Hong Kong Mercantile Exchange发表评论(0)编辑词条

Hong Kong Mercantile Exchange (Chinese: 香港商品交易所; abbreviated as HKMEx)

Hong Kong Mercantile Exchange

is a new electronic commodities exchange established in Hong Kong for the trading of commodity futures, options and other financial derivatives. The exchange will provide standardised, cleared, and exchange-traded products on a transparent pricing platform to the Asia-Pacific time zone. The purpose is to eliminate market liquidity risks associated with Asian market participants trading in faraway commodities exchanges such as New York and London. The exchange will serve commodities investors, consumers and producers for arbitrage and hedging purposes.

All transactions on the exchange will be cleared through LCH.Clearnet. The exchange positions itself as a trading forum located in Hong Kong - a jurisdiction entirely open to the free movement of capital and market participation by non-domiciled investors, while at the same time offering international market participants access to the booming mainland Chinese commodities market. This will be accomplished through transparent price discovery of China-bound commodities.

The exchange's headquarters are located in the International Commerce Centre, while its information technology and administrative staff are located at Cyberport.

History

The exchange was announced at a Hong Kong press conference on June 25, 2008 by Chairman Barry Cheung Chun-yuen. In attendance was Hong Kong Financial Secretary John Tsang Chun-wah who said there is "a huge opportunity for Hong Kong to develop a commodities futures market" in Hong Kong. In March 2009, HKMEx appointed Albert Helmig, a former Vice Chairman of NYMEX, as President of the exchange to lead day-to-day operations of the bourse. In June 2009, HKMEX and LCH.Clearnet agreed initial terms for LCH.Clearnet to provide clearing for the exchange. In September, HKMEx signed a contract with Hong Kong International Airport to use HKIA's Precious Metals Depository as a licensed storage venue for gold traded on the exchange.

In December 2009, ICBC (Asia) acquired a 10% equity stake in the company, and said it intends to participate extensively in the exchange's operations as a trading and clearing member, as well as a settlement bank. This was followed by a June 2010 announcement that En+ Group, owned by Russia's Oleg Deripaska, had also purchased a 10% equity interest.

Hours

The exchange plans to launch with trading days beginning at 08:00 Hong Kong Time and ending at 23:00 HKT, with an opening auction running from 07:30 HKT to 08:00 HKT. Daily and final settlement are planned to take place at 23:30 HKT. The long trading day is designed to overlap trading hours in European and North American markets to improve liquidity and boost the opportunity for cross-market arbitrage

Products

GoldHKMEx will introduce a gold futures contract usable for hedging, arbitrage and other investing strategies. The contract will be in 32-troy ounce (1-kilogram) bar units and priced in US dollars per troy ounce. There will be one contract per board lot. Futures contracts will be offered for expiry in the current calendar month, the next two consecutive calendar months, and any even months falling within a 12-month period starting with the current month. The contract will be physically delivered in Hong Kong.

The exchange will also introduce new products based on silver and other precious metals, base metals, energy and others.

Technology

HKMEx’s technology infrastructure is deployed across two geographically dispersed data centers to minimize trading disruptions due to unforeseen circumstances. The data centers also utilize fully redundant blade server technology connected by both a primary and a secondary network. Access to the infrastructure is fully secured.

The exchange’s electronic trading platform is called Pearl and is designed to provide a highly available trading platform. It also allows HKMEx to handle high liquidity and trading volumes on a secure and scalable high-end platform, while also allowing rapid introduction of new contracts, services and types of trading.

Pearl will continuously provide:

Current bids and offers;
Depth of market views outside best bids/offers;
Spread bid/offer, or the price differentials between different contract months
Generation of implied prices where no active market currently exists, using values from trading in other contract months.
HKMEx's Pearl supports the industry-standard FIX 4.4 protocol for market access, as well as EMAPI, a proprietary API which provides speed and efficiency advantages. In addition, HKMEx can provide a trading front-end called Pearl Plus.

HKMEx is backed by a growing list of top-tier technology partners.

Clearing

HKMEx offers clearing and settlement services in cooperation with LCH.Clearnet, an independent clearing house serving major international exchanges and platforms. In its clearing for HKMEx trades, LCH.Clearnet is regulated by the Securities and Futures Commission in Hong Kong.

Membership

HKMEx offers three categories of membership: Clearing, Broking and Proprietary Trader.

Clearing Member

Must be a member of LCH.Clearnet, HKMEx's appointed clearing house, and have access to its Extensible Clearing System (ECS)
May also be a Broking Member and/or a Proprietary Trader Member of the exchange
Broking Member

Trades for own account and/or clients’ accounts
Must clear through a Clearing Member of the exchange
May also be a Clearing Member
Proprietary Trader Member

Trades solely for own account
Must clear through a Clearing Member of the exchange
May also be a Clearing Member