HONG KONG, 10 July, 2012 – The Hong Kong Mercantile Exchange (HKMEx), China’s global marketplace, announces the joining of Phillip Commodities (HK) Limited as a clearing member. Phillip Commodities is the eighth addition to HKMEx’s membership this year alone, bringing the Exchange’s total membership to 30.
As an HKMEx clearing member, Phillip Commodities will be able to utilise the Exchange’s state-of-the-art electronic commodities trading platform to clear transactions conducted by other members. The clearing membership is in addition to Phillip Commodities’ existing broking membership, which allows it to trade commodity futures on HKMEx for proprietary and client accounts.
Phillip Commodities is part of PhillipCapital, an integrated financial institution which operates in 13 countries with over 3,500 employees globally.
“We are delighted to be able to further strengthen our relationship with HKMEx, which is emerging as a key marketplace for trading commodity futures in Asia. With our new clearing membership, we look forward to offering other members an additional venue for clearing HKMEx products,” said Lim Wah Sai, Managing Director for Phillip Commodities.
HKMEx Chairman Barry Cheung said: “We welcome Phillip Commodities, already a broking member of HKMEx, to become a clearing member. Their membership is further evidence of growing market support for our Exchange, including our upcoming renminbi-denominated contracts. With its broad regional network and extensive experience, Phillip Commodities will be of great value to all our trading members and to our ongoing success.”
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.