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CME Group and Bank of China Announce Strategic Cooperation

02 March 2012

US & CHINA - CME Group and Bank of China have announced they have signed a Memorandum of Understanding (MOU) to explore and potentially collaborate in a long-term business relationship that will harness the strengths of both organisations to provide mutual benefits as both parties grow their global businesses.

The non-binding agreement provides for the establishment of information-sharing links which cover education, training and marketing; in addition, the companies will focus on future business opportunities facilitating cross-border trading in commodities futures and options, subject to the applicable regulations.

BOCI Commodities & Futures Limited ("BOCI C&F"), a wholly-owned subsidiary of Bank of China, is a clearing member of each of CME, CBOT, NYMEX and COMEX. BOCI C&F currently facilitates access to CME Group's exchange-listed futures and options products for permitted entities, and has taken a role in customer acquisition and service provision for investors permitted to trade in CME Group products.

The two parties will look to further strengthen the role of BOCI C&F as a clearing member. CME Group will assist BOCI C&F with investor education, business development, and employee training to further augment the business offerings of BOCI Global Commodities.

"With the increasing openness and sophistication of China's futures markets, CME Group believes in the value of cooperating with leading institutions like Bank of China and its subsidiaries as they provide education on CME Group products and services to their expanding customer base," said Phupinder Gill, CME Group President.

"This agreement will lay the foundation for what we hope will be a long and successful relationship between our companies."

TheCropSite News Desk

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