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An Emerging Financial Centre
Dalian Commodity Exchange (DCE), founded on February 28th, 1993, is one of the four futures exchanges in China and the only futures exchange in Northeast China. Approved by the China Securities Regulatory Commission (CSRC), DCE offers a wide range of futures products including corn, No. 1 soybeans (non-gmo), No. 2 soybeans (gmo), soybean meal, soybean oil, RBD palm olein, linear low density polyethylene (LLDPE) and polyvinyl chloride (PVC).
Over the past 16 years, with its sound operation and quick growth, DCE has become an important futures exchange in China. In 2006, DCE entered a period of rapid development as volumes sky-rocketed. Trading volumes in 2007, 2008 and 2009 were 371 million contracts, 638 million contracts and 834 million contracts respectively, while the turnover was 11.92 trillion RMB, 27.49 trillion RMB and 37.64 trillion RMB respectively. In 2008, DCE ranked 10th among 54 exchanges worldwide in terms of trading volume making DCE the largest agricultural commodity exchange in Asia and the second largest globally.
As 2009 drew to a close, DCE's member companies reached 189, its designated delivery storage facilities amounted to 130 and it attracted 620,000 investors from 28 provinces. DCE has been playing an important role in commodity price discovery, protecting the interests of farmers by offering risk management tools and providing guidance for agricultural production and distribution. DCE is also contributing to the construction of Dalian into a regional financial center and an important international shipping hub in Northeast Asia.
In August 2007, the State Council approved "Plan of Revitalizing Northeast China", in which the development of the futures markets is a fundamental building block. DCE has an important role to play in the construction of a vibrant futures industry in China and a prosperous Northeast China. DCE is taking great efforts to realize its goals and become a leading futures exchange in Asia.
Futures trading at the Dalian Commodity Exchange has expanded rapidly in recent years. Since 2007, three new contracts have been added (LLDPE, RBD Palm Oil and PVC), and the cumulative annual growth rate in volume was over 52%.
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|
2007 |
2008 |
2009 |
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# of Contracts |
5+21 |
7 |
7+12 |
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Average Daily Volume |
1,533,998 |
2,594,794 |
3,416,248 |
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Average Daily OI |
2,295,866 |
1,793,392 |
2,362,766 |
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Total Annual Volume |
371,227,674 |
638,319,386 |
833,564,522 |
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Annual Volume Increase |
54.23% |
71.95% |
30.59% |
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Total Annual Turnover |
RMB 11.92 tr |
RMB 27.48 tr |
RMB 37.64 tr |
* All figures are calculated bilaterally
1 Two new contracts were added in 2007: LLDPE contracts started trading on July 31st and RBD Palm Olein contracts started trading on October 29th.
2 One new contract was added in 2009: PVC contracts started trading on May 25th.
FIA: Top Derivatives Exchanges Worldwide
Ranked by Number of Futures and Options Traded and/or Cleared in 2009
|
Rank |
Exchange |
2008 |
2009 |
%Change |
|
1 |
Korea Exchange |
2,865,482,319 |
3,102,891,777 |
8.3% |
|
2 |
Eurex (includes ISE) |
3,172,704,773 |
2,647,406,849 |
-16.6% |
|
3 |
CME Group (includes CBOT and Nymex) |
3,277,630,030 |
2,589,551,487 |
-21.0% |
|
4 |
NYSE Euronext includes all EU and US markets) |
1,675,791,242 |
1,729,965,293 |
3.2% |
|
5 |
Chicago Board Options Exchange (includes CFE) |
1,194,516,467 |
1,135,920,178 |
-4.9% |
|
6 |
BM&FBovespa |
741,889,113 |
920,377,678 |
24.1% |
|
7 |
National Stock Exchange of India |
601,599,920 |
918,507,122 |
52.7% |
|
8 |
Nasdaq OMX Group (includes all EU and US markets£© |
722,107,905 |
814,639,771 |
12.8% |
|
9 |
Russian Trading Systems Stock Exchange |
238,220,708 |
474,440,043 |
99.2% |
|
10 |
Shanghai Futures Exchange |
140,263,185 |
434,864,068 |
210.0% |
|
11 |
Dalian Commodity Exchange |
319,159,693 |
416,782,261 |
30.6% |
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12 |
Multi Commodity Exchange of India (includes MCX-SX£© |
103,049,912 |
384,730,330 |
273.3% |
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13 |
ICE (includes US, UK and Canada Markets£© |
234,414,538 |
257,118,644 |
9.7% |
|
14 |
Zhengzhou Commodity Exchange |
333,557,134 |
227,112,521 |
-31.9% |
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15 |
JSE South Africa |
513,584,004 |
166,592,373 |
-67.6% |
|
16 |
Osaka Securities Exchange |
163,689,348 |
166,085,409 |
1.5% |
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17 |
Boston Options Exchange |
178,650,541 |
137,784,626 |
-22.9% |
|
18 |
Taiwan Futures Exchange |
136,719,777 |
135,125,695 |
-1.2% |
|
19 |
London Metal Exchange |
113,215,299 |
111,930,828 |
-1.1% |
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20 |
Hong Kong Exchanges & Clearing |
105,006,736 |
98,538,258 |
-6.2% |
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