The Shanghai Futures Exchange (SHFE) and Industrial Bank Co., Ltd. (IB) signed a strategic cooperation agreement in Shanghai on June 25, 2014. Ye Chunhe, Deputy General Manager of the SHFE, and Chen Jinguang, Vice President of IB, attended the signing ceremony.
According to the Agreement, both sides will, by adopting the principal line of “innovation-driven and transformational development” and combining the business characteristics and competitive edges of their own, deepen the cooperation in services, product innovation, channel sharing, customer resource development, personnel training, cooperative research, and information exchange. They will also set up a daily joint coordination mechanism, implement all conventions in the Agreement, and promote the substantial progress of all business cooperation.
With regard to professional cooperation and services, IB will actively participate in the trading, delivery, and relevant innovative business lines of the SHFE’s listed products and strengthen risk research and risk control together with the SHFE. Besides, it will research the supporting services that are suitable for the futures assets management business, including product research and development and relevant financial services and support, and will further encourage institutional investors to participate in the SHFE’s market.
In terms of product innovation and business development, both sides will strive to promote their cooperation in futures delivery which includes but not limited to futures delivery warehouse management, standard warehouse receipt financing, and bonded delivery. They will also explore internationalized products and service systems and jointly research to promote such innovative businesses as multi-currency settlement, cross-border settlement, and offshore business.
Their cooperation symbolizes the general trend of the expansion and deepening of the cooperation fields among general financial institutions under the background of the marketization and internationalization of China’s financial market. Both sides will achieve mutual benefit and win-win result through this strategic cooperation, and they will further strengthen the futures market’s market serving capacity and value creation capacity for the real economy. Meanwhile, the current cooperation will help to facilitate the sound development of the capital market, perfect the multi-level capital market system, realize optimized resources allocation, and promote the transformation and upgrading of the futures market.
The SHFE is committed to making itself a leading trading venue for commodity futures, options, and other derivatives in the Asian-Pacific region with great global influence. Its listed 12 products cover such bulk commodity sectors as nonferrous metals, precious metals, ferrous metals, energy, and chemical engineering and the Shanghai copper has become one of the world’s three major copper pricing centers. In 2013, the trading volume of the SHFE accounted for 15.87% of the total of the world commodity futures and options, ranking the 4th in the world; its trading volume of steel rebar and silver futures ranked the 1st among that of the same products in the world; its copper futures trading volume ranked the 2nd and the natural rubber futures the 5th in the world. Currently, the SHFE is active in preparing the crude oil futures, the IMCI (Industrial Metal Commodity Index) futures, the commodity futures options, and other key products and derivatives.
IB, with its headquarters in Fuzhou City of Fujian Province, China, is among the first batch of joint-stock commercial banks approved by the People’s Bank of China. While actively participating in futures trading, IB is also devoted to providing comprehensive supporting services for futures business. As early as in 2006, IB set up a special futures business group to take the initiative of going deep into futures companies and institutional clients and learning about market demands. It has been active in promoting such bank-futures cooperation of futures margin deposit and bank-futures transfer. IB became a member of the SHFE in March 2009, and it has actively participated in the precious metals futures trading since then. In September 2009, it specially set up a functional department, the Futures Finance Department, to take charge of the development and promotion of business lines related to futures finance. In recent years, IB, according to the demands of the listed products and the industrial customers of the SHFE and other commodity futures markets, has launched various financing products and services geared to industry customers, and it has kept strengthening its service for the real economy.
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