Kofex and CME sign MOU
The Korea Futures Exchange (Kofex) and the Chicago Mercantile Exchange (CME) have signed a memorandum of understanding (MOU) to pursue joint business development initiatives in derivatives products.
"This MOU will form a solid basis to promote the reciprocal cooperation between the two exchanges," said Junho Kang, chairman and chief executive of Kofex, adding that the exchange expects to benefit from CME's experience in demutualisation and the electronic trading platform, Globex.
Kofex was established in February 1999, and offers a range of derivatives products including KTB futures and options, US dollar futures and options, Kosdaq 50 index futures and options and gold futures. Under existing laws, the exchange is also expected to acquire the derivative products traded on rival exchange, the Korea Stock Exchange, by January 2004.
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