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HONG KONG, 12 May, 2011– The Hong Kong Mercantile Exchange (HKMEx) announced today the approval of two new broking members. This follows its recent authorization as an Automated Trading Services Provider (ATS), with the exchange set to formally begin trading on May 18.
The two firms, GF Futures (Hong Kong) Co., Limited and Nanhua Futures (Hong Kong) Co., Limited, will join 16 other firms as members of HKMEx. This enables them to trade commodities contracts on the Exchange’s state-of-the-art electronic trading platform.
GF Futures (Hong Kong) provides brokerage and advisory services for global futures and options contracts listed on major international exchanges. Nanhua Futures (Hong Kong) provides diversified and comprehensive products and platforms for international futures trading. The firms are two of the largest Mainland brokers permitted to conduct futures business in Hong Kong.
Barry Cheung, Chairman of HKMEx, said: “We proudly welcome GF Futures (Hong Kong) and Nanhua Futures (Hong Kong) on board as our newest broking members. Their status as two well-established futures brokerages with strong networks in Mainland China reinforces our exchange’s goal to become the gateway for the world’s commodities trade with China. We look forward to providing their Mainland Chinese clients with access to global commodities markets, dealing with products that are tailored to their specific needs.”
HKMEx announced on April 27 its authorization by Hong Kong’s Securities and Futures Commission to operate as an ATS provider and its trading debut on May 18.
The two firms join 16 previously-announced members, including 13 broking members. The broking members are: BOCI Securities Ltd, Celestial Commodities Ltd, CES Capital International Co. Ltd, Chief Commodities Ltd, ICBC International Futures Ltd, Interactive Brokers LLC, KGI Futures (Hong Kong) Ltd, MF Global Hong Kong Ltd, Morgan Stanley Hong Kong Securities Ltd, OSK Futures Hong Kong Ltd, Phillip Commodities (HK) Ltd, Tanrich Futures Ltd and TG Securities Ltd. The three clearing members are: Interactive Brokers (UK) Ltd, MF Global UK Ltd, and Morgan Stanley & Co International Plc.
The first product to trade on the Exchange will be a 32-troy ounce gold futures contract offered in US dollars with physical delivery in Hong Kong. Trading hours will be 0800 to 2300 Hong Kong Time, overlapping commodity markets in Europe and the US. In the pipeline are standardised products which will either be physically or financially settled, covering precious and base metals, energy, agriculture and commodity indices.
