Dalian set for May 4 trading of iron ore futures for overseas participants

Dalian Commodity Exchange (DCE) organized China Futures Market Monitoring Center, futures-company members and information providers to carry out the first full-market testing for the business of ushering in overseas traders of iron ore futures. The testing aims to promote initial preparations for the international business of iron ore futures and guarantee the successful operation of relevant business. Non-Chinese participants will be allowed to trade as of May 4.

During the two-day testing, all market participants have actively participated, the testing has gone on successfully and the business has been correctly tested. A total of 144 members took part in the full-market testing on the first trading day, and 147 members on the second trading day, and a total of six information providers took part in the testing. According to the progress, all members completed the recording of 154 overseas brokers and opened up 413 overseas corporate clients; a total of 318 withdrawals or deposits in USD were transacted; and the number of overseas clients’ entrusted transactions and the total trading volume were 57,554 orders and 398,834 contracts.

The full-market testing for the internationalization of iron ore futures has reached the intended purposes and fully verified the stability and effectiveness of account opening, trading authority setting, overseas brokers’ recording and settlement, supervision and inspection, foreign-currency withdrawals and deposits and other business lines for ushering in overseas traders of iron ore futures. A market insider said that since iron ore futures was approved as a special product, which was allowed to usher in overseas traders, all futures-company members have carried out technical upgrading and system connecting and have been fully ready in their systems after the testing. In the future, all market participants will continue to make preparations to make sure the steady settlement and operation of the business of ushering in overseas traders of iron ore futures.

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