CHICAGO and SHANGHAI, Aug. 5,
2015 /PRNewswire/ -- CME Group, the world's leading and
most diverse derivatives marketplace, and China Foreign Exchange
Trade System (CFETS), announced they have signed a Memorandum of
Understanding (MOU) in Shanghai
today.
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."
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, 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