China Financial Futures Exchange (CFFEX) has signed a Memorandum of Understanding (MoU) with Moscow Exchange (MOEX), strengthening the cohesion between the two regions, according to a MOEX statement.
The MoU will aim to fortify a bilateral partnership between the two entities, as well as the streamlining of development between both CFFEX and MOEX via information sharing, periodic visits by senior employees, and staff exchanges.
The MoU was tendered today by CFFEX’s CEO Zheng Hu and MOEX’s CEO Shenfeng Zhang – additionally, Shenfeng Zhang, Chairman of CFFEX and Sergey Shvetsov, First Deputy Governor of the Central Bank of Russia were also in attendance.
Why Your Enterprise’s Finances Rely on Employee TrainingGo to article >>
According to Mr. Zhang in a recent statement on the MoU, “With the State Council clearly emphasizing the importance of further developing financial derivatives in China in its 2015 annual government work report, CFFEX presses on with its efforts to facilitate the healthy and regulated growth of China’s financial futures market.”
“To that end, it is crucial to draw on advanced overseas experience and strengthen cross-border communication and cooperation so as to seek global development. The signing of this MoU will further cement the relationship between CFFEX and MOEX, generating new opportunities for the two exchanges to step up cooperation in the common pursuit for development.” he noted.
“In recent years China has become Russia’s biggest trading partner, and that cross-border commerce is increasingly settled in our national currencies. Likewise, Yuan-Ruble trading on Moscow Exchange has grown rapidly, increasing sevenfold last year alone. In response to client demand, we also launched Yuan-Ruble futures trading earlier this year, and in just a few months the instrument has become a core offering on our FX derivatives platform. Today’s MoU with CFFEX is the first step in exploring new opportunities for cooperation on various fronts,” added Mr. Afanasiev in an accompanying statement.
This is the first business development for MOEX since last month when the exchange launched a number of instruments and upgrades across a number of asset classes on its platform. As a result of the changes, MOEX clients gained a variety of upgrades and product offerings across its equity, bond and repo markets. This included all anonymous trading conducted in OFZs on MOEX that now settle on the T+1 cycle, thereby replacing the existing T0 and T+2 settlement schedule.