Taiwan’s Capital Futures Corp (群益期貨) said yesterday it has signed a memorandum of understanding (MOU) with Chinese counterpart Cinda Futures Co Ltd (信達期貨) on partnership in several areas of business.
Under the agreement, the two sides will join forces to train personnel, develop technology for a trading platform and devise new financial instruments, Capital Futures said.
Cinda Futures approached Capital Futures in the fourth quarter of this year about the possibility of securing a partnership in Taiwan, said Dan Chen (陳文采), spokesman of the Taiwanese firm.
“China has a huge commodity futures market, while Taiwan specializes in financial futures trading, in particular stock index futures. There is great potential for future cooperation,” Chen said.
Chen said that because Cinda Futures is almost wholly owned by the Chinese Ministry of Finance, Capital Futures has high hopes that the link up will benefit the development of its business in China.
Currently, Taiwan’s futures companies are allowed to invest in their Chinese counterparts, but Chinese future companies are restricted from doing the same in Taiwanese companies.
“Both sides are interested in cross-shareholdings in the future. Once cross-shareholdings are allowed, we will talk more about the investment issue,” Chen said.
Cinda Futures, headquartered in Hangzhou, Zhejiang Province, runs 11 operational hubs in major Chinese cities, such as Shanghai, Beijing, Dalian and Shenyang.
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