Hong Kong Exchanges and Clearing Limited (HKEX) is today (Friday) pleased to announce it has signed a Memorandum of Understanding (MOU) with the Guangzhou Futures Exchange (GFEX) for strategic cooperation in promoting sustainability and facilitating the development of the Guangdong-Hong Kong-Macao Greater Bay Area.
Under the MOU, HKEX and GFEX will explore the feasibility of cooperation on product development in both onshore and offshore markets, with the aim of supporting China to peak carbon emissions by 2030 and reach carbon neutrality by 2060. Both exchanges will also work together in areas such as clearing, technology, and collaborate on marketing and investor educational efforts.
HKEX Chief Executive Officer Nicolas Aguzin said: ” HKEX is the first offshore institution to have a direct investment in a Mainland derivatives exchange and we are very excited today to be confirming our commitment to work with GFEX in promoting the development of China’s derivatives markets. Reflecting our China Anchored strategy, HKEX will work with GFEX to actively explore new opportunities to drive the development of a green and low-carbon market in the region, and progress innovations to further the opening-up of China’s futures market.”
Established on 19 April 2021, GFEX is the fifth futures exchange in mainland China. Based in the Guangdong-Hong Kong-Macao Greater Bay Area, GFEX seeks to become an innovative and market-oriented exchange with international influence, focusing on serving the real economy and green development initiatives. HKEX has invested RMB210 million for a 7 per cent stake in GFEX.
Hong Kong Exchanges and Clearing Limited (HKEX) is one of the world’s major exchange groups, and operates a range of equity, commodity, fixed income and currency markets. HKEX is the world’s leading IPO market and as Hong Kong’s only securities and derivatives exchange and sole operator of its clearing houses, it is uniquely placed to offer regional and international investors access to Asia’s most vibrant markets.
HKEX is also the global leader in metals trading, through its wholly owned subsidiaries, The London Metal Exchange (LME) and LME Clear Limited. This commodity franchise was further enhanced with the launch of Qianhai Mercantile Exchange (QME), in China, in 2018.
HKEX launched the pioneering Shanghai-Hong Kong Stock Connect programme in 2014, further expanded with the launch of Shenzhen Connect in 2016, and the launch of Bond Connect in 2017.