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DCE Intensifies Training on Depository Banks for Iron Ore Futures’ Internationalization

Date:11 May 2018
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On April 26, Dalian Commodity Exchange (DCE) organized the training on the futures settlement for the usher-in of overseas traders of iron ore to all futures margin depository banks. Relevant experts from the People’s Bank of China and State Administration of Foreign Exchange have made training on the cross-border settlement policy and the foreign exchange management policy of iron ore futures respectively by focusing on relevant polices of ushering in overseas traders of iron ore futures.

One participant said that it is very opportune and necessary to organize such training before ushering in overseas traders of iron ore futures, and it will allow employees in banks to have deeper and more comprehensive understanding on relevant policies of iron ore futures, which will benefit the later business and will provide overseas traders and brokers with efficient, safe and convenient services.

Xu Junting, Deputy General Manager of the Financial Institution Department and President of the Inter-bank Strategic Clients Department of Bank of Communications (BOC), said that as overseas traders include large mine enterprises, trading companies and other institutions, the foreign exchange settlement and sale might be of large amount and higher timeliness is demanded. As a result, banks should give overall considerations to their capital strength, flat plate capacity and systematic functions to ensure their stable operation while serving clients. “BOC attempts to provide large mines and steel plants with whole industry chain financial services for their global operations. Besides, it will provide all clients with financing, foreign exchange settlement and sale, hedging against foreign exchange risk and interest rate risk, and the trading services for the whole derivatives market.

Apart from margin depository business, banks will provide overseas traders with such derivative services as risk hedging, financing and depositing according to their own advantages.

Sun Yue, Deputy General Manager of the Financial Institution Department of Bank of China, Dalian Branch, said that the futures depository business is the basis and link for the bank-futures cooperation, and taking part in the international business of iron ore futures will help to improve banks’ strategic layout of their international financial business. “Previously, we’ve taken part in the research of relevant businesses for the internationalization of DCE iron ore futures and organized training and exchange activities related to the foreign exchange management to the market. In the future, we will earnestly fulfill our responsibility as a depository bank and provide clients with all-round services like account management, capital settlement, cross-border clearing and derivative services, thus guaranteeing the stable settlement and operation of the internationalization of iron ore futures.

Over 150 representatives from 14 futures margin depository banks of DCE and their branches were present at the training, and over 200 representatives of futures company members watched the audio training.

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