用成本较低的产品。
Mr Talbot notes that regulators in Japan are encouraging fee-based sales with a new fiduciary code and other measures that will play to the low-cost appeal of ETFs.
陶博宏指出，日本监管机构正在鼓励基于收费的销售模式，出台了新的受信规则和其他措施，这些举措将会增强ETF的低成本吸引力。
Regulators in other countries will draw lessons from the success or failure of the Japanese model.
其他国家的监管机构将以日本模式的成功或失败为借鉴。
Elsewhere, Australia recently introduced reforms that have increased transparency around fund pricing, which has driven rapid growth in ETFs.
在其他地方，澳大利亚最近推出了提高基金定价透明度的改革措施，这推动了ETF的快速增长。
Marco Montanari, the head of passive asset management for Asia-Pacific at Deutsche AM, agrees that fundamental changes to distribution must be made before the Asian ETF market can move to the next level.
德银资产管理公司(Deutsche AM)亚太区被动型资产管理部门主管马尔科?蒙塔纳里(Marco Montanari)也认为，在亚洲ETF市场迈向更高台阶之前，必须从根本上改革分销制度。
“Australia stands out as a market that boomed when reform allowed it to switch from a commission-based model to a fee-based one,” says Mr Montanari. “This would be a game changer in Asia.”
蒙塔纳里表示：“澳大利亚表现突出，它在从佣金模式转为收费模式后蓬勃发展。这将是一件改变亚洲ETF市场游戏规则的事情。”
Susan Chan, head of iShares Asia-Pacific at BlackRock, says ETFs are more popular among institutional investors in the region.
贝莱德(BlackRock)的iShares亚太区主管陈蕙兰(Susan Chan)表示，ETF更受该地区机构投资者的欢迎。
The retail side, she says, “is nascent and a mixed bag”. All countries in the region have a lot of work to do, she says, adding the Australian example has proven that regulatory changes can make a significant difference to generating pockets of interest.
她说，零售业务“起步不久，好坏参半”。她表示，亚太所有国家都有大量工作要做，并补充称，澳大利亚的事例证明，就吸引散户兴趣而言，监管改变可以带来显著不同。
“All the regulatory bodies are looking to do this and more transparency is always welcome. But whether they get there is different,” she says. “Regulators talk about more transparency and lower fees but very little in terms of law.”
她说：“所有监管机构都在考虑这么做，提高透明度始终是可喜的。但能否做到则是另一回事。监管机构谈论提高透明度并降低费用，但在立法方面没什么进展。”
Even if Asian countries introduced regulation similar to that of thriving ETF markets elsewhere in the world, there are other hurdles. Mr Montanari says, for example, that most products presented to Asian investors relate to equities in their domestic market so the ETFs are not being used to give investors local exposure to foreign markets.
即便亚洲国家推出了在其他国家推动ETF市场蓬勃发展的监管措施，也仍存在其他障碍。例如，蒙塔纳里表示，提供给亚洲投资者的产品大多与国内市场的股票挂钩，因此ETF没有被用来让投资者在国内投资于外国市场。
Yan Pu, head of portfolio review in Asia at Vanguard, suspects the Asian product mix may be holding things back. For example, Asian providers offer plenty of equity ETFs but very few fixed income products. In the US, she notes, fixed income ETFs are growing rapidly.
先锋(Vanguard)的亚洲投资组合审查主管Yan Pu怀疑，亚洲的产品结构可能阻碍了ETF的发展。例如，亚洲ETF公司提供大量的股票ETF产品，但很少有固定收益产品。她指出，在美国，固定收益ETF增长迅速。
She argues, however, that the problems with lower liquidity of ETFs in Asia are a symptom of a fund distribution system that fails to incentivise ETF sales by intermediaries. “I don't think there is a quick fix, but you would see a pick-up if Asia moves to a fee-based model,” she says.
然而，她辩称，亚洲ETF流动性较低的问题反映了基金分销体系未能激励中介销售ETF。她说：“我认为没有快速的解决办法，但如果亚洲转向收费模式，会出现起色。”
The companies that have tried — and so far failed — to create a sustained ETF boom in Asia say the need for wholesale reform suggests the market will be defined by a protracted effort to convince both the regulators and customers to redraw the scenery.
试图推动亚洲ETF持续繁荣但迄今未获成功的公司表示，有必要从根本上改革似乎表明，市场将由说服监管机构和客户重塑行业格局的长期努力定义。
But that may be overly pessimistic, says Mr Talbot. “Things in Asia do have a habit of moving faster than we think,” he says.
陶博宏表示，这可能过于悲观了。他说：“亚洲的情况往往比我们想象的更快变化。”
