With Asian originated volumes of trading of CME Group products growing 22% YoY, the APAC region has become an increasingly important market for the exchange operator. Aiming to capitalize on the momentum and further open up its products to Asian traders, the CME Group announced that it has signed a Letter of Intent (LOI) with the Korea Financial Investment Association (KOFIA).
A self-regulatory organization (SRO) for the Korean financial industry, the LOI commits the CME and KOFIA to “explore mutual collaboration in the areas of market education and training.” The LOI extends the CME’s involvement with the Korean financial industry, where it has an existing partnership with the Korea Exchange (KRX) that provides availability of USD/KRW and KOSPI 200 futures to CME Globex traders.
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With the current LOI with KOFIA, CME aims to create resources that will educate Korean traders about CME traded products. On this goal, Terry Duffy, CME Group Executive Chairman and President, stated, “This Letter of Intent we have signed puts us in a strong position to extend our investor education efforts in Korea, with the support of our local partner KOFIA.”
Young-Key Hwang, Chairman of KOFIA, added, “KOFIA is committed in its efforts to build trust and promote better communication within the Korean capital markets, and we are confident of achieving these goals through investor education and training, in collaboration with CME Group.”