China Financial Futures Exchange

From MarketsWiki

This page is not complete!

Do you have knowledge to contribute on this or other subjects? Help the wiki grow -- add what you know.

China Financial Futures Exchange
Founded	2006
Headquarters	Shanghai, PRC
Key People	Eugene Zhu, CEO; Hu Zheng, deputy CEO
Web site	http://www.cffex.com.cn

The Shanghai-based China Financial Futures Exchange (CFFEX) is a proposed electronic platform for financial derivatives, owned by the country's three existing commodity derivatives exchanges and two stock exchanges. No formal launch date has been announced, but 84 members, which consist of 14 general clearing members, 45 trading and clearing members, and 25 trading members, had been approved as of Apr. 2, 2008.^[1] There is also another member category called, special clearing members, which is for banks interested in clearing business, but no bank has yet been approved.^[2]

Contents 1 Background 2 Contracts to be Listed 3 External Links 4 References

Background

The CFFEX was inaugurated on Sept. 8, 2006 in Shanghai with a registered capital of 500 million yuan. China's two stock exchanges, Shanghai Stock Exchange and Shenzhen Stock Exchange, as well as three futures exchanges, Shanghai Futures Exchange, Dalian Commodity Exchange (DCE), and Zhengzhou Commodity Exchange each hold a 20 percent stake.^[3]

The new exchange is expected to start trading in mainland stock index futures - initially based on the CSI 300 Index. The contract has been mock trading since Oct. 30, 2006 and has specifications that make it expensive for small retail accounts to participate casually.^[4]. Options on the futures and Treasury futures are expected to follow.^[5]

Trading of the contract will run from 9:15 a.m. to 11:30 a.m. and 1 p.m. to 3:15 p.m.^[6]

Eugene Zhu, the former head of the DCE and chairman of the China Futures Association, was appointed to head the CFFEX by the China Securities Regulatory Commission.

Contracts to be Listed

• CFFEX CSI 300 Index futures

External Links

• Dawning of Financial Futures in China, FI Magazine

References

1. ↑ CFFE newly approves 9 futures company members. ZiBB.com. Retrieved on Apr 3, 2008.
2. ↑ Financial futures exchange welcomes 12 more members. China Daily. Retrieved on November 13, 2007.
3. ↑ China financial futures exchange set up in Shanghai. PRC Embassy, USA. Retrieved on February 12, 2008.
4. ↑ Challenges for Chinese Stock Index Futures. Ted Naganawa LLC. Retrieved on February 20, 2008.
5. ↑ China Financial Futures Exchange reveals details of stock futures contract. Forbes. Retrieved on February 12, 2008.
6. ↑ China sets trading rules for stock index futures. IHT. Retrieved on February 12, 2008.