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Deutsche Boerse Agrees to Collaborate With Bank of China

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Dec. 2 (Bloomberg) -- Deutsche Boerse AG has signed an agreement to help Bank of China Ltd. gain access to European markets as the operator of Eurex and the Frankfurt Stock Exchange seeks to combat declining trading volumes at home.

The two companies agreed on a memorandum of understanding to promote the development of the offshore renminbi market in Europe, the exchange said in a statement today. Deutsche Boerse will help Bank of China gain access to European capital markets through its branch in Frankfurt, and the two will co-operate on investor education and business development.

“Our agreement marks an important step towards bringing the European and Chinese markets closer together,” Reto Francioni, chief executive officer of Deutsche Boerse, said in the statement.

Deutsche Boerse has said it will focus on Asia for growth. It already has an agreement with the Korea Stock Exchange to trade derivatives on the Kospi Index outside the local time zone using Eurex. The German company began a technology partnership with the Bombay Stock Exchange in March. Today’s announcement comes as exchanges and brokers gather for the Futures Industry Association’s Asia derivatives conference to debate how best to grow in the region. Andreas Preuss, Deutsche Boerse’s deputy chief executive, will speak at the event.

China and the European Union agreed last month to discuss the feasibility of an accord aimed at boosting bilateral trade to $1 trillion by 2020. They also began talks on an investment agreement. Trade between the world’s second-largest economy and the club of 28 European nations totaled $546 billion last year, according to the Chinese Customs Office. U.K. Prime Minister David Cameron arrived in Beijing today for the first time in three years.

To contact the reporter on this story: Nandini Sukumar in London at nsukumar@bloomberg.net

To contact the editor responsible for this story: Nick Baker at nbaker7@bloomberg.net