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China financial futures exchange set up in Shanghai(09/08/06)


   China Financial Futures Exchange, the country's fourth futures exchange focusing on financial derivatives trade, was inaugurated on Sep.8 in Shanghai.

    The exchange, with a registered capital of 500 million yuan (62.5 million U.S. dollars), is expected to start trading in mainland stock index futures, which are designed to enable domestic investors to hedge risks against market slumps.

    The Shanghai and Shenzhen stock exchanges and China's three futures exchanges, based in Shanghai, Dalian and Zhengzhou, are the shareholders of the new exchange. Each of them holds a 20 percent stake.

    Zhu Yuchen, also known as Eugene Zhu, has been appointed as president of the new exchange by the China Securities Regulatory Commission. He is the former head of the Dalian Commodity Exchange and is also chairman of the China Futures Association.

    "The first product of the new exchange will be the stock index futures which are mainly for institutional investors, but there is no fixed timetable to put it on the market. We are waiting for the right time," said Zhu at the press conference held on Friday in Shanghai.

    The transaction volume of non-financial futures products totaled 13.55 trillion yuan for the first eight months this year, an increase of 54.55 percent over the same period last year, figures show.




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