Source: Central Japan Commodity Exchange
The Central Japan Commodity Exchange (C-Com) and the Shanghai Futures Exchange (SHFE) announced today in Nagoya, Japan that they have signed the Memorandum of Understanding (MOU) on the formation of cooperative relationship.
The MOU between these two major Asian Exchanges is expected to bring about fruitful results in various specific areas under the dynamically changing commodity futures environment towards globalization. The areas of cooperation will include 1) information sharing for further development of the markets of the exchanges, 2) exchange of staffs, 3) training, 4) holding joint seminars and 5) joint efforts in product development, etc. Both exchanges have agreed to expand the areas of cooperation in accordance with the arising needs in the future.
Fumihiko Kimura, Chairman & CEO of C-Com said, "I am more than happy to establish the formal cooperative framework with SHFE by entering into an MOU although our two exchanges have already been working very closely in the past. The growth of Chinese commodity futures markets, above all, that of SHFE is a most remarkable. I pay deep respect for the sincere efforts made by all the people of the Exchange. In this line SHFE has been working very hard to list steel products, and I wish successful listing at the earliest moment.
I strongly believe that the cooperative relation with this wonderful partner will bring us a firm foundation in developing and expanding our business in China. On the other hand, C-Com will also contribute to SHFE's business in Japan. Last but not least, I also wish great success of Shanghai World Expo in 2010 following the Expo in Aichi."
Mr. Yang Maijun, CEO of SHFE said, "it is our pleasure to sign a MOU with C-Com. C-Com is one of the few futures exchanges in the world that trade energy and steel futures simultaneously and it has an expertise in development and operation of rubber, energy and metals futures market that we should benefit from. With China's rapid economic growth, SHFE will be committed itself to this international cooperation initiatives, in order to serve the needs of the economy. It is believed that the establishment of alliance between SHFE and C-Com will bring both sides into a win-win situation, which will contribute to the prosperity of Asian futures markets."