By Qu Shaohui
The Shanghai Futures Exchange (SHFE) signed a strategic cooperation agreement with China CITIC Bank on April 2. Present at the signing ceremony were Executive Vice President Ye Chunhe of the SHFE and Vice President Zhang Qiang of China CITIC Bank.
In accordance with the agreement, the two parties shall make every effort to promote the development of the futures market, observing the strategic requirements of the “New National Nine Positive Stimuli” of the State Council aimed at the capital market’s development, and launch cooperation from aspects of service, product, channel, resources, training and research. Based on the idea of “getting driven by innovation and developed by transformation”, an all-round strategic cooperation relationship is intended to be set up based on their respective characteristic businesses and competitive strengths, thus promoting business cooperation between the two parties and boosting reform and development of the futures market, so that financial service can help with expansion of the futures market and financial institutions will better serve the futures market. Targeted at a win-win, the strategic cooperation shall enhance the market service capacity and value creation capacity of the futures market as to the real economy, thus ensuring the fulfillment of the agreed strategic planning target.
In the signing ceremony, Ye commented that the strategic cooperation represented a trend of wider and deeper cooperation between financial institutions in the setting of China’s financial marketization and internationalization. The two parties of cooperation are both poised to have opener and more proactive cooperation that accords with the process of marketization, thus ensuring sound development of the capital market, complete a multi-level capital market system, accelerate the perfection of a modern market system, fulfill the optimization of resource allocation, and promote the transformation and upgrading of the futures market.
Sources say, the SHFE is striving to make a bourse of commodity futures, options and other derivatives that leads the Asian-Pacific Region and exerts world influence, in which 14 products have been listed so far, covering bulk stocks like nonferrous metals, precious metals, ferrous metals and energy and chemical engineering, among which SHFE-listed copper now provides authoritative quotation for China’s domestic copper market, deemed the copper pricing center in Asia and one of the world’s three copper pricing centers. Striving for system and product innovation, the SHFE has succeeded in providing a continuous trading program, or the Night Trading Session, that includes precious metals, nonferrous metals, ferrous metals and energy and chemical engineering, which is favorable for gearing the domestic futures markets to their global counterparts and reducing the overnight delivery risk on the part of market participants, thus significantly pushing the futures market to serve the real economy. As for product innovation, the SHFE got listed hot rolled coils futures on March 21, 2014, having products on the steel industry chain gradually completing, whence greatly enhancing its ability of serving industries; nickel and tin futures were listed on March 27, 2015, which further supplemented the trading products of nonferrous metals and greatly diversified the line of hedging instruments for entity enterprises. At present, the major new products and derivatives on the SHFE, including crude oil futures, nonferrous metals index and commodity futures options, are under preparations for listing.
Established in 1987, China CITIC Bank is among the earliest-founded emerging commercial banks in China after the policy of Reform and Opening-up was launched, and the earliest commercial bank getting involved in the financing of domestic and overseas financial markets, thus contributing positively to China’s economic development. As one of the commercial banks with the strongest capital strength in China, the bank develops rapidly amid China’s fast economic development and has become a nationwide commercial bank with significant comprehensive competitiveness. By late 2014, the total assets of CITIC Bank had reached RMB4.14 trillion, with 1,230 outlets across the nation. In the ranking of Top 1,000 World Banks provided by The Banker in July 2014, China CITIC Bank ranked the 37th for Tier 1 Capital and the 48th for total assets, leading all Chinese commercial banks in the list. In 2007, China CITIC Bank realized the simultaneous listing of A shares and H shares, thus ascending to an international public-held bank. In 2009, China CITIC Bank purchased CITIC International Financial Holdings Limited to become the holding company of China CITIC Bank International Limited, thus setting up an international operation platform.
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