HONG KONG, 11 July, 2012– The Hong Kong Mercantile Exchange (HKMEx), China’s global marketplace, today announces the addition of China International Futures (Hong Kong) Co., Ltd (CIFCO HK) as a broking member, making it the first international exchange to have signed up all six mainland Chinese futures firms which are authorised to conduct business in Hong Kong.
CIFCO HK’s addition significantly enhances HKMEx’s goal of providing global market participants with transparent price discovery and benchmark pricing for China-bound commodities. As such, HKMEx’s membership base is unmatched by any other international exchange and provides a unique platform for international and mainland users to trade commodities.
As a broking member, CIFCO HK will be able to trade for proprietary and client accounts on HKMEx’s state-of-the-art electronic platform in the Asian Pacific time zone. CIFCO HK is the Hong Kong branch of China International Futures Co. Ltd (CIFCO), one of the largest futures brokerages in China by trading volume and turnover.
“Our membership on HKMEx represents the continuation of our strategy to leverage on our well-established brand and extensive industry experience in mainland China to expand abroad, and to offer the most comprehensive range of both internationally and domestically traded investment products to our customers. We look forward to participating on HKMEx’s transparent and liquid market environment and trading its innovative contracts,” said Michael Zhang, Chairman of CIFCO HK.
HKMEx Chairman Barry Cheung said, “We are excited to welcome CIFCO HK as our latest broking member. Having all six mainland Chinese futures companies on board will significantly boost our Exchange’s market leadership as the bridge between China’s fast-growing commodity markets with other international trading hubs. It will also no doubt contribute to the success of our upcoming renminbi-denominated copper and gold futures products.”
The other mainland futures brokerages on the Exchange are China Xin Yongan Futures Company Limited, GF Futures (Hong Kong) Limited, Green Futures (Hong Kong) Limited, Jinrui Futures (Hong Kong) Limited, and Nanhua Futures (Hong Kong) Co., Limited. This latest addition of CIFCO HK brings HKMEx’s total membership to 31 firms.
HKMEx currently offers a 32 troy ounces (1 kilo) gold futures contract and a 1,000 troy ounces silver futures contract. Both are denominated in US dollars with physical delivery in Hong Kong. Going forward, the Exchange plans to launch gold and copper contracts denominated in renminbi, followed by other products in precious and base metals, as well as energy, agriculture, and commodity indices.