PRZOOM - /newswire/ -
Shanghai, China, 2010/02/26 - CITIC Newedge Futures Co. Ltd., received the Trading Excellence Award, Service Enterprise Excellence Award, and the Gold Trading Excellence Award from the Shanghai Futures Exchange on January 29th.
CITIC Newedge Futures Co. Ltd., a joint venture between CITIC Group and Newedge Group, received the Trading Excellence Award, Service Enterprise Excellence Award, and the Gold Trading Excellence Award from the Shanghai Futures Exchange on January 29th, 2010.
The criteria for the annual awards included trading volume, compliance management, risk management and the depth and scale of service on the national economy.
"2008 was a year of organizational change and strategy building, and last year we experienced a period of strong growth. With the continued development of the financial industry, CITIC Newedge is well positioned to further develop as a leading futures brokerage" said Zhao Lei, Chairman, CITIC Newedge.
"We have spent a lot of time and resources with our good partner in China by investing in our joint venture and establishing strong operations and risk systems. Our strong results clearly reflect the hard work of our JV staff" said Dean Owen, Chief China Representative for Newedge and Senior Advisor for the CITIC Newedge joint venture.
As part of the event recognizing the 2009 award winners, Yang Mai Jun, the General Manager of the Shanghai Futures Exchange, detailed the success of the Chinese futures markets against the challenging backdrop of the global financial crisis, noting that the Chinese commodity futures market volume is the largest in the world. According to the SHFE, the Chinese futures market achieved a volume of 2.16 billion traded lots with a notional trading value of 130.5 trillion yuan, an increase of 58% and 81% respectively over 2008.
In order to adapt to the increasing business, CITIC Newedge is planning to expand on its 60 current staff with the addition of 20 new staff in the next quarter. "Our joint venture volumes were up 284% last year, clearly demonstrating the strengths and expertise gained from the best practices employed at our shareholders," said Owen.
CITIC Newedge, initially established as CITIC Calyon Futures in 2008 under the Closer Economic Partnership Arrangement (CEPA), became the first futures brokerage in Shanghai and the second futures brokerage in China that was jointly owned by a Chinese firm and a Hong Kong brokerage firm. Citic Newedge is among the 210 members of the Shanghai Futures Exchange and engages in brokerage of all domestic listed futures which currently includes commodities markets and will include equity index futures when China launches the CSI 300 Index Futures shortly.