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Futures market set to become global venue

Leo Melamed, chairman emeritus of the Chicago Mercantile Exchange, said last week the up-coming Shanghai International Energy Exchange has the potential to become a hugely successful global market. Speaking at the Boao Forum in Boao, Hainan province, Melamed said China's major futures markets have been internal and isolated, held back by a lack of foreign participation. However, the new exchange, which is expected to begin trading later this year, will open the country's futures market to foreign participation. The exchange, based in the China (Shanghai) Pilot Free Trade Zone, will open crude oil futures to foreign investment later this year.