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Iron Ore InternationalizationIron Ore Internationalization 中文

Banking-futures Cooperation Prepares for Internationalization of Iron Ore Futures: BOC Holds Briefing Session on Internationalization of Iron Ore Futures

Date:10 April 2018
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To facilitate the successful launching of the business of overseas traders involving in iron ore futures, propel the banking-futures cooperation, give better play to the resources advantage of banks, and urge all members to have deeper understanding on banks’ role and relevant business in the internationalization of iron ore futures, Dalian Commodity Exchange (DCE) supported Bank of China (BOC) to hold the “Warm-up for Internationalization of Iron Ore Futures – Banking-futures Cooperation Seminar” in Dalian on April 2. Relevant experts from DCE and BOC mainly introduced the overall scheme for the internationalization of iron ore futures and relevant supporting services of banks. Over 80 persons attended the seminar, including Wang Fenghai, CEO of DCE, Wang Hua, Deputy General Manager of the Financial Institution Department of BOC, officials of relevant departments of BOC and DCE, and relevant personnel and client representatives of 56 futures companies.

Wang Fenghai said in the speech that DCE has set about to prepare for the internationalization of iron ore futures since iron ore futures were listed in 2013. In 2017, the total trading volume of iron ore futures of DCE on one side reached 329 million contracts, becoming an iron ore derivatives market of the largest trading scale in the world. Besides, iron ore futures have presented good operation quality, high industry clients participation degree and great futures-spot interaction; its contracts, rules, risk control and delivery systems have gone through years of market test; and all business links have went on smoothly. In recent years, the influence of Chinese iron ore futures price has been gradually seen and recognized by relevant national ministries and commissions, industry associations and domestic and overseas industry clients. As a result, there have been solid basis for its internationalization. China is the largest iron ore import country and consumption country in the world. China imported 1.075 billion tons of iron ore in 2017, accounting for over 75% of the seaborne iron ore trading volume in the world. In this context, DCE will actively promote the internationalization of iron ore futures, make China’s sound, and better serve the real economy and global traders. DCE will facilitate the smooth settlement of the internationalization of iron ore futures together with banks, institutions, members and traders to realize an all-win situation.

BOC is the futures margin depository bank of DCE and one of DCE’s important partners. They have made innovative cooperation in various fields, such as the internationalization of iron ore futures, market cultivation, bank guarantee, OTC derivatives market construction and business training and survey, complemented each other’s advantages and realized common development. Next, DCE will launch more innovative cooperation modes with BOC in terms of the internationalization of iron ore futures, the “insurance + futures” and the OTC market construction and there will be vast potential for their cooperation.

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