Nasdaq to Develop Markets With China Financial Futures Exchange
The second-largest U.S. stock exchange operator and CFFEX, founded by the Shanghai Futures Exchange, Zhengzhou Commodity Exchange, Dalian Commodity Exchange, Shanghai Stock Exchange and the Shenzhen Stock Exchange, signed an agreement to collaborate on technology. The companies will also seek to develop markets in China, they said in an e-mailed statement today.
The pair “will carry out extensive cooperation regarding technology, consultation, information sharing, staff training and explore opportunities for cooperation to promote collaborative business projects,” Zhang Shenfeng, chairman of CFFEX, said in the statement.
Last week, Nasdaq said third-quarter profit rose 27 percent as technology and information services sales advanced. The exchange is diversifying the business to offset a decline in stock trading. The exchange has bought the eSpeed platform for dealing in U.S. Treasury bonds, the shareholder-relations unit of Thomson Reuters Corp. and a 25 percent stake in The Order Machine, a Dutch alternative trading system focused on options.
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