First 10 futures companies get approvals

The China Financial Futures Exchange (CFFEX) announced the approval of the first 10 futures companies to become members of the exchange, Xinhua reported (in Chinese). The move was considered a major step towards the launch of the country's long-expected stock exchange index futures market. Among the new members, Guotai Ju'nan Futures and Nanhua Futures were granted full clearing memberships, Zhejiang New Century Futures and four other companies were given clearing memberships and the remaining three firms received trading memberships. Futures products have been promised, but have yet to be introduced in China.