"This is the first time that the investor on Main Street to the trader on Wall Street can trade the direction of the Chinese economy," said Daniel Carrigan, vice president of new products at the PHLX. Carrigan said the PHLX provides deep, liquid and transparent markets for the fund iShares Xinhua/FTSE China 25 ETF on PHLX XL, the Exchange's electronic trading platform.
Mark Makepeace, Chairman of FTSE Group and Xinhua FTSE Index said, "The Xinhua/FTSE China 25 is an ideal tool for international investors to track the China market. We're delighted that the PHLX has created options on the new ETF."
Fredy Bush, CEO of Xinhua Finance and Director of XFI, said, "we are excited to be an integral part of this investment vehicle, in which we contribute our China expertise while FTSE provides its proven international index methodology ensuring the index design is most relevant and investible as a China investment tool."
The index is a product of Xinhua/FTSE Index, a unique joint venture company that combines the expertise in international indexing of FTSE with the local Chinese market knowledge and data capabilities of Xinhua Finance. The first four trading days showed a cumulated volume of approximately 90 contracts, according to PHLX, an encouraging start for the options on the iShares FTSE/Xinhua 25.
