CFA to work with 3 overseas financial agencies

SHENZHEN - The China Futures Association (CFA) on Monday signed memorandums of understanding on cooperation with operators of the Hong Kong and Singapore stock exchanges, as well as the Swiss Futures and Options Association.

The MOUs were signed in the southern Chinese city of Shenzhen on the sidelines of the 9th China International Derivatives Forum.

The China Futures Association said in a statement that it would cooperate with the three financial institutions on business, information sharing and training.

CFA Chairman Liu Zhichao said development of China's futures industry would be market-oriented and law-based, and would feature an international perspective.

However, the industry's development still faces problems related to talents and management, and it is imperative for the CFA to strengthen cooperation with overseas counterparts, he said.

Charles Li, chief executive of the Hong Kong stock exchange, said the agreement was an important step in furthering the relationship and communication with the CFA and the Chinese mainland's futures industry.

"We hope we can help mainland futures brokers reach out globally by offering them a market with a wide range of products to meet their clients' investment and risk management needs, as well as a platform for capital formation," Charles Li said.