China exchange growth signals move east in commodities trading

Growth in onshore futures market marks change in derivatives landscape

china circuit board

Twenty-five years ago, the Chinese government began to open the gates on commodity futures trading, unleashing a pent-up demand that saw the creation of more than 40 domestic exchanges and releasing huge levels of liquidity. By 1998 the authorities had reasserted control and chopped the number of exchanges to three national champions: the China Zhengzhou Commodity Exchange (CZCE), the Dalian Commodity Exchange (DCE) and the Shanghai Futures Exchange (SHFE).

And within 16 years of that consolidat

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