CHICAGO and SHANGHAI, Sept. 25,
2015 /PRNewswire/ -- CME Group, the world's leading and most
diverse derivatives marketplace, and China Foreign Exchange Trade
System (CFETS), the major trading platform and pricing center for
RMB and related products, announced today they have signed an
agreement on cooperation to explore opportunities and promote each
other's market infrastructure and products.
The signing of this agreement marks an important step in
implementing the outcome from the 7th US and China
Strategic Economic Dialogue. Under this definitive agreement,
CME Group and CFETS have committed to participate in the joint
development and innovation of offshore RMB products. Both
parties have also committed to greater connectivity in product
distribution, with CME Group facilitating its customers to trade
China interbank products, and
CFETS facilitating China interbank
market participants to trade CME Group's products.
"We are pleased to sign this agreement with CFETS and strengthen
our close working relationship," said Terry
Duffy, Executive Chairman and President of CME Group.
"This innovative agreement should increase distribution of our
respective products and provide enhanced opportunities to users of
our markets."
"This agreement has put in place definitive parameters for both
parties to further develop our offerings," said Phupinder Gill, Chief Executive Officer of CME
Group. "China is a very important
market for us, and we are confident that our enhanced cooperation
with CFETS will further strengthen the relationship and better
serve the needs of our respective markets."
"This collaboration between CFETS and CME Group is an important
attempt by China and the United States to extend cooperation in the
financial sector, and will combine complementary advantages as well
as create mutual benefits," said Pei Chuanzhi, President of
CFETS. "The cooperation will promote the connectivity and
mutual opening-up of both countries' financial markets, further
meet the demands of market participants for hedging against the
risks of interest and foreign exchange rates, advance bilateral
trade and economic development, and allow the financial markets to
provide better support to the real economy."
About CME Group
As the world's leading and most diverse derivatives marketplace,
CME Group (www.cmegroup.com) is where the world comes to manage
risk. CME Group exchanges offer the widest range of global
benchmark products across all major asset classes, including
futures and options based on interest rates, equity indexes,
foreign exchange, energy, agricultural commodities, metals, weather
and real estate. CME Group brings buyers and sellers together
through its CME Globex® electronic trading platform, its trading
facilities in New York and
Chicago, and through its
London-based CME Europe
derivatives exchange. CME Group also operates one of the
world's leading central counterparty clearing providers through CME
Clearing and CME Clearing Europe, which offer clearing and
settlement services across asset classes for exchange-traded
contracts and over-the-counter derivatives transactions.
These products and services ensure that businesses everywhere can
substantially mitigate counterparty credit risk.
CME Group is a trademark of CME Group Inc. The Globe Logo, CME,
Globex and Chicago Mercantile Exchange are trademarks of Chicago
Mercantile Exchange Inc. CBOT and the Chicago Board of Trade are trademarks of the
Board of Trade of the City of
Chicago, Inc. NYMEX, New York Mercantile Exchange and
ClearPort are registered trademarks of New York Mercantile
Exchange, Inc. COMEX is a trademark of Commodity Exchange,
Inc. KCBOT, KCBT and Kansas
City Board of Trade are trademarks of The Board of Trade of
Kansas City, Missouri, Inc.
All other trademarks are the property of their respective owners.
Further information about CME Group (NASDAQ: CME) and its products
can be found at www.cmegroup.com.
About CFETS
China Foreign Exchange Trade System and National Interbank
Funding Center, also known as CFETS (http://www.chinamoney.com.cn),
is a sub-institution of the People's Bank of China. It was founded in 1994. Under the
state's strategic guidance to develop the interbank markets, and
following the leadership of the People's Bank of China and the State Administration of Foreign
Exchange, CFETS sticks to the principles of 'multiple technical
approaches, various trading mechanisms and satisfying demands from
multi-tiered markets', and commits to infrastructure construction,
product and mechanism innovation on China's interbank markets, aiming to build
itself as a global 'major trading platform and pricing center for
RMB and related products'. By availing advanced information
technology, dedicated line and the internet, CFETS has built a
domestic 'major trading platform and pricing center for RMB and
related products'. On every business day, it publishes market
benchmarks including the central parity rate of RMB, Shanghai
Interbank Offered Rate (Shibor <http://www.shibor.org>),
Loan Prime Rate (LPR), Repo fixing
rates, bond indices, yield curves etc. Its customers include
2,600+ legal entities, 8,100+ trading accounts, and 33,000+
information and surveillance service users. In 2014, the total
trading volume was over 360 trillion
RMB.
CME-G
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SOURCE CME Group