Mar 26, 2018
J.P. Morgan is pleased to announce that it can facilitate trading and clearing of Renminbi-denominated crude oil futures contract for both its onshore and offshore clients following the launch today by the Shanghai International Energy Exchange (INE).
“J.P. Morgan is pleased to offer this exciting futures contract in China immediately from the launch to our clients. China is the world’s largest importer of crude oil and the introduction of the RMB-denominated crude oil futures contract represents a milestone for China’s Futures market,” said Mr. David Martin, Asia Pacific Head of Global Clearing at J.P. Morgan.
“The crude oil futures contract is the first product in China’s futures market that offshore investors are permitted to trade. With J.P. Morgan’s leadership and expertise in the global futures market and strong relations with investors worldwide, we are well positioned to support the further development of this market,” said Ms. Rochelle Wei, CEO of J.P. Morgan Futures Co., Ltd.
In June 2017, J.P. Morgan Futures Co., Ltd, the Futures and Options Joint Venture of J.P. Morgan in China was granted an exchange membership with the INE. With the membership, J.P. Morgan will be able to provide its clients with trading access (via both voice and electronic channels) and clearing services at INE.
China’s futures market has been growing rapidly in recent years. According to the China Futures Association, the accumulated trading volume by the end of 2017 is 3.07 billion lots, with transaction value of RMB 187.9 trillion, placing China as one of the leading countries in the world volume ranking for the 8th consecutive year in terms of trading volume.