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CME, CFETS, Ink Cooperation Deal

CME Group and the China Foreign Exchange
Trading System (CFETS) have
signed
an agreement on cooperation to “explore opportunities and promote each other’s
market infrastructure and products”.

The two firms say the
signing of the agreement, “marks an important step in implementing the outcome
from the 7th US and China Strategic Economic Dialogue”.

Under what is termed a
“definitive agreement:, CME Group and CFETS have committed to participate in
the joint development and innovation of offshore RMB products. Both
parties have also committed to greater connectivity in product distribution,
with CME facilitating its customers to trade China interbank products, and
CFETS facilitating China interbank market participants to trade CME Group’s
products.

Terry Duffy, executive
chairman and president of CME Group, says, “This innovative agreement
should increase distribution of our respective products and provide enhanced
opportunities to users of our markets.”
  

“This
collaboration between CFETS and CME Group is an important attempt by China and
the United States to extend cooperation in the financial sector, and will
combine complementary advantages as well as create mutual benefits,” adds
Pei Chuanzhi, president of CFETS. “The cooperation will promote the
connectivity and mutual opening-up of both countries’ financial markets,
further meet the demands of market participants for hedging against the risks
of interest and foreign exchange rates, advance bilateral trade and economic
development, and allow the financial markets to provide better support to the
real economy.”

Colin_lambert@profit-loss.com  Twitter @lamboPnL

Colin Lambert

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