Migrated – Original Post Date: Nov 30, 2018
As the Chinese financial markets continue to liberalize, the Zhengzhou Commodity Exchange (“ZCE”) today opened its domestic Purified Terephthalic Acid (“PTA”) futures contract to overseas investors. Straits Financial Services Pte. Ltd. (“Straits”), as an overseas broker of ZCE and together with our client, Glencore, successfully executed the first trade for the PTA1909 contract upon market opening.
Earlier in March, the Shanghai International Energy Exchange launched its crude oil futures for foreign participation, followed by the iron ore futures on Dalian Commodity Exchange in May. PTA futures on ZCE will be the third futures contract to allow foreign participation. In all these 3 significant events, Straits has consistently proven to the marketplace with our ability to be ready on day one, and clinching the first contracts traded on all 3 occasions.
“As one of the largest PTA producers, consumers and importers in the world, China plays a significant role in the PTA market. The internationalization of PTA futures on ZCE will continue to enhance China’s influence on pricing in the global markets.” – Mr. Roger Quek, Managing Director of Straits Financial Services Pte. Ltd. “Straits is a global brokerage firm, but with a strong business focus to bring the Asian markets to the rest of the world. Our work and track record, especially in China this year has set us apart from our competitors.”
ABOUT GLENCORE
Glencore is one of the world’s largest globally diversified natural resources company. It has grown to become a major producer and marketer of commodities. Its operations comprise around 150 mining and metallurgical sites, oil production assets and agricultural facilities.
ABOUT ZHENGZHOU COMMODITY EXCHANGE
ZCE was founded on October 12, 1990. With the approval of State Council, ZCE was chosen as the first pilot unit in China’s futures market and it is regulated by the China Securities Regulatory Commission (CSRC). Currently there are 18 futures contracts and one options contract available for trading on ZCE.
ABOUT STRAITS FINANCIAL GROUP
Headquartered in Singapore, Straits Financial Group is the brokerage house under CWT Pte. Limited that offers a full spectrum of derivatives & OTC products, including trade facilitation for physical commodities. Established affiliate offices are in Chicago, New Jersey, Shanghai, and Jakarta. Straits Financial is a full Clearing Member of the Chicago Mercantile Exchange (CME), Chicago Board of Trade (CBOT), New York Mercantile Exchange (NYMEX), the Commodity Exchange (COMEX), CME Clearport, Dubai Mercantile Exchange (DME), New Zealand Exchange (NZX), CBOE Futures Exchange (CFE), Nasdaq Futures (NFX) and Asia Pacific Exchange (APEX). Straits offers clearing access to all major global commodity exchanges. For more information, visit www.straitsfinancial.com.