China's largest futures market for agricultural goods, Dalian Commodity Exchange, said it will improve services via cooperation with international counterparts to boost its global presence.
It is one of the four commodity futures exchanges in China. Major contracts traded on the exchange include corn, soybean, palm oil, linear low-density polyethylene and polyvinyl chloride.
Since its launch in 1993, the exchange has become the world's leading agricultural products and plastics futures market.
Last year, its transaction volume reached 578 million lots, and that number had doubled by the end of December, which may rank it 10th in the world, according to data from the Futures Industry Association, based in United States.
The Dalian exchange has become an important player around the nation thanks to communication with international exchanges, said Liu Xingqiang, board chairman of the exchange.
He said cooperation with exchanges from developed countries improved its influence.
The past three months has seen the exchange sign cooperation memorandums of understanding with Dubai Gold & Commodities Exchange and Korea Exchange.
Public information shows the Dalian exchange signed memorandums of understanding with 20 overseas futures exchanges over the past two decades.
A variety of futures are traded in China, including coke, steel, linear low-density polyethylene and polyvinyl chloride, which are rarely traded in the West.
"Our prices have become a very important source for overseas institutional investors. And some of our trades have become the vital source for petrol companies from the Middle East in terms of, linear low-density polyethylene and polyvinyl chloride," said Michael Zheng, a manager from the Dalian exchange's international cooperation.
As of November, Dalian Commodity Exchange's registered dealers reached 285, which include the top four grain companies ADM, Bunge, Cargill and Louis Dreyfus, and domestic companies.
The exchange said it has bid globally to update its trading system so as to meet customer demands. Moreover it set up a special branch responsible for international cooperation.
"Our international strategy is to extend our global reach, explore opportunities for information sharing, employee exchange and IT solutions as well as product design with high-level international players," said Liu.
Three other major commodity exchanges in China are: Shanghai Futures Exchange, Zhengzhou Commodity Exchange and China Financial Futures Exchange.
Contact the writers at wuyong@chinadaily.com.cn and zhuchengpei@chinadaily.com.cn
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