HSBC China the First Foreign Bank to Join Shanghai Futures Exchange
HSBC Bank (China) Company Limited (“HSBC China”) received approval August 1 to be a member of the Shanghai Futures Exchange (“SHFE”), marking the first and only foreign bank to be granted access to China’s gold futures market.
David Liao, Managing Director, Treasurer and Head of Global Markets at HSBC China, said: “We are very pleased to be a member of the Shanghai Futures Exchange and will initially focus on gold futures trading. China is an important producer, user and investor of gold. The access granted for China’s gold futures market is a welcomed addition to our existing gold spot trading business with the Shanghai Gold Exchange, and reinforces HSBC’s leadership in the global precious metals market. We look forward to playing a greater contributing role in the development of China’s fledgling gold market, where we see vast growth potential.”
HSBC China was one of the first foreign banks to join the Shanghai Gold Exchange in February 2008, and became the first foreign bank to start gold trading in June 2008. The Bank is the most active foreign bank player in China’s gold spot trading market.
Globally, HSBC Group is a leading market maker of major precious metals and provides a full suite of services for precious metals, including lending, overdraft, deposit, spot/forwards/options, clearance and custody. The Group is also a custodian of major gold exchange-traded funds globally.