China Financial Futures Exchange Co. Ltd. (CFFEX), established with the approval of the State Council of the People’s Republic of China and the China Securities Regulatory Commission (CSRC), is an incorporated exchange specializing in providing trading and clearing services for financial futures, options and other derivatives. On September 8, 2006, CFFEX was established in Shanghai by Shanghai Futures Exchange, Zhengzhou Commodity Exchange, Dalian Commodity Exchange, Shanghai Stock Exchange, and Shenzhen Stock Exchange. The establishment of CFFEX and development of China’s financial futures market bear great strategic significance on deepening the financial market reform, enhancing the financial system, facilitating the robust functioning of the financial market and adapting to the new normal of economic development.
CFFEX is committed to serving the real economy and supporting China’s multi-layered capital market. By offering safe, efficient and well-functioning financial derivative products and services, CFFEX facilitates the sound transfer and allocation of financial risks, improves financial market efficiency, and boosts social and economic prosperity.
CFFEX’s main functions are to organize and arrange for the trading, clearing and delivery of financial futures and other financial derivatives; formulate relevant rules; conduct self-regulation; disseminate market data and related information; provide relevant technologies, venues and facilities; and perform other functions approved by the CSRC.
Upholding high standards with a focus on market stability, CFFEX strives to expand its financial derivatives product offering, improves its equity, interest rate and foreign exchange product lines, so as to meet the diversified risk management needs of market participants. Trading on CFFEX is conducted in a fully electronic manner backed by efficient and secure IT infrastructure. Leveraging the advanced technologies and designs of exchanges at home and abroad, CFFEX has developed a well-structured trading and operating platform with comprehensive functions and stable operations.
CFFEX implements a tiered membership clearing system. Members are classified into Clearing Members and Trading Members. By scope of business, Clearing Members are classified into Trading Clearing Members, General Clearing Members and Special Clearing Members. The tiered membership clearing system helps to form a multi-layered risk-management framework that safeguards sound operations of the market.
CFFEX applies investor suitability regime, cross-market supervising cooperation, abnormal trading monitoring and other measures to guarantee the orderly functioning of an open, fair and just financial market, protect legitimate rights and interests of market participants, especially small and medium investors, and defend the bottom line of preventing systemic risk.
CFFEX gradually advances the opening-up of the financial futures market by joining international futures industry associations, signing MOUs and strengthening cooperation with major overseas exchanges through information sharing, personnel training, business research, and joint product development, thus meeting domestic and foreign demand for cross-border trading.