Winds from the west

A raft of MOUs and price cuts during the past 18 months shows the determination of US exchanges to gain a foothold in Asian markets. But are Asian investors ready for their products? By James Ockenden

The lure of a gradually liberalising Chinese financial market and the rapid growth in Asian exchange-traded derivatives markets are proving irresistible to the Chicago Mercantile Exchange (CME) and Chicago Board of Trade (CBOT). Between them, the US exchanges have signed seven memoranda of understanding (MOUs) with Asian exchanges during the past two years. And this is only just the beginning. “CME has barely scratched the surface,” says Ann Shuman, director, business development at the CME