(Corrects headline and 1st paragraph from story on May 11 to
show that Qianhai Mercantile Exchange will support futures
trading at other Chinese exchanges not develop futures
QIANHAI, China May 11 The head of Hong Kong
Exchanges and Clearing (HKEx) said the bourse's
upcoming commodity platform in mainland China would support
futures trading at Chinese exchanges.
"Our strategy is to (first) develop the physical market.
Without laying a solid foundation in the physical market, you
cannot build a good futures market," HKEx Chief Executive
Officer Charles Li said on Thursday.
He made the comment on a visit to the site of the upcoming
platform in Qianhai, just 50 km (30 miles) from Hong Kong, where
it hopes to replicate the LME's success. It remains unclear when
the platform will start operating.
(Reporting by Melanie Burton; Writing by Joseph Radford;
Editing by Christian Schmollinger)