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CME currently operates offices in Tokyo and Sydney, as well as a telecommunications hub in Singapore that serves the Pan-Asian marketplace, and these operations will become part of a larger, more comprehensive effort to grow the company's outreach to customers in this region.
"Asia represents enormous long-term growth opportunities for CME as we successfully execute our global strategy, and C.F. and his team will build even more momentum for international business development," said CME CEO Craig Donohue. "According to the Bank for International Settlements, financial markets in China, India and the Asia-Pacific Region are growing at an extremely rapid rate. For example, between 1998 and 2004, exchange-traded derivatives grew at a compounded annual growth rate of 69 percent in Asia, compared to a 29 percent rate in North America. With our global benchmark products, around the clock trading on our CME Globex electronic trading platform and our talented Asian business team, we will continue to expand the reach of our products and services and provide additional value to our customers and shareholders."
"We continue to broaden distribution of our products and services to Asia, particularly through CME Globex, which is the most widely distributed derivatives electronic trading platform in the industry," said Redding. "We are excited to have C.F. become part of this team, as his experience, leadership and track record of innovation will help us to leverage even more opportunities to grow our business in the Asian marketplace."
Wong, 50, previously served as a Managing Director for Octagon Advisors, serving as an advisor to banks in Singapore and China. He worked as Executive Vice President for United Overseas Bank (UOB) Group's High Net Worth Banking arm, as Managing Director of UOB Bullion and Futures, and as Chief Executive Officer and Managing Director of ABN-AMRO Asia Futures, NatWest Futures Asia and HSBC Futures Asia. He began his career at The Monetary Authority of Singapore. Wong earned a bachelor's degree in commerce from Nanyang University, Singapore, and has served as a Director for the Singapore International Monetary Exchange.
Wong will manage a team that includes:
-- Johannes Zhou, Director, Asian Business Development, joined CME earlier
this year. He has over 27 years of financial services experience, and
was formerly an advisor on futures and risk management to the China
Securities Regulatory Commission. He also held several leadership
positions (including Chief Financial Officer) at the Hong Kong Futures
Exchange, led China operations for Union Bank of Switzerland and held a
variety of roles at State Street Bank and Trust Company.
-- Yoshio Kuno, Director, CME Asia, joined CME in 1998 and has worked to
develop CME's customer base in Asia. He has over 27 years of financial
services experience. Before joining the company, Kuno served as Senior
Vice President & General Manager - Asia for BA Futures, Incorporated, a
futures commission merchant, and held a variety of roles for Bank of
America's Tokyo branch.
-- Nicholas T. M. Bolton, Director, CME Asia-Pacific, joined CME in 2005
after serving as a consultant since 2002. He has over 30 years of
financial services experience. He formerly directed the Chicago Board
of Trade's Asia-Pacific operations and served in futures and options
marketing roles for a variety of European financial services companies
in the United Kingdom, including ING Baring Futures & Options, Chase
Manhattan Futures, and ED&F Man.
CME has announced a number of key initiatives in Asia in the past 12 months:
-- In late November, CME renewed its Memorandum of Understanding with the
Korea Exchange. CME also signed new Memorandums of Understanding with
Shenzhen Stock Exchange, Dalian Commodity Exchange and Zhengzhou
Commodity Exchange, all in China.
-- In October, CME announced plans to launch a new futures contract based
on the S&P Asia 50 Index, the only Pan-Asian equity index that tracks
the 50 largest stocks traded in Hong Kong, Korea, Singapore and Taiwan.
This contract is expected to launch in the first quarter of 2006
exclusively on the CME Globex electronic trading platform.
-- In partnership with the Shanghai Futures Exchange and Shanghai Stock
Exchange, CME hosted the China Financial Derivatives Forum in Shanghai
in September 2005.
-- Also in September, CME marked the 15th anniversary of its CME Nikkei(R)
225 futures contract, the first contract based on a non-U.S. based
stock index to trade on a U.S. derivatives exchange. Since its launch
on Sept. 25, 1990, over 9.1 million CME Nikkei 225 futures contracts,
representing a notional value of $580 billion, have traded at CME.
-- CME launched its first telecommunications hub in Asia in June 2005,
becoming the first overseas derivatives exchange to open an Asian
telecommunications hub in Singapore. This hub has improved access and
reduced connectivity costs for CME market users in the region. In 2004,
CME launched six hubs in key European financial centers following the
opening of the inaugural hub in London in January 2002.
-- CME launched a Chinese Web site in April 2005. The site features CME
product information, CME Globex electronic trading information, company
history, and Reuters Financial News.
-- The exchange signed Memorandums of Understanding with the China Foreign
Exchange Trading System & National Interbank Funding Center in June
2004 and Shanghai Stock Exchange in March 2005 to create forums for
information sharing between the organizations regarding the potential
development of derivatives products in China.
-- CME introduced a number of incentive programs targeting traders in
Europe and Asia, including the European and Asian Incentive Programs,
Electronic Corporate Membership and a new tiered fee structure that
provides incentives to high-volume customers trading CME Eurodollar
futures.
-- In January 2004, CME became the first non-Australian exchange to be
licensed under the new Chapter 7 of the Corporations Act, allowing it
to begin providing direct access to CME Globex and products traded on
CME Globex to Australian market participants.
-- CME continues to offer around the clock trading of its and Singapore
Exchange Ltd's (SGX) interest rate products through its mutual offset
system agreement. Originally introduced in 1984, the mutual offset
system provides that positions in selected contracts initiated at CME
can be transferred and closed out - or offset - at SGX, and vice versa.
The mutual offset system significantly expanded the length of the
trading day and continues to provide market users with greater choice
and access to market liquidity - particular in CME Eurodollars, which
are successfully traded at SGX. Year to date for 2005, over
383 million Eurodollar futures have traded at CME.
Chicago Mercantile Exchange Inc. ( http://www.cme.com ) is the largest futures exchange in the United States. As an international marketplace, CME brings together buyers and sellers on CME Globex electronic trading platform and on its trading floors. CME offers futures and options on futures primarily in four product areas: interest rates, stock indexes, foreign exchange and commodities. The exchange moved about $1.4 billion per day in settlement payments in the first three quarters of 2005 and managed $43.8 billion in collateral deposits at September 30, 2005, including $3.8 billion in deposits for non-CME products. CME is a wholly owned subsidiary of Chicago Mercantile Exchange Holdings Inc. (NYSE, Nasdaq: CME), which is part of the Russell 1000(R) Index.
Chicago Mercantile Exchange, CME and Globex are registered trademarks of Chicago Mercantile Exchange Inc. Other trade names, service marks, trademarks and registered trademarks that are not proprietary to Chicago Mercantile Exchange Inc. are the property of their respective owners, and are used herein under license.
