China opposes ICE launch of cotton, sugar futures

Wednesday, 18 March 2015 00:00 - - {{hitsCtrl.values.hits}}

BEIJING (Reuters): China opposes plans by the Singapore platform of Intercontinental Exchange to launch cotton and white sugar futures that use prices on Chinese exchanges as references, a spokesman of the China Securities Regulatory Commission (CSRC) said on Friday. The Zhengzhou Commodity Exchange has opposed the use of its settlement prices by ICE Futures Singapore for its China cotton and white sugar futures, the spokesman, Zhang Xiaojun, told a news conference. ICE’s move, without authorisation by the Chinese side, violates China’s copyright, Zhang said. The commission also expressed concern to the Monetary Authority of Singapore about the launch, said Zhang. He did not say what legal action would be taken, if any. Atlanta-based ICE has pushed back the launch of its Singapore platform to the middle of the year from this month, with the Financial Times newspaper reporting the delay was due to a threat of legal action by a Chinese exchange. Last December, ICE announced a plan to launch the cotton and white sugar futures contracts this month, along with those for gold, “mini-Brent” crude oil and renminbi. The plan followed its purchase of the Singapore Mercantile Exchange last year for $150 million in a bid to gain a foothold in trading and clearing in Asia.

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