China's first futures exchange, Zhengzhou Commodity Exchange (ZCE), signed a memorandum of understanding with U.S.-based NYSE Euronext on Wednesday to develop futures and options markets and establish a long-term partnership.
The agreement enables the two to share information on market conditions and also knowledge of local policies and regulations.
ZCE president Zhao Zhengping said the agreement was of great significance to the exchange in an emerging market. He added the ZCE had seen continuing turnover growth in past three years. The exchange planned to introduce rice futures and other products such as energy, material and relevant chemicals.
Duncan Niederauer, chief executive officer of NYSE Euronext, said the agreement was part of the group's long-term partnership with Chinese counterparts and it would help develop derivatives markets, IT solutions, marketing as well as staff training in both countries.
Established in 1990, ZCE is the first futures marketplace in China. Major contracts traded on the exchange include white sugar, wheat, cotton and rapeseed oil. For the past ten months, the exchange was the largest white sugar futures market worldwide.
China is the largest source in the Asia-Pacific for listed companies in NYSE Euronext, with 47 companies. The U.S. exchange signed a similar agreement with Dalian Commodity Exchange on Tuesday.
Source: Xinhua
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