On October 13, the Economic and Financial Commission of the Chinese People's Political Consultative Conference Shanghai Municipal Committee (CPPCC Shanghai Committee) visited China Financial Futures Exchange (CFFEX) to learn about the latest developments in the financial futures market.&nbs...
— Synergizing with Research Institutes for a Better Market Environment
China Financial Futures Exchange (CFFEX) signed a strategic cooperation agreement with Shanghai National Accounting Institute (SNAI) on September 29, 2022, with a view to establishing a regular mechanism of collaboration with institutions of higher learning, better supporting the market ecosystem through improved research, and promoting the high-quality development of the financial futures market. Zhang Feng, Secretary of the CPC SNAI Committee and Zhang Gexing, member of the CPC SNAI Committee and Vice President of SNAI, attended the signing ceremony. He Qingwen, Secretary of the CPC CFFEX Committee and CFFEX Chairman, spoke at the event. Ye Chunhe, Deputy Secretary of the CPC CFFEX Committee and Chairman of the CFFEX Supervisory Board, presided over the ceremony.
He Qingwen noted that essential to the innovation of financial futures as a professional risk management tool are an inclusive, friendly market ecosystem and the full support of experts from all walks of life. In its Strategic Plan 2022-2024, CFFEX has made “Ecosystem Enhancement” one of the five development strategies, reflecting the Exchange’s further attention to ecosystem development. Past successes have shown that institutions of higher learning can play an important and unique role in enhancing the financial futures ecosystem. In recent years, CFFEX has been keen to work with the academia to pool resources from inside and outside the industry and promote greater integration between the industry, the academia, and research institutes. The strategic cooperation agreement with SNAI is conducive to deepening collaboration between the two organizations that will capitalize on their respective strengths and encourage resource sharing for the benefit of both.
Zhang Feng said SNAI has been working to deliver a specialized, digital, application-oriented, and international curriculum to its students. Notable achievements in executive training, degree education, think tank building, and international exchange underscore SNAI’s uniqueness and differentiated offerings. Zhang Feng talked highly of CFFEX's active and important contributions to the real economy, the multi-layered capital market, a more efficient financial market and greater social and economic prosperity. This cooperation would create stronger synergy between the two organizations, promoting the better development of both and boosting the high-quality development of China’s economy.
Following the speeches, Ye Chunhe and Zhang Gexing signed the strategic cooperation agreement on behalf of CFFEX and SNAI, with He Qingwen and Zhang Feng witnessing the event.
The signing of the agreement unveils a new chapter of cooperation between CFFEX and SNAI, who will further collaborate on scholarly research, think tank building, and talent training, ensure the key tasks in the agreement are fully carried out, and bring better research to the financial futures domain. CFFEX and SNAI will also promote greater public awareness of financial futures, and expand the influence of investor education programs, thus improving the market ecosystem to build a more robust financial futures market.
To award exemplary performance, facilitate industry exchanges, and promote market development, China Financial Futures Exchange (CFFEX) recently organized the appraisal for outstanding institutions and individuals participating in China government bond (CGB) futures market for the year 2021. After review and selection, 15 institutions received Outstanding Institution Award and 3 received Best Progress Award. In addition, 15 individuals nominated by the award-winning institutions received Outstanding Trader Award.
With the leadership of the China Securities Regulatory Commission (CSRC), the support of relevant government agencies, and the joint efforts of market participants, CFFEX has maintained a stable, orderly and well-functioning CGB futures market, which has been instrumental in improving CGB liquidity, serving bond market development, lowering financing costs for the real sector, and reinforcing macro financial stability.
2022 is the inaugural year of China’s Futures and Derivatives Law, as well as the first year of implementing the Strategic Plan of China Financial Futures Exchange (2022-2024). Embarking on a new journey, CFFEX will embrace the new development philosophy, uphold market stability as the top priority, and follow the CSRC’s principle of “Four Awes” and “One Synergy”. With the implementation of the Futures and Derivatives Law, CFFEX will continue to vigorously pursue reform and innovation to promote the sustained high-quality development of the CGB futures market, thus contributing to stable capital market and socio-economic development and celebrating the upcoming 20th CPC National Congress with concrete actions.
The 3rd China-Japan Capital Markets Forum was held online on September 7, 2022. Mr. FANG Xinghai, Vice Chairman of China Securities Regulatory Commission (CSRC), Mr. Junichi NAKAJIMA, Commissioner of Japan Financial Services Agency (JFSA), and Mr. Mitsuhiro HASEGAWA, Chairman of Japan Securities and Exchange Surveillance Commission (SESC) spoke at the Forum. Also attending the Forum were representatives of securities and futures regulators, exchanges and industry associations from the two countries, who engaged in in-depth discussions on the latest achievements of collaboration between the two countries’ capital markets, and how to enhance China-Japan capital market cooperation and strengthen the role of capital market in coping with the challenges of an aging society.
During the Forum, China Financial Futures Exchange (CFFEX) and Japan Exchange Group (JPX) announced the signing of a Memorandum of Understanding (MoU). According to the MoU, CFFEX and JPX will exchange information on their respective markets, carry out joint research on the derivatives market, and collaborate on investor education and outreach initiatives to facilitate the participation of Chinese and Japanese investors in each other’s derivatives markets.
MoU Signing by CFFEX CEO Huo Ruirong (left) and JPX CEO Akira Kiyota (right)
Huo Ruirong, CEO of CFFEX, said: “China-Japan capital market cooperation has been continuously advanced in recent years, as highlighted by the launch of the China-Japan ETF Connectivity three years ago. This lays down a solid foundation for further collaboration and cooperation between the Chinese and Japanese derivatives markets. The signing of this MoU will generate new opportunities for the two exchanges to pursue cooperation in the financial derivatives space.”
China Financial Futures Exchange Co. Ltd. (CFFEX), established with the approval of the State Council of the People’s Republic of China and the CSRC, is an incorporated exchange specializing in providing trading and clearing services for financial futures, options and other derivatives. On September 8, 2006, CFFEX was established in Shanghai by Shanghai Futures Exchange, Zhengzhou Commodity Exchange, Dalian Commodity Exchange, Shanghai Stock Exchange, and Shenzhen Stock Exchange. CFFEX currently offers 9 futures and options based on equity and interest rate underlyings, including the CSI 300, CSI 500, CSI 1000 and SSE 50 index futures, the CSI 300 and CSI 1000 index options, and the 2-, 5- and 10-year CGB futures.
About Japan Exchange Group
Japan Exchange Group, Inc. (JPX) was established via the business combination between Tokyo Stock Exchange Group and Osaka Securities Exchange on January 1, 2013.
JPX operates financial instruments exchange markets to provide market users with reliable venues for trading listed securities and derivatives instruments. In addition to providing market infrastructure and market data, JPX also provides clearing and settlement services through a central counterparty and conducts trading oversight to maintain the integrity of the markets. In the course of working together as an exchange group to offer a comprehensive range of services, we continue to make every effort to ensure reliable markets and create greater convenience for all market users.
On October 1, 2019, JPX expanded its business into commodity derivatives trading by acquiring Tokyo Commodity Exchange, Inc.
To learn more about JPX, please visit:
—Building Closer Ties with Colleges and Universities for Greater Synergy in Financial Futures Market
On August 31, 2022, China Financial Futures Exchange (CFFEX) signed a strategic cooperation agreement with Shanghai Advanced Institute of Finance (SAIF) of Shanghai Jiao Tong University, aiming to strengthen collaboration with colleges and universities, raise awareness across the capital market ecosystem, and create a favorable climate of public opinion, thus promoting the healthy and stable development of the financial futures market. The signing ceremony was attended by Mr. Tu Guangshao, CPPCC member and Executive Director of SAIF, Mr. Zhu Qigui, Secretary of the CPC SAIF Committee, Mr. He Qingwen, Secretary of CPC CFFEX Committee and CFFEX Chairman, and Mr. Ye Chunhe, Deputy Secretary of the CPC CFFEX Committee and Chairman of CFFEX Supervisory Board.
“Signing of the strategic cooperation agreement marks closer collaboration between financial market infrastructures and financial academies,” said Mr. Tu. “SAIF, for over a decade, has registered great achievements in talent cultivation and faculty building. It has also set up a think tank for policy research to integrate into and serve the development of Shanghai international financial center. Seizing the opportunity of its Phase III development and capitalizing on its existing strength, SAIF has stepped up its efforts in education and research in such areas as green finance, digital finance, science and innovation finance, inclusive finance, etc. By designing cutting-edge curriculum, broadening training areas, and promoting think tank research, SAIF aims to better serve the development endeavors of Shanghai international financial center.”
Mr. Tu commented that the collaboration was of great significance for both CFFEX and SAIF. Leveraging its strength, SAIF will provide talent and intellectual support for the reform, innovation, and improvement of the financial futures market and for the development of CFFEX. Both parties are expected to advance the implementation of the agreement by enhancing resources sharing between the education bases and finding solutions to practical issues, thus contributing to serving national strategies and the development of Shanghai international financial center.
Mr. He pointed out that financial futures innovation and development would not be possible without continuous theoretical research and an empowering ecosystem. Further collaboration with colleges, universities and research institutes to offer professional insights on financial futures will help form synergy that is instrumental to CFFEX’s implementation of its new strategic plan and its high-quality development. The agreement will enhance collaboration between CFFEX and SAIF to generate new wisdom and momentum for CFFEX’s innovation-driven development.
At the signing ceremony, Mr. Ye Chunhe and Mr. Zhu Qigui, on behalf of CFFEX and SAIF respectively, signed the strategic cooperation agreement, under the witness of Mr. Tu Guangshao and Mr. He Qingwen.
Under the framework of the agreement, both parties will cement communication and exchanges, and strengthen all-round cooperation in academic research, think tank research, setup of the post-doctoral research center, and talent cultivation, so as to promote the high-quality development of financial futures market based on advanced researches, improved public education and heightened awareness on financial futures, thus contributing to the development of Shanghai international financial center and a modern capital market with Chinese characteristics.