SHANGHAI and LONDON, Jan. 19,
2012 /PRNewswire/ -- CME Group, the world's leading and most
diverse derivatives marketplace, and Mysteel, China's leading provider of ferrous price and
indexing services, today announced they have signed an agreement to
develop risk management products for the ferrous industry based on
Mysteel's market-leading price data services. The products will be
listed by NYMEX and cleared by CME Clearing.
CME Group's range of hedging tools for the iron and steel
marketplace have broken new ground in producing a comprehensive
suite of products covering multiple sources of volatility across
the ferrous supply chain. This has become known as the 'virtual
steel mill'.
Mysteel is the leader in China's steel e-commerce sector, boasting
established strategic partnerships with more than 20 metallurgic
bodies in China. The company has
more than 600,000 registered members and information-collecting
systems covering over sixty cities across China.
"With China providing the driving force in the global ferrous
marketplace, this development will enable CME Group to further
build out its comprehensive iron- and steel-related risk management
product suite to meet significant customer demand," said
Harriet Hunnable, CME Group Managing
Director, Metals. "This new opportunity with Mysteel will help us
develop the tools needed for our customers to manage price risk
associated with conducting business in the steel industry in
China."
Zhu Jun Hong, Chairman of
Mysteel, said: "We are pleased to announce this partnership with
CME Group, whose global markets provide a valuable platform for
customers seeking risk management solutions in the iron and steel
sectors. We look forward to working together with CME Group
to the benefit of our customers and theirs."
As the world's leading and most diverse derivatives marketplace,
CME Group (www.cmegroup.com) is where the world comes to manage
risk. CME Group exchanges offer the widest range of global
benchmark products across all major asset classes, including
futures and options based on interest rates, equity indexes,
foreign exchange, energy, agricultural commodities, metals, weather
and real estate. CME Group brings buyers and sellers
together through its CME Globex® electronic trading
platform and its trading facilities in New York and Chicago. CME Group also
operates CME Clearing, one of the world's leading central
counterparty clearing providers, which offers clearing and
settlement services for exchange-traded contracts, as well as for
over-the-counter derivatives transactions through CME
ClearPort®. These products and services ensure
that businesses everywhere can substantially mitigate counterparty
credit risk in both listed and over-the-counter derivatives
markets.
CME Group is a trademark of CME Group Inc. The Globe Logo, CME,
Globex and Chicago Mercantile Exchange are trademarks of Chicago
Mercantile Exchange Inc. CBOT and the Chicago Board of Trade are trademarks of the
Board of Trade of the City of
Chicago, Inc. NYMEX, New York Mercantile Exchange and
ClearPort are registered trademarks of New York Mercantile
Exchange, Inc. COMEX is a trademark of Commodity Exchange,
Inc. All other trademarks are the property of their
respective owners. Further information about CME Group (NASDAQ:
CME) and its products can be found at www.cmegroup.com.
CME-G
SOURCE CME Group