CME and Shanghai Futures Exchange sign agreement

The exchanges signed a memorandum of understanding on Friday in Boca Raton, Florida, at the annual International Futures Industry conference.

“By joining the MOU, the SHFE expects to benefit from CME's skills and experience in terms of product development and market operation. Under this MOU, each side will also gain more local knowledge towards the other's market," Dr. Jiang Yang, chief executive officer of SHFE, said in the statement.

The SHFE was created in December 1999 as a result of the merger between the Shanghai Metal Exchange, the Shanghai Cereals and Oil Exchange and the Shanghai Commodity Exchange. Copper, natural rubber and aluminium are the most traded contracts on the Exchange. Trading volume on the SHFE more than doubled to over 24 million contracts in 2002.

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