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Banks, troubled by regulators and short of capital, are fleeing the commodities business. Deutsche Bank, Morgan Stanley and UBS

admin2021-02-21  71
问题    Banks, troubled by regulators and short of capital, are fleeing the commodities business. Deutsche Bank, Morgan Stanley and UBS either shuttered or shrank their commodities operations last year; this year Barclays, Credit Suisse and JPMorgan Chase have scaled back. But even as they retreat, commodity-trading houses, most of which began life as simple middlemen, are getting ever more deeply involved in the extracting, shipping and refining of raw materials.
   The buyer of JPMorgan Chase’s physical commodities unit, for instance, was Mercuria, a ten-year-old firm based in Switzerland that started out trading oil but now owns (or has joint ventures with) oil-exploration companies, oil-terminal and pipeline operators, coal and iron-ore mines and biofuel refineries. Vertical integration of this sort gives trading operations more flexibility and brings valuable commercial intelligence, but it also pushes the firms into capital-intensive businesses and compounds their exposure to the commodities cycle.
   America has some big commodity firms, including Archer Daniels Midland, Cargill and Koch Industries. But the real giants are based in Switzerland. Vitol, which started out in 1966 trading oil products along the Rhine, had $307 billion in sales in 2013. In addition to its trading business, it also owns or charters ships to transport crude oil, petrol, gas, coal, chemicals and sugar (200 are at sea at any time); refines 350,000 barrels of oil a day and owns a power plant in Britain. Glencore had $233 billion in sales last year. It both mines and markets coal; its oil businesses span exploration and distribution and its agricultural assets include farms, processing plants, storage and distribution. Trafigura, another commodities giant based in Switzerland, had sales of $133 billion in 2013. It too takes a cradle-to-grave approach: the firm’s oil business, for instance, includes everything from exploration to petrol stations.
   Such integration may improve trading margins, but only by getting the commodities firms into lots of low-margin, capital-intensive businesses like shipping and mining. It may work well when commodity prices are stable or rising, but it leaves them seriously exposed to the next recession. As traders, they could ride out and often profit from such crises. But the assets they are snapping up will become far less valuable if the global economy sours.
   The commodities firms’ growing integration is also attracting the attention of regulators, particularly in America and the European Union. They fear that the traders’ ownership of infrastructure allows them to manipulate local prices, even if they do not have the power to control global markets. Earlier this year Mukhisa Kituyi, secretary-general of the United Nations Conference on Trade and Development, accused the industry of "corruption and illegal financial flows" and "large-scale trade mispricing" in developing countries. The Swiss government, for its part, says the industry must be more transparent, while the Swiss parliament is examining its record on human rights and the environment.
   [A] runs coal business, involving mining and marketing.
   [B] holds that commodity firms should be more recognizable as what they really are.
   [C] is involved in goods delivery, oil refining and electricity generation.
   [D] criticised commodity companies’ misdoings in developing countries.
   [E] fears that traders may control local prices through their ownership of infrastructure.
   [F] had been doing business with JPMorgan Chase.
   [G] started its business with oil trading and oil exploration.
Mercuria
选项
答案F
解析 Mercuria出现在文中第二段。该段第一句讲到Mercuria是JPMorgan Chase实物商品的买家。也就是说，Mercuria与JPMorgan Chase曾有贸易往来。F所述与此相符，其中do business with的意思是“与……做生意”，故确定F为本题答案。
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