China's DCE signs memo with Korean Exchange

BEIJING - The Dalian Commodity Exchange on Thursday signed a cooperation memorandum with the Korean Exchange in a bid to boost its global presence.

The DCE is China's largest futures market for agricultural goods.

The two exchanges will establish a long-term communication mechanism and cooperate in information sharing, technology as well as research and development, the DCE said.

The Korean Exchange is added to a list of 19 other overseas futures exchanges that have signed cooperation memorandums with the DCE, one of China's four futures exchanges.

The two exchanges, as important futures bourses in Asia, have similar cultural backgrounds and can provide references for each other in terms of market development, said Liu Xingqiang, DCE general manager.

The move is important for the DCE to consolidate and extend relations with Asian derivatives markets, Liu said. He added that the two parties would jointly seek approaches to improve services and investor structure.

Bongsoo Kim, head of the KRX, said that the memorandum would help the two bourses conduct substantial cooperation in the future.

The KRX is the only securities and derivatives exchange in the Republic of Korea, with gold and lean hog as its major trading commodities.