CBOT President and CEO Bernard Dan said, “The CBOT is pleased to share knowledge of its markets -- known for their transparency, openness, liquidity and technological and trading efficiency -- with leaders of the Dalian Commodity Exchange and Chinese regulatory officials. We see the opportunity for dialogue with Chinese exchange leaders and securities officials as an important element in our efforts to add further value to the range of products we offer our customers. We believe that reaching out and cultivating relationships with overseas financial organizations such as the DCE are critical as the CBOT explores initiatives to develop new markets.”
The symposium is a result of the Memorandum of Understanding the CBOT signed with the DCE in November 2003 to pursue cooperative programs and potential joint business projects between the two exchanges. The Dalian Commodity Exchange, established in 1993, is the largest futures exchange in China and currently trades soybean and soybean meal futures. Under the agreement, the two exchanges will share information on market and product development and work toward developing markets for new derivative products.
DCE Executive Vice President Liu Huajun said, “Our trip to the CBOT is extremely beneficial to the market progress of the DCE. We hope that we can absorb the advanced expertise of the CBOT through this program and continue cooperation with additional training and visiting activities in the future. This program is part of the strategic cooperation between our two exchanges and is the first step in reinforcing the development of strategic action between us through communication and collaboration.”
Lu Dongsheng, Deputy Division Director of the CSRC’s Department of Futures Supervision, said, “The CBOT program is very beneficial as it creates the opportunity for us to learn and better understand the American futures industry and in particular, its regulatory structure. It also represents a chance for the futures industry of China to communicate directly and profoundly with the U.S., which will have a positive meaning for further cooperation among all parties involved.”
Taking place from May 16 to May 26, the symposium includes sessions with traders, brokerage firms and other market participants; financial, agricultural and equity market outlooks; sessions on market surveillance and regulatory issues faced by exchanges; a visit to the Chicago Mercantile Exchange® (CME); and demonstrations of the CBOT’s premier electronic trading system. Officials of the DCE and CSRC also will have the opportunity to tour trading rooms, financial institutions and agricultural facilities offsite.
