GF Futures (Hong Kong) has become the first broker headquartered in the People's Republic of China to sign up as a trading member of NYSE Liffe, the European derivatives business of transatlantic exchange operator NYSE Euronext.
Xiao Cheng, the general manager of GF Futures, said, “We are honoured to be the first Chinese broker to become a member of NYSE Liffe. This will give us a better understanding of the European market. Being a member of NYSE Liffe offers our customers access to international markets as well as being a major step to the internationalisation of GF Group.”
Garry Jones, head of global derivatives, NYSE Liffe, added, “Through their connection to NYSE Liffe, GF Futures (Hong Kong) is the first Chinese broker to give its customer base direct access to our international trading network out of Hong Kong. Recently we have seen a dramatic increase from Asian clients wanting direct access to our products.”
NYSE Euronext is expanding its business in the Asia-Pacific region. The group has representative offices in Beijing, Hong Kong, Singapore and Tokyo and says that volumes generated by Asian customers are increasing significantly.
NYSE Technologies, the technology subsidiary of exchange group NYSE Euronext, set up a FIX order routing connection into China, via the Shanghai Stock Exchange's subsidiary Shanghai Stock Communication Company (STOCOM), in May.
GF Futures (Hong Kong) is a subsidiary company fully owned by GF Futures. Its establishment was approved by the China Securities Regulatory Commission as one of the six futures commission merchants to launch business in the Hong Kong market. GF Futures (Hong Kong) is already a member of Eurex, the European derivatives market operated by exchange and infrastructure operator Deutsche Börse.
The proposed merger of Deutsche Börse and NYSE Euronext could give the combined group a dominant position over the derivatives market globally, although regulators may demand a divestment as part of their approval of the deal.