China Finance Online Launches Live Coverage on Stock Index Futures in China
China Finance Online Co., Ltd., the technology-driven, user-focused market leader in China in providing vertically integrated financial services and products including news, data, analytics and brokerage through web portals, software systems, and mobile handsets, today announced its wholly own subsidiary, Fortune Software, has entered into definitive agreement with China Financial Futures Exchange (“CFFEX”) to provide real-time coverage on China’s newly introduced Stock Index Futures.
Pursuant to the agreement, China Financial Futures Exchange will authorize Fortune Software to provide all the data including market information, trading data and other information or data related to Stock Index Futures products to end users in mainland China.
In February 2010, the State Council of China approved the introduction of stock index futures. The stock index futures is rolled out to enhance the foundation of China’s capital market, increase the trading mechanism of securities, complete the market function, stabilize the market operation, and promote the healthy development of the capital market. Stock index futures is a developed product in many well-established stock markets around the world. Established by the State Council in September 2006, China Financial Futures Exchange has been in charge of product design, rules establishment and all aspects of technical preparations as well as investor education.
Mr. Zhiwei Zhao, Chief Executive Officer of China Finance Online, stated, “We are very excited about the opportunity to work CFFEX to provide the live coverage on Stock Index Futures in China. With Chinese stock exchanges’ advancement toward a more sophisticated member of global capital markets, we see the stock index futures can propel more liquidity into Shanghai Stock Exchange and Shenzhen Stock Exchange, two of world’s most liquid stock exchanges. We also applaud government’s prudent development on the stock market and careful selection of qualified financial information provider to be the creditable interface with over 170 million investment trading accounts in China. This important strategic partnership represented another key milestone as China Finance Online strives to become the ‘one-stop’ source of all financial and investment information, data and analytics for our current 14 million registered user base.”