The Hong Kong Mercantile Exchange (HKMEx) announces today a major milestone with the addition of Newedge, one of the world's largest futures brokerages, to its roster of members.
Newedge Financial Hong Kong Limited joins HKMEx as a broking member, giving it access to the Exchange's innovative products and state-of-the-art electronic platform for trading commodity futures in the Asia Pacific time zone. Newedge Financial UK Limited joins as a clearing member which enables it to clear and settle transactions conducted by other members of the Exchange.
Newedge is a leader in global brokerage. It combines a broad, multi-asset product offering and access to global exchanges with a solid balance sheet and the support of two leading financial institutions, namely Société Générale and Crédit Agricole. The business focuses on a strong offering in futures and options on listed financial and commodity markets. Newedge is a world leader in execution and clearing, and gives clients the opportunity to access global exchanges.
"Newedge is pleased to join HKMEx and to participate in the phenomenal growth in China's commodity market," said Mike Frawley, Global Head of Metals for Newedge Group. "HKMEx is developing a slate of innovative products tailored to meet the needs of, and provide access to, Asian markets. Joining HKMEx is yet another acknowledgment of Newedge's industry leadership in responding to customer needs on an ongoing basis, as well as our continued commitment to expansion in the Asia Pacific region," said Mr Frawley.
Barry Cheung, Chairman of HKMEx, said, "Newedge is one of the world's largest futures brokerages and a market leader in metals trading and clearing. Its joining as a member affirms the appeal of our product offering and represents a major step in fulfilling HKMEx's vision of becoming the trading hub for commodity futures transactions between China and the world. We look forward to working with them to build new contracts that meet the needs of regional commodity users, traders, and investors, and to Newedge's patronage as an active and valued trading member of the Exchange."