Securities Daily: The SHFE, CMB Sign Strategic Cooperation Agreement

Updated on Jul 18,2014

July 18, 2014

By Ma Shuang

The Shanghai Futures Exchange (SHFE) and China Merchants Bank (CMB) signed a strategic cooperation agreement in Shanghai on July 17. Yang Maijun, Chairman of Board of Directors of the SHFE, and Liu Nengyuan, President & CEO of the SHFE, as well as CMB President Tian Huiyu and CMB Vice President Ding Wei, attended the signing ceremony.

According to the agreement, both sides will, in line with the strategic requirements of the “Some Opinions of the State Council on Further Propelling Sound Growth of the Capital Market” released by the State Council, vigorously promote the construction of the futures market and cooperate in terms of service, product, channel, resource, training, and research. Besides, they will, by centering on the principal line of “innovation-driven and transformational development” and combining their own business features and competitive edge, set up a comprehensive strategic cooperation partnership, jointly promote their business cooperation, and earnestly facilitate the reform and development of the futures market. On one hand, they will expand the futures market and make use of even wider scope of financial service; on the other hand, they will enhance the financial institutions’ capacity of serving the futures market. They hope to realize a win-win result through the strategic cooperation, so as to further strengthen the futures market’s service capacity and value creation capacity toward the real economy and to facilitate the realization of the strategic goals of both sides.

This strategic cooperation demonstrates the great trend of continuously propelling the cooperation among general financial institutions under the backdrop of China’s financial marketization and internationalization. Both sides have presented active and open cooperation attitude that better conforms to the marketization process, thus further promoting the sound development of the capital market, perfecting the multi-layered capital market system, speeding up the improvement of the modern market system, realizing the optimization of resources allocation, and facilitating the transformation and upgrading of the futures market.