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BIZCHINA / Center |
CFFEX approves 13 new membersBy Li Zengxin (chinadaily.com.cn)
Updated: 2007-12-11 10:39 The China Financial Futures Exchange (CFFEX) announced the fourth group of members on Monday. Including the 13 new members, the total number of CFFEX member brokers is now 52, accounting for about one third of all of China's futures brokers. Analysts believe continuous expansion of the membership indicates accelerated preparations for the launch of the country's first financial futures products based on the CSI 300 index. Two of the 13 new members - Donghai and Everbright - have been granted full clearing rights. Six of them are trading and clearing brokers: Topwin, Henan Wanda, Haitong, Shanghai Tonglian, Shanghai Zhonggu, and China Merchants. Five are trading members: Chuangyuan, Hengyin, SC, Zhujiang and Zhejiang Tiandi. As of yesterday, of the total 52 CFFEX members, seven are full clearing brokers, 27 are trading and clearing brokers, and 18 are trading members. It is also noteworthy, said analysts, that 17 of the 27 trading and clearing brokers had securities firms as their controlling shareholders. This suggests securities brokers are buying up brokerage firms in order to tap into the growing financial futures market, and the cooperation between the two groups will intensify, industry experts believe.
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