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HKEx plans derivatives in renminbi and IT upgrade

FO Intelligence

Hong Kong Exchanges and Clearing plans to introduce renminbi-denominated derivatives within the next three years, though it did not specify what they would cover.

The bourse revealed today (Thursday March 4) its strategy to: "capture the new mainland opportunities and position ourselves competitively against emerging international competition".

HKEx also announced its 2009 results: profits fell 8%.

The exchange’s strategy for the next three years has three elements. Its ‘core strategy’ comprises plans to achieve organic growth; the ‘extension strategy’ is designed to preserve HKEx’s market share and ready it for future growth; and the ‘expansion strategy’ deals with expanding the product platform, investor base and geographic coverage.

So far, all HKEx’s derivatives are denominated in Hong Kong dollars, but the exchange wants to develop closer ties with mainland China.

It is also exploring possible cooperation agreements with international exchanges. While HKEx not name these, it did mention the Shanghai Stock Exchange – an exchange it already has a memorandum of understanding with, though this relationship would benefit only the cash equities market.

However, HKEx said that in readiness for new products and possible closer ties with mainland Chinese exchanges, it would have to promote: "regulatory and market reforms necessary to support our introduction of multi-currency products, new asset classes and geographies and the entry of new investors from the Mainland into our markets."

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