Singapore Gains Step Closer to Being China Hub, SGX Signs MOU with CFFEX

Singapore Exchange (SGX) and China Financial Futures Exchange (CFFEX) have signed a Memorandum of Understanding (MOU) ) to cooperate in the development of the derivatives markets in China and Singapore. The agreement was signed in Beijing, China, between Mr Rong Zhiping, Deputy CEO of CFFEX and Mr Magnus Böcker, CEO of SGX.

Under the MOU, both exchanges will jointly explore possible areas of cooperation including product and market development, information sharing and human resources training. With the agreement, both exchanges will also consider synergies to better address the demands and needs of market participants in China and Singapore.

“Our strategic goal is to establish a world class exchange, so it is necessary to draw from the overseas markets and cooperate closely with our international peers. CFFEX values the friendship with SGX and expects to promote the cooperation in common interests”, said Mr Rong Zhiping, Deputy CEO of CFFEX.

“We consistently pursue new opportunities to enhance our unique offering of Asian derivatives to satisfy the diverse needs of our global customers. This MOU marks a significant milestone for SGX and reinforces our commitment to the China market. We look forward to sharing insights and expertise with CFFEX to further develop both our markets,” said Mr Magnus Böcker, CEO of SGX.

Singapore’s premier trading venue, the SGX announced its plan to launch RMB currency futures in Q3 of 2013. The move follows on from HKEX’s RMB FX futures contract.