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China to approve foreign players to PTA futures trading
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China to approve foreign players to PTA futures trading

Views:0     Author:Site Editor     Publish Time: 2018-09-27      Origin:Site

It was learned from the regular press conference of the China Securities Regulatory Commission on September 21 that PTA futures in Zhengzhou Commodity Exchange has been approved as a special product to be introduced into overseas traders.

Purified terephthalic acid (PTA), a chemical compound, is a precursor to make clothing and plastic bottles. Over 90 percent of global PTA production is used in producing polyethylene terephthalate, or PET.

The relevant person in charge of Zhengzhou Commodity Exchange said that in the context of the “Belt and Road” initiative and the gradual internationalization of the renminbi, the introduction of overseas traders with PTA futures as a pilot will further promote China’s pricing center for global polyester products and better promote the futures market to serve the real economy.

“Zhengzhou Commodity Exchange will continue to deepen the implementation of various preparatory work and take the opportunity of opening up to the outside world to introduce a group of overseas participants with strong strength, high reputation and standardized management, optimize the market structure and enhance the internationalization level of Zhengzhou Commodity Exchange.” The above-mentioned person in charge said that the preparations for the introduction of rules, system revisions and system development for the introduction of foreign traders for PTA have been completed. In the next step, Zhengzhou Commodity Exchange will continue to make relevant preparations to ensure the safe and smooth introduction of PTA futures into overseas traders. Firstly, the parties will seek the advice of domestic and foreign traders and continue to improve the relevant rules for the introduction of foreign traders; Secondly, Zhengzhou Commodity Exchange will actively carry out the test of the whole market to ensure the safety and efficiency of the technical system; Thirdly, it will strengthen the study of the overseas regulatory system and trader behavior to ensure the smooth operation of the market after opening up; Fourthly, it will do a good job in investor education and publicity work, help foreign traders better understand the rules, and do a good job in market risk prevention and control.

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