NGMEX, a full-service commodity and multi asset exchange that incorporates the complete workflow of a trading venue and also provides on-line commodity futures and options trading, is pleased to announce that NGMEX and a leading commercial bank in PRC, have signed a Memorandum of Understanding (MOU) to maintain and reinforce the further strengthening of their business relationship. The name of the bank will be disclosed once all the regulatory and agreement steps will be finished.
Under the MOU, the Bank also intends to participate in the Silver Pricing, as administered by NGMEX, as well as to facilitate the trading of NGMEX products for customers in People’s Republic of China.
"We are pleased to partner with one of the leading Chinese commercial banks and the official clearing bank of Chinese Renminbi," said Yasutomo M. Izumi, Executive Chairman and President of NGMEX. "We at NGMEX are convinced that this relationship will bring many benefits for the marketplace and will stimulate new innovations across a range of asset classes."
Physically deliverable futures contracts for USD/CNH and EUR/CNH have been available on NGMEX. Now that NGMEX Clearing intends to work with the Chinese bank, it also plans to amend these contracts so that physical delivery will bring cost and time-saving advantages to market users.
"The ability to transact during local and foreign hours represents a high priority to those organizations who value flexibility in managing their positions in markets where prices can move sharply in short time frames," said Tadayo Shimizu, Senior Managing Director, and President of NGMEX Clearing. "Our primary target right now is to build out all the necessary infrastructure and RMB products for a flourishing marketplace as well as extending our partnership into other areas," added Mr. Shimizu.
Nagoya Mercantile Exchange (NGMEX)
NGMEX is a full-service multi asset exchange that incorporates the complete workflow of a trading venue and also provides on-line commodity futures and option trading. The organization believes in delivering nothing but the best to its loyal customers. From the individuals to the corporations, from institutions to the government agencies, NGMEX has always been a trusted establishment offering genuine industry insights and information on the benchmark commodity prices. NGMEX mission is to provide traders with state-of-the-art order entry capabilities, extremely competitive execution timing and the professional service that today's financial world demands.
