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Futures bourse to turn into a corporate
By Richard Fu |
December 27, 2012, Thursday
|
Print Edition
Print Edition
THE Shanghai Futures Exchange aims to transform itself into a corporate entity from a member-owned bourse over the next five years.
Chairman Yang Maijun said yesterday that a separation of the right of trading and equity ownership is also more conducive to supervision and could help improve service and encourage innovation as the exchange released its new five-year development plan for the 2013-2017 period.
Most global exchanges adopt a modern corporate structure because a member-owned organization could constrain the profit of an exchange.
Once transformed into a corporate structure, the Shanghai exchange's members, mainly futures brokerages, could become shareholders. The five-year plan didn't spell out whether the futures exchange plans to list on the stock market, as many major bourses do.
Under the plan, the Shanghai exchange aims to become a leading exchange with commodities futures, options and other derivatives in Asia-Pacific by 2017, as China liberalizes its capital markets. Still, Yang said competition is intense in the region, citing the Hong Kong Exchanges and Clearing Ltd's acquisition of LME this year and also fast-developing bourses in India.
The Shanghai exchange also started publishing a nonferrous metals price index yesterday under a trial to provide a reference for the domestic industry. The index was initially compiled based on the futures prices of copper, aluminum, zinc and lead, all traded on the bourse, on a weighted basis.
Chairman Yang Maijun said yesterday that a separation of the right of trading and equity ownership is also more conducive to supervision and could help improve service and encourage innovation as the exchange released its new five-year development plan for the 2013-2017 period.
Most global exchanges adopt a modern corporate structure because a member-owned organization could constrain the profit of an exchange.
Once transformed into a corporate structure, the Shanghai exchange's members, mainly futures brokerages, could become shareholders. The five-year plan didn't spell out whether the futures exchange plans to list on the stock market, as many major bourses do.
Under the plan, the Shanghai exchange aims to become a leading exchange with commodities futures, options and other derivatives in Asia-Pacific by 2017, as China liberalizes its capital markets. Still, Yang said competition is intense in the region, citing the Hong Kong Exchanges and Clearing Ltd's acquisition of LME this year and also fast-developing bourses in India.
The Shanghai exchange also started publishing a nonferrous metals price index yesterday under a trial to provide a reference for the domestic industry. The index was initially compiled based on the futures prices of copper, aluminum, zinc and lead, all traded on the bourse, on a weighted basis.
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