10 more Chinese firms to trade off-shore futures

14 Apr 2003

China Securities Regulatory Commission (CSRC) will authorise ten state-owned enterprises to trade overseas futures contracts, more than doubling the number of firms currently allowed to 17.

The move could bring business to London Metal Exchange, New York Mercantile...

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“A lot of banks have spent a lot of money calculating the cheapest way to collateralise their positions, and they’ve hired some very bright mathematicians to do it. Why would they gamble all of that by using the cheapest clearing house?”

Senior rates players believe fears of a race to the bottom among clearing houses has been overstated.