The Hong Kong Mercantile Exchange (HKMEx) has increased its membership by 20% in the first quarter and most recently added Glory Sky Global Markets, China Maike Futures International, and Holly Su Futures (Hong Kong) as broking members.

The exchange has added 10 new members so far this year, the bourse said, and its total membership includes six clearing members and 37 broking members.

“We are delighted by the enthusiasm with which futures brokerages in Greater China have been signing up to trade with us, making HKMEx a leading international exchange in the Chinese commodity market,” Jane Wang, HKMEx co-president, said in a statement on Wednesday May 15.

“It further adds to our growing regional and international membership, which expanded by 20% in the first quarter of 2013 alone, validating our position as China’s global marketplace,” she added.

Glory Sky Global Markets is a member of the Glory Sky Group, a brokerage house in Hong Kong, providing trading in multiple asset classes and investment services to clients from financial institutions and funds, to corporate and individual investors.

“We are excited to offer our customers trading in HKMEx’s distinctive contracts, including soon-to-be-launched renminbi-denominated precious metals futures, and look forward to working with the exchange in further developing Hong Kong’s role as a hub for trading in gold and other futures products,” Alfred Yeung, chairman of Glory Sky Group, said.

China Maike Futures International provides global futures trading services. It is a member of the group of companies which includes Maike Metals International – one of the largest non-ferrous metals traders in China with an annual volume reaching two million tonnes.

“We are pleased to join our group’s flagship and HKMEx industry associate Maike Metals International in working with the exchange to promote futures trading in base metals on an international level,” Ming Xiaochong, gm of China Maike Futures International, said.

Holly Su Futures, a joint venture between the state-owned Jiangsu SOHO Holding and Holly International Group (Hong Kong), provides trading of futures and options products listed on major international exchanges.

“In joining HKMEx, our wholly-owned subsidiary Holly Su Futures Hong Kong demonstrates its eagerness to deepen its participation in global markets,” Zhou Yong, executive vp of Jiangsu SOHO Holding, said.

The firms will be able to utilise HKMEx’s electronic platform for commodities trading in the Asia Pacific time zone, both proprietarily and on behalf of clients, HKMEx said.

HKMEx offers a US-dollar denominated 32 troy oz (1 kg) gold futures contract and a 1,000 troy oz silver futures contract with physical delivery in Hong Kong.

The exchange is aiming to launch a yuan-denominated gold futures contract in the first half of 2013 and is looking to launch its yuan-denominated copper contract this year.

Following the launch of its gold, copper and silver contracts denominated in yuan, HKMEx also plans other products in precious and base metals, as well as energy, agriculture and commodity indices.

Shivani Singh
shivani.singh@metalbulletinasia.com