SINGAPORE The Hong Kong
Mercantile Exchange (HKMEx) has added China International
Futures Hong Kong Co. Ltd. (Cifco HK) as a broker member,
making it the first international exchange to have signed up
all six mainland Chinese futures firms allowed to conduct
business in Hong Kong.
The other mainland futures
brokerages on HKMEx are China Xin Yongan Futures Co. Ltd., GF
Futures (Hong Kong) Ltd., Green Futures (Hong Kong) Ltd.,
Jinrui Futures (Hong Kong) Ltd. and Nanhua Futures (Hong Kong)
"Having all six mainland Chinese
futures companies on board will significantly boost our
exchanges market leadership as the bridge between
Chinas fast-growing commodity markets and other
international trading hubs," HKMEx chairman Barry Cheung said
in a statement Wednesday. "It will also, no doubt, contribute
to the success of our upcoming (yuan-denominated) copper and
gold futures products."
Cifco HK is the Hong Kong branch
of China International Futures Co., one of the largest futures
brokerages in China by trading volume and turnover.
Cifco HK chairman Michael Zhang
called the move "a continuation of our strategy to leverage on
our well-established brand and extensive industry experience in
mainland China to expand abroad and to offer the most
comprehensive range of both internationally and domestically
traded investment products to our customers."
HKMEx currently offers a
32-troy-ounce gold futures contract and a 1,000-troy-ounce
silver futures contract denominated in U.S. dollars, with
physical delivery in Hong Kong.
The exchange, which has 31
broker members, has plans to launch gold and copper contracts
denominated in yuan, followed by other precious and base metal
products, as well as energy, agriculture and commodity