Published On: Thu, Nov 14th, 2013

CME Group Approves China Merchants Futures as New Clearing Member

Julien Le Noble, Managing Director, Head of Asia Pacific, CME Group

Julien Le Noble, Managing Director, Head of Asia Pacific, CME Group

CME Group, the world’s leading and most diverse derivatives marketplace, today announced China Merchants Futures (HK) Co. Limited, a wholly-owned unit of China Merchant Securities Company Limited, has been approved as a CME, CBOT, NYMEX and COMEX Clearing Member, effective 21 October 2013.

“We are pleased to welcome China Merchants Futures as our clearing member,” said Kim Taylor, President, CME Clearing. “Having clearing member firms in Asia continuing to join, allows us to better address the needs of our increasing client base in the region. Essential for many of our regional customers is the local experience and presence that China Merchants brings with their membership, and which we continue to build on.”

“With Greater China clients now gaining access to global markets through financial institutions such as China Merchants Futures, we look forward to further support their participation and their clients,” said Julien Le Noble, Managing Director, Head of Asia Pacific, CME Group. “As we further enhance and expand our network of clearing members in the region, we will continue to bring our wide range of global benchmark products to new Asian client segments.”

“Obtaining CME Group clearing membership is a part of China Merchants Securities’ strategy to meet the huge demand from the mainland China to hedge the commodities price risks globally on major commodities exchanges,” said Stephen Chan, Chief Executive Officer of China Merchants Futures (HK) Co. Limited. “We see this membership as another step towards globalizing our business.”

The addition of China Merchants Futures brings the total number of clearing firms at CME Group to 72, with the Hong Kong-based firm becoming its fifth Asian clearing member.

CME Group continues to build on its commitment to its business in Asia, and inaugurate new services to cater to the evolving needs of its Asian customer base. Since 2012, clients of CME Group have been able to use offshore Renminbi (CNH) deposits as collateral on all exchange futures products cleared through CME Clearing. The company recently launched a telecommunications hub in Hong Kong, bringing to five the number of telecommunications hub it operates across Asia, including in Kuala Lumpur, Seoul, Singapore and Tokyo. In the second quarter of 2013, trading volumes from Asia in CME Group’s core business was up 28 per cent from the same period last year.

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