Zhengzhou Commodity Exchange
| Zhengzhou Commodity Exchange | |
| |
| Founded | 1990 |
|---|---|
| Headquarters | Zhengzhou, PRC |
| Key People | Xiong Jun - Chairman of the Board, Lu Dongsheng - President |
| Products | Futures in wheat, sugar, cotton, rape seed and PTA |
| Website | http://english.czce.com.cn/ |
The Zhengzhou Commodity Exchange (ZCE) is the third largest of China’s three futures exchanges in contract volume, behind the Dalian Commodity Exchange and the Shanghai Futures Exchange.
It lists futures contracts in wheat, cotton, white sugar, rapeseed oil, rice, apples and non-agriculture contracts on flat glass, methanol, ferrosilicon, silicon manganese, pure terephthalic acid (PTA) and thermal coal, plus options contracts on white sugar and cotton.[1][2]
At the end of 2017, ZCE has 164 members, spreading over 26 provinces (municipalities) and autonomous regions, including 149 futures firm members accounting for 91% of all members and 15 non-futures firm members accounting for 9% of all members.
According to Futures Industry Association volume figures, the Zhengzhou Commodity Exchange ranked as the world's 7th largest derivatives exchange in 2021, with 2,582,227,206 contracts traded, up 51.7 percent from the previous year's 1,701,847,321 contracts.[3]
History[edit]
The ZCE was established on Oct. 12, 1990, in Zhengzhou, the capital of Henan province in east-central China, the country’s most populous region. After operating a cash forward contract for two years, the first futures - in wheat, corn, soybean, green beans and sesame - were launched on May 28, 1993.[4]
The exchange emerged from the restructuring of China’s futures industry in 1990 after a 60-year hiatus. The government closed many of the 40-plus exchanges which emerged because of widespread price manipulation.
Contracts in peanut kernel, soybean meal and red beans wee added in January 1994, with Treasury notes added later in the year. Soybean, red bean and aluminum contracts were delisted in 1996, with Treasury notes also dropped after the government banned financial futures and Treasury notes, though plans emerged in 1996 to list stock index products on a new exchange.
In August 1998, the 15 remaining exchanges were reduced to three, with the exchange – renamed as the Zhengzhou Commodity Exchange – listing wheat, green bean, red bean and peanut kernel alongside the Dalian Commodity Exchange and the Shanghai Futures Exchange, which listed metals and rubber.
The ZCE’s clearing went electronic in 1997, and the three exchanges were linked with a single electronic network in 2001.
Structure and Regulation[edit]
The exchange is a non-profit, self-regulated entity, overseen by the China Securities Regulatory Commission, with 226 member firms (including 180 brokers).
Products[edit]
Agricultural Contracts[edit]
Cotton No.1 Japonica Rice Late Rice Rapeseed Oil Wheat PM Wheat WH Early Rice Rapeseed Meal Rapeseed White Sugar Cotton Yarn Apple Chinese Jujube Peanut Kernel
Non-Agricultural Contracts[edit]
Flat Glass Methanol(MA) Ferrosilicon Silicon Manganese PTA Thermal Coal(ZC) Urea Soda Ash Polyester Staple Fiber
Options[edit]
Sugar Cotton PTA Methanol Rapeseed Meal Thermal Coal
Contract Volume[edit]
| Year | Total Annual Volume* | Percent Change |
| 2021 | 2,582,227,206 | 51.7% |
| 2020 | 1,701,847,321 | 55.75% |
| 2019 | 1,092,703,580 | 33.59% |
| 2018 | 817,969,982 | 39.5% |
| 2017 | 586,070,148 | (-) 35% |
| 2016 | 901,297,04 | (-) 15.8% |
| 2015 | 1,070,335,606 | 58.3% |
| 2014 | 676,343,283 | 28.8% |
| 2013 | 525,299,023 | 51.3% |
| 2012 | 347,091,533 | (-) 14.6% |
| 2011 | 406,390,664 | (-) 18.1% |
| 2010 | 495,904,984 | 118.4% |
| 2009 | 227,112,521 | -- |
Key People[edit]
- Xiong Jun - Secretary of the CPC , Chairman of the Board[5]
- Lu Dongsheng - Deputy Secretary of the CPC Committee, President[6]
- Qin Quanjin - Members of the CPC Committee,Vice President
- Yu Xuanfeng - Members of the CPC Committee,Vice President
- Wang Xiaoming -Members of the CPC Committee,Vice President
- Wang Xinhui - Member of the CPC Committee, Secretary of the Disciplinary Inspection Committee
- Xing Xiangfei - Members of the CPC Committee,Vice President
- Wang Yamei - Members of the CPC Committee,Vice President
References[edit]
- ↑ China Futures Take Dragon Steps. Futures Industry Magazine.
- ↑ Overview. ZCE.
- ↑ EDT Volumes 2021 Exchange Rank. Futures Industry Association.
- ↑ Zhengzhou Commodity Exchange Official History. ZCE.
- ↑ Leadership Team. Zhengzhou Commodity Exchange.
- ↑ ZHENGZHOU COMMODITY EXCHANGE. Monetary Authority of Singapore.