UBS Becomes First Foreign Firm to Trade Chinese Commodity Futures Through QFII (Caixin)
2022-10-13
UBS Futures Co. Ltd. has become the first foreign company to trade Chinese commodity futures through the country’s Qualified Foreign Institutional Investor (QFII) program, which has recently expanded its investment scope. The Shanghai-based company, controlled by Swiss financial giant UBS AG, executed the first trade of domestic commodity futures for QFIIs in China on Tuesday, it said in a statement that day. “We look forward to further liberalization of the financial derivatives investment policy under the new QFII rules,” Thomas Fang, head of China global markets at UBS, was quoted as saying in the statement. China has made dozens of commodity derivatives available to QFIIs since Sept. 2, marking a significant step in its push to lure foreign investors to its nascent derivatives market. Investors under the QFII program can now trade an array of futures and options listed on the country’s major derivatives exchanges. These include gold, silver, copper and aluminum on the Shanghai Futures Exchange; crude oil, low sulfur fuel oil and bonded copper on the Shanghai International Energy Exchange; as well as soybean and iron ore on the Dalian Commodity Exchange.
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