Kofex and CME sign MOU

Under the agreement, the exchanges will discuss a variety of issues, including cooperation related to product development and information sharing, according to exchange officials.

"This MOU will form a solid basis to promote the reciprocal cooperation between the two exchanges," said Junho Kang, chairman and chief executive of Kofex, adding that the exchange expects to benefit from CME's experience in demutualisation and the electronic trading platform, Globex.

Kofex was established in February 1999, and offers a range of derivatives products including KTB futures and options, US dollar futures and options, Kosdaq 50 index futures and options and gold futures. Under existing laws, the exchange is also expected to acquire the derivative products traded on rival exchange, the Korea Stock Exchange, by January 2004.

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