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The Hong Kong Mercantile Exchange (HKMEx), China’s global marketplace, announces today that Jefferies Bache Limited, a leading global commodities dealer, has joined as the Exchange’s newest clearing member. The membership enables Jefferies Bache to clear and settle transactions conducted by all other members of the Exchange.
With over 130 years of experience in commodities markets, Jefferies Bache is an industry leader specializing in exchange-traded futures and options, commodities and over-the-counter products including precious and base metals and foreign exchange. The company offers 24-hour global coverage with offices in New York, London, Hong Kong, Hamburg, Chicago and Kansas City.
“We are very pleased to join HKMEx and see tremendous potential for this new partnership,” said Patrice Blanc, Chairman and CEO of Jefferies Bache. “This membership is the next step in the continued expansion of our client-focused platform within Asia, and builds upon Jefferies’ existing access to the Chinese and Asian commodity markets, two key geographies and markets for our business.”
“We look forward to working in partnership with HKMEx to continue to build our business and extend our platform in this key marketplace,” added Emmanuel Faure, Head of Jefferies Bache Asia Pacific.
Barry Cheung, Chairman of HKMEx, said, “HKMEx’s vision is to connect China’s fast-growing commodity markets with the rest of the world. With its worldwide coverage, and distinguished history and expertise in the industry, Jefferies Bache’s admission will enrich participation and liquidity on our platform. We look forward to working with this valuable new member to further develop and cultivate the vibrant Chinese and Asian markets.”
The addition of Jefferies Bache takes the number of members on HKMEx to 26. Its other clearing members include Newedge Financial UK Ltd, G.H. Financials Limited, Interactive Brokers (UK) Ltd, and Morgan Stanley & Co International plc.
HKMEx currently trades two contracts. They are a 32 troy ounces (1-kilo) gold futures contract and a 1,000 troy ounces silver futures contract. Both are denominated in US dollars, with physical delivery. The Exchange plans to launch a renminbi-denominated gold futures contract, along with other precious metals. Also in the pipeline are renminbi contracts in copper and other base metals. Other planned products include futures contracts in energy, agriculture, and commodity indices.
