According to a recent announcement by China Beijing International Mining Exchange (CMBX), Dalian Commodity Exchange (DCE) and CBMX have signed a cooperation agreement to push forward the building and development of domestic platforms for iron ore spot and futures trading.
According to the agreement, the two sides will deepen cooperation on information exchange, product research, market cultivation, industrial services and other fields, in a bid to promote the construction and development of the platforms for iron ore spot and futures trading in China.
Market insiders believe that the cooperation between DCE and CBMX will certainly speed up the launch of iron ore futures trading in China, which is expected to optimize the functioning of the world's largest iron ore market.
The establishment of the CMBX China iron ore spot trading platform was jointly initiated by the China Iron and Steel Association (CISA), the China Chamber of Commerce of Metals Minerals & Chemicals Importers & Exporters (CCCMC) and the CBMX on January 16, 2012, and was put into operation on May 8 of the same year. The platform has attracted major clients in the iron ore spot market, with a total of 225 registered members.
DCE is one of four futures exchanges in China, set up in 1993, approved by China's State Council and managed by the China Securities Regulatory Commission. As of the end of 2012, DEC had 178 members, with 91 delivery warehouses. In 2012, the turnover of DCE totaled RMB 66.64 trillion. According to the ranking of the Futures Industry Association (FIA) based on transaction volumes among global derivatives exchanges, DCE was listed 11th in the world in 2012.
