CHINA August 05 2015 8:30 PM
SHANGHAI (Scrap Register): CME Group and China Foreign Exchange Trade System (CFETS) have signed a Memorandum of Understanding (MOU) in Shanghai.
This MOU was signed with a view to establish a joint venture in the United States to implement the outcome from the 7th US and China Strategic Economic Dialogue, where both the United States and China have welcomed CME Group and CFETS working closely together in exploring opportunities and promoting each other's market infrastructure and products through cooperation programs, and facilitating the development of both countries' markets.
“We are pleased to be able to play an active role in promoting trade and cooperation between the United States and China,” said Terry Duffy, Executive Chairman and President of CME Group. “As China continues on its path of financial market liberalization and RMB internationalization, we believe that there are unique opportunities for CME Group and CFETS to work closely together to create a marketplace that best serves needs of the derivatives industry.”
“China is key to our global growth strategy, and this MOU with CFETS marks another key development in our China roadmap,” said Phupinder Gill, Chief Executive Officer of CME Group. “We believe this MOU will pave the way for greater collaboration between CME Group and CFETS, and bring about enhanced trading opportunities and benefits for our global customer base trading foreign exchange and interest rates products.”
CFETS is China's largest marketplace for interest rates and foreign exchange products, and also the major trading platform and pricing center for RMB and related products, while CME Group is the world's leading and most diverse derivatives marketplace.
Pei Chuanzhi, President of CFETS said, “Our cooperation will bring mutual benefits to both organizations, facilitate the connectivity and opening-up of financial markets of China and the United States, as well as meet the demand of Sino-US economic entities to hedge their interest rates and foreign exchange risks. At the same time, our collaboration will enable financial markets to drive economic growth, enhance the welfare of the people of both countries, and further promote international collaboration.”