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History

1988
Research Group of China Zhengzhou Grain and Oil Futures Market was set up.

1990
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n July 1990, China Zhengzhou Grain Wholesale Market (CZGWM) was approved to run on an experimental basis by the State Council.

In August 1990, Regulatory Commission of China Zhengzhou Grain Wholesale Market was established. Qin Kecai, Governor of Henan Province, was the first Chairman of the commission.

On October 12, 1990, China Zhengzhou Grain Wholesale Market was opened at Huazhong Hotel, 22 Songshan Road, Zhengzhou, Henan Province. Li Jingmou held the post of Chairman of the market. Auction was adopted in cash grain and oil trading.

1991
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n March 1991, China 's first forward contract was signed under the organization and supervision of CZGWM.

1992
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n July 1992, Vice Premier Zhu Rongji inspected CZGWM.

In October 1992, the Futures Trading Regulations of China Zhengzhou Commodity Exchange (CZCE), the first futures regulations in China , was worked out.

1993
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n January 1993, China Zhengzhou Grain Wholesale Market moved to Hongfeng Building, 20 Huayuan Road, Zhengzhou 450005, Henan Province.

In March 1993, Henan People’s Government ratified CZGWM to start China Zhengzhou Commodity Exchange (CZCE) and agreed to put the Futures Trading Regulations of China Zhengzhou Commodity Exchange on trial.

On May 26, 1993, CZCE held the first General Assembly. Three public directors and twelve member directors were elected. Li Jingmou acted as the Chairman of the Board.

On May 28, 1993, CZCE launched futures contracts including wheat, corn, soybean, green bean (mung bean) and sesame. The first day saw the trading volume of 1854 contracts. The screen-based trading system developed by CZCE was used. Thus the cash market and the futures market were coexisted and mutually promoted each other.

1994
On January 12, 1994, the contracts of peanut kernel, soybean meal, red bean were introduced, and afternoon session was opened.

On January 17, 1994, sesame futures trading was suspended.

On February 21, 1994, late polished round-grained non-glutinous rice contracts were listed.

On March 18, 1994, the contracts of aluminum, cotton yarn, 92-3-year treasury note and 93-3-year treasury note were introduced.

On September 1, 1994, 92-5-year treasury note and 94-2-year treasury note contracts were added for trading.

On September 19, 1994, CZCE started to use the new version of computer system for trading and clearing.

In October 1994, the China Securities Regulatory Commission (CSRC) issued a notice to rectify more than fifty futures markets in China and eleven futures markets including CZCE were approved to be experimental markets.

On September 23, 1994, two-way satellite station of CZCE was set up and put into use.

On November 30, 1994, daily trading volume hit a record of 300,000 contracts.

The total trading volume of 1994 exceeded 15.5 million contracts.

1995
On March 22, 1995, the daily trading volume set record of 344,048 contracts.

On March 30, 1995, futures trading on CZCE hit another daily volume record of 401,690 contracts.

In April 1995, the ground was broken for Futures Mansion, with floor space of 120,000 square meters, invested and built by CZCE.

In May 1995, CSRC dispatched a document to ratify green bean to be CZCE's listed contract, while contracts of wheat, corn, peanut kernel, soybean meal, sesame, cotton yarn, 425# ordinary Portland cement, 5mm colorless float glass and plywood were trial futures contracts.

The second General Assembly of CZCE was held. Five public directors and eleven member directors were elected. Li Jingmou worked as Chairman and President of CZCE.

In June 1995, CZCE joined International Options Market Association (IOMA).

On February 14, 1995, Mr. Li Jingmou, President of CZCE, visited the Winnipeg Commodity Exchange (WCE) and signed the Friendship Cooperative Agreement with the WCE.

In October 1995, CZGWM and CZCE celebrated its fifth anniversary.

On October 23, 1995, CZCE formally signed Friendship Cooperative Agreement with Kansai Agricultural Commodities Exchange.

In November 1995, the Zhengzhou Building Material Exchange was disbanded. Its futures contracts such as 425# ordinary Portland cement, 5mm colorless float glass and plywood were merged into CZCE.

1995 saw fourteen remote trading systems starting operation. The total futures trading volume reached 36.60 million contracts, an increase of 158 percent compare with 1994. Cash trading volume of grain and oil reached 2.18 million tons.

1996
On June 5, 1996, Jiang Zemin, General Secretary of the Central Committee of the Communist Party of China (CPC), President of the People's Republic of China (PRC) and Chairman of the Central Military Commission, inspected CZCE.

On June 14, 1996, Daily trading volume hit a record of 567,548 contracts.
Jicheng Cash Net was established and put into use. National grain and oil wholesale price index were compiled and issued, which filled the gaps in this area in China .

The total futures trading volume in 1996 reached 44.98 million contracts, increasing 23 percent from the previous year. The cash trading reached 2.51 million tons.

Futures contracts of Soybean, red bean, aluminium and treasury notes were deleted from the Exchange.

1997
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n January 1997, CSRC appointed Li Jingmou as Chairman of the board of directors of CZCE and Li Shoutang as President of CZCE.

The management of clearing data was computerized.

In February 1997, CZCE supplied investors with telephone and facsimile inquiring system.

In April 1997, the third General Assembly was held. Six public directors and nine member directors were elected.

In May 1997, CZCE announced to open the trading session for wheat and soybean meal futures from1:30 to 2:50pm.

CZCE moved to Weilai Manson, 69 Weilai Road , Zhengzhou 450008, Henan Province.

On July 29, 1997, daily trading volume hit a record of 569,912 contracts.

In November 1997, the management of CZCE's warehouse receipts was computerized and all warehouse receipts can be exchanged.

CZCE smoothly switched to its third version of computer trading system.

The total trading volume of 1997 was 48.88 million contracts, an 8.7 percent increase over last year. The market share of CZCE in China 's futures markets increased to 39 percent from last year's 23.7 percent.

1998
On June 23, 1998, wheat futures set a record of 190,700 contracts.

In August 1998, CSRC rectified futures markets in China . China Zhengzhou Commodity Exchange changed its name into Zhengzhou Commodity Exchange (ZCE) which was one of the three futures exchanges in China approved to remain operation. The contracts of wheat, green bean, red bean and peanut kernel were approved to be continuing listed.

In December 1998, Cash Grain & Oil Trading Network of CZGWM was put into operation.

Totally 58.29 million futures contracts were traded and the daily volume amounted 240,000 contracts in 1998. The market share of ZCE reached 57 percent compared from 39 percent in 1997. The cash trading volume reached 2.86 million tons, an increase of 7.5 percent over last year.

1999
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n August 1999, ZCE signed Agreements on the Clearing of Futures Trading with the Industry and Commerce Bank of China and the Bank of Communications respectively.

In December, 1999, required by CSRC, ZCE announced to increase the margin rate of green bean step by step and lower the margin rate of wheat futures. The daily price limits for green bean was lowered to +20/-20 yuan (RMB) at the same time.

The forth General Assembly of ZCE was convened. Nine member directors were elected and five non-member directors were appointed by CSRC. According to the nomination of CSRC, Mr. Zhang Xueren was elected as the Chairman of the fifth board of directors of ZCE.

The total trading volume in 1999 was 36.97 million contracts, amounting 50 percent market share of China 's futures markets.

2000
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n January 2000, ZCE's futures computer system smoothly passed the first trading day in 2000, indicating that ZCE successfully solved Y2K problems.

In February 2000, ZCE's computer system passed the leap year of lunar calendar.

On February 1, 2000, ZCE launched hard white winter wheat futures contracts, which standard complies with the new National Standard for Wheat.

In May 2000, the revised Constitution of Zhengzhou Commodity Exchange, Futures Trading Rules and Regulations of Zhengzhou Commodity Exchange were put into effect.

2000 saw totally some 11.40 million contracts traded, in which wheat volume was 11.30 million contracts, a record in the history, and the green bean was 120,886 contracts.

2001
On January 1, 2001, ZCE and ZCGWM were separated into two independent organizations.

In July 2001, CSRC appointed Wang Xianli as deputy General Manager of ZCE.

In September 2001, the first physical delivery by exchange for physicals (EFPs) of hard white winter wheat was carried out.

Totally 14.639 contracts were traded in 2001, an increase of 28.4 percent over last year.

2002
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n December 2002, ZCE introduced electronic system for capital management among member firms.

2002 saw the trading volume of 18.27 million contracts, up 24.8 percent from 2001.

2003
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n January 2003, CSRC appointed Wang Xianli as General Manager of ZCE.

In February 2003, the fifth General Assembly of ZCE was convened. Ten member directors and seven non-member directors were elected. According to the nomination of CSRC, Mr. Zhang Xueren was elected unanimously as the Chairman on the first session of the fifth board of directors of ZCE.

On March 28, 2003, ZCE listed strong gluten wheat contracts. The newly revised Constitution of Zhengzhou Commodity Exchange, Rules and Regulations of Zhengzhou Commodity Exchange and detailed rules were issued.

In May 2003, a forum was organized to mark the tenth anniversary of launching futures trading on ZCE.

From June to September, ZCE organized online mock trading of options on wheat futures.

On July 18, 2003, the daily wheat open interest hit a record of 716,316 contracts.

In November 2003, Measures for Risk Control of Zhengzhou Commodity Exchange (revised) was issued.

On December 23, 2003, a new daily volume record was set for wheat futures with 887,446 contracts traded.

The trading volume of 2003 was 49.82 million contracts, up 17.3 percent from the previous year.

2004

On January 15, 2004, the new version of Account Opening System for Investors of ZCE was put into use.

On March 28, 2004, anniversary of Listing Strong Gluten Wheat Futures /Wheat Information Exchange Conference were held by ZCE in Zhengzhou.

On April 14, 2004, ZCE signed Agreement of Client Service for Futures E-payment with Bank of China, Henan Branch, in zhengzhou.

On April 20, 2004, the second session of the fifth board of directors of ZCE was held in Zhengzhou.

On June 1, 2004, cotton futures contracts were listed on ZCE. Mr. Li Keqiang, Secretary of Henan Provincial CPC, and Mr. Shang Fulin, Chairman of CSRC, attended the listing ceremony and made speeches respectively.

On June 28, 2004, ZCE transmitted the Implement Measure of Notarizing Cotton Testing for Futures Delivery, issued by China Fiber Testing Bureau on June 26, 2004, to its member firms and appointed cotton delivery warehouses.

From June 28 to July 2, 2004, the second session of the fifth General Assembly of ZCE was held online.

On September 13, 2004, cotton futures set an open interest record of 47,698 contracts. This was the fifth record in this month.

On September 23, 2004, cotton futures hit a trading volume record of 73,858 contracts, the second record in this month.

On October 20, 2004, cotton futures set the seventh open interest record of 71,164 contracts in this month.

On October 26, 2004, the new version of ZCE web was launched.

On October 26, 2004, ZCE signed Memorandum of Cooperation of Index Futures Research with Xinhua FTSE Index and CITIC Securities Company Limited respectively.

In October, 2004, cotton futures consecutively hit trading volume records of 84,122 contracts on October 27, 104,200 contracts on October 28 and 133,252 contracts on October 29.

2005
On January 24, 2005, ZCE revised the Item 27 of the Clearing Bylaws of Zhengzhou Commodity Exchange in order to prevent market risks. It was passed through on the third meeting of the fifth session of the board of directors of ZCE held on January 23, 2005 in Beijing. The revised Item 27 was brought into effect on February 21, 2005. The member’s clearing reserve was increased to 2 million Yuan (RMB) from previous 500,000 Yuan, according to the new amendment. 

On January 27, 2005, cotton futures set an open interest record of 81,488 contracts. This is the seventh record in this month.  

On February 1, 2005, ZCE issued the revised Measures for Risk Control of Cotton of the Zhengzhou Commodity Exchange which was passed through at the third meeting of the fifth session of the board of directors of ZCE and came into force on February 1, 2005.

On February 28, 2005, trading volume of strong gluten wheat futures set a record of 410,112 contracts. 

On March 16, 2005, Tang Qingrong, Executive Vice President of ZCE, signed the Memorandum of Understanding with the Chicago Board Options Exchange at Boca Raton in Florida, USA . 

On March 18, 2005, trading volume of strong gluten wheat futures hit a record of 530,740 contracts.

On March 23, 2005, ZCE announced to supply investors with mobile message service. Investors may inquire about market information such as prices, open interest, volume, and so on.

On March 31, 2005, cotton futures hit an open interest record of 95,556 contracts. This was the seventh record in this month. 

On April 12, 2005, cotton futures set open interest record at 110,442 contracts, the forth record in April. 

On April 18, 2005, Chairman Zhang Xueren visited New York Board of Trade and signed the Memorandum of Understanding.

On April 29, 2005, ZCE starts to use the new computer trading system which is the fourth generation of computer trading system developed by ZCE.

On May 26, 2005, the Memorandum of Understanding was signed between the Zhengzhou Commodity Exchange and SunGard Futures Systems.

On June 1, 2005, ZCE celebrated the anniversary of listing cotton futures on ZCE and held a Forum of Cotton Market in 2005 together with China Cotton Association and China Cotton Textile Association in Zhengzhou.

June 24, 2005, Wang Xianli, President and Chief Executive Officer of ZCE, visited Brazilian Mercantile & Futures Exchange and signed a Memorandum of Understanding.

August 2, 2005, ZCE board of directors passed the revised Measures for Straddle Trading of the Zhengzhou Commodity Exchange, Clearing Bylaws of the Zhengzhou Commodity Exchange, Delivery Bylaws for Wheat and Cotton of the Zhengzhou Commodity Exchange, Measures for Warrants Collateral Margin of the Zhengzhou Commodity Exchange, Measures for Risk Control of Wheat and Cotton of the Zhengzhou Commodity Exchange, Measures for Standard Warrant of Cotton of the Zhengzhou Commodity Exchange, Measures for Hedge of the Zhengzhou Commodity Exchange, which took effect on September 1, 2005.

September 1, 2005, the Zhengzhou Commodity Exchange formally launched mock trading of options on futures.

September 16, 2005, CSRC, the authority of the Exchange, appointed Mei Hongbin as Party Committee Member and Executive Vice President of ZCE, appointed Xing Bianguang as Party Committee Member and Secretary of Discipline Inspection Commission of ZCE.

October 26, 2005, the trading volume of cotton futures hit a record of 156,072 contracts.

October 31, 2005, the strong gluten wheat futures set open interest record of 359,442 contracts.

In November, strong gluten wheat futures set open interest records respectively on 3rd, 4th, 7th, 8th, 9th, 10th, 14, 15th, 16 and 21st.

December 2, 2005, Wang Xianli, President and Chief Executive Officer of ZCE, signed the Memorandum of Understanding with the Chicago Mercantile Exchange in Shenzhen.

2006
January 6, white sugar futures contracts were launched at ZCE. Mr. Xu Guangchun, Secretary of Henan Provincial CPC and Mr. Shang Fulin, Chairman of CSRC attended the listing ceremony and made speeches respectively.

January 11, ZCE sponsored the 1st China (Shenzhen) Sugar Industry Peak Forum.

January 13, headed by deputy director-general Mr. William L. Brant, a delegation of the Foreign Agricultural Service, Ministry of Agriculture USA, visited ZCE.

February 14, new ZCE management team was announced. Mr. Zhao Zhengping was appointed to be President of ZCE, Mr. Zhang Banghui was appointed to be Vice President of ZCE. At the same time, with the nomination of CSRC, Mr. Wang Xianli was elected as Chairman of the Board of Directors of ZCE at the provisional session of the Fifth Board of Directors meeting.

February 16, a delegation headed by Mr. Gao Shangquan, the former Deputy Director of the State Economic Restructuring Commission and the actual President of the Chinese Economic Restructuring Research Society, visited ZCE.

March 2, the graduation ceremony of Nigeria Cash and Futures?Training Program was jointly held by ZCE and Zhengzhou Grain Wholesale Market in Zhengzhou.

March 23, a delegation of Nigeria-China Commerce Association headed by President Mr. Eelvis, visited ZCE.

April 3, Mr. Joseph O’Neil, Senior Vice President of New York Board of Trade, visited ZCE.

April 3 to 4, Mr. Jia Zhiren, President of China Sugar Industry Association, visited ZCE.

April 7, Mr. Zeng Peiyan, Vice Premier of State Council, visited ZCE.

April 15, ZCE held Cotton Futures Forum 2006 in Jingzhou, Hubei Province.

May 20, China Marketing Association, China Futures Association, Zhengzhou Commodity Exchange, Dalian Commodity Exchange, Shanghai Futures ExchangeFutures Daily, and Futures and Derivatives Research Center of China Agricultural University, co-sponsored “2006 China Futures Market Forum: the Eleventh Five-Year Program and the Development of China Futures Market” in Beijing.

June 7, ZCE and Tokyo Grain Exchange signed MOU in Zhengzhou, focusing on information sharing, education and training, development planning and market promoting between both sides.

June 13, ZCE formally set up the Postdoctoral Research Workstation with approval of the Ministry of Personnel and the National Postdoctoral Management Committee.

June 16, a delegation of Texas Farm Bureau of the United States visited ZCE.

July 13, headed by Director Mr. Ke Bingsheng, a seven-person delegation of the Rural Economy Research Center of Ministry of Agriculture, visited ZCE.

July 23 to 24, the Eighteenth National Sugar Quality Conference was held by ZCE.

September 18, ZCE signed MOU with Multi Commodity Exchange of India Ltd.

September 19, some of the leaders taking part in the “China Central Region Forum” visited ZCE, who were Mr. Yu Zhensheng, Member of the Political Bureau of the CPC Central Committee and Secretary of Hubei Provincial CPC, Mr. Luo Qingquan, Governor of Hubei Province, Mr. Guo Jinlong, Secretary of Anhui Provincial CPC, Mr. Wang Jinshan, Governor of Anhui Province, and Mr. Zhou Bohua, Governor of Hunan Province. Mr. Xu Guangchun, Secretary of Henan Provincial CPC, Mr. Li Chengyu, Governor of Henan Province, and Mr. Li Boshuan, Secretary-General of Henan Provincial CPC, accompanied their visiting.

September 20, Executive Vice Chairman of Chicago Board Options Exchange, Mr. Edward Tilly, visited ZCE.

September 21, ZCE and Montreal Exchange signed MOU in Zhengzhou based on jointly exploring the effective ways on developing both futures and options market.

October 17, ZCE’s white sugar futures hit volume record of 843,056 contracts, breaking the record of 747,520 contracts set on September 4 this year.

October 17, ZCE’s futures trading volume hit a high of 1,104,358 contracts, the previous record was 952,888 contracts set on September 20, 2006.

November 23, ZCE strong gluten wheat futures set volume record of 643,854 contracts, breaking the previous record of 530,740 contracts set on March 18, 2005.

December 18, PTA futures contracts were listed on ZCE, Mr. Shang Fulin, Chairman of CSRC and Mr. Xu Guangchun, Secretary of Henan Provincial CPC attended the listing ceremony and made speeches respectively.

2007
January 23, ZCE held a panel meeting to commend and honor its members and discuss the development of futures market.

January 24, ZCE and Abuja Securities and Commodity Exchange (Nigeria) signed Memorandum of Understanding in Zhengzhou, China.

February 12, ZCE held a meeting to conclude last years work and honor its employees.

April 26, ZCE participated in the 2nd annual Expo Central China 2007.

April 27, a delegation of National Ministry of Commerce headed by its Director Bo Xilai visited ZCE.

May 30, a delegation of foreign banks visited ZCE.

June 7, member of the Standing Committee of the Political Bureau of the CCP Central Committee Li Changchun accompanied by Secretary of Henan Provincial CCP et al. visited ZCE.

June 8, Rap Oil futures contract was listed and commenced trading in ZCE. The Vice-governor of Henan Province Zhang Dawei and the Chairman Assistant of the CSRC Jiang Yang et al. attended the launching ceremony and gave speeches.

August 1, American renowned investor Jim Rogers visited ZCE, and gave a speech on Past, Present and Future of Commodity Futures C the World and China.

August 30-31, ZCE held its 5th meeting among the 5th Board of Directors in Zhengzhou, China.

September 13, Uganda cotton delegation visited ZCE.

2008
January 18, ZCE held a panel meeting to commend and honor its fast-growing members and discuss the development of futures market.

April 20, ZCE held its 6th annual meeting of the 5th tenure of Board of Directors in Hainan.

April 26, ZCE participated in the 3rd annual Expo Central China 2008.

May 8, the Vice-Chairman of the CSRC Fan Fuchun visited ZCE.

July 1, the Vice-Chairman of the CSRC Gui Minjie visited ZCE.

July 24, the Vice-Director of the National Development and Reform Commission Du Ying accompanied by officials from Henan provincial government visited ZCE.

September 3, the Chairman Assistant of the CSRC Jiang Yang visited ZCE.

October 14, ZCE held a mobilization meeting regarding the Scientific Outlook on Development.

October 31, ZCE launched its 64-bit trading platform.

November 5, ZCE signed MOU with one of the worlds largest exchange group NYSE-Euronext.

November 18, the Director Assistant of the National Ministry of Commerce Fang Aiqing visited ZCE.

2009
January 7, ZCE held a panel meeting to commend and honor its fast-growing members in 2008 and discuss the development of futures market in 2009.

February 11, Steering & Inspection Team of Study and Practice the Scientific Outlook of Development visited ZCE.

February 19, ZCE held a summing-up meeting regarding the Study and Practice Scientific Outlook of Development.

March 20, ZCE held market functions seminar of listed commodities and signing ceremony of research project.

March 28, ZCE held its 7th annual meeting of the 5th tenure of Board of Directors in Hainan.

April 20, ZCE held opening-bell ceremony of early indica rice futures.

April 26, ZCE attended the fourth Central China Investment and Trade Fair.

October 21, a research and study group from NPC Agriculture and Rural Affairs Committee visited ZCE.

November 3, delegation of Deputies to NPC locating in Macao SAR visited ZCE.

December 1, ZCE held Town-Hall Meeting announcing the decision from CSRC: ZHANG Fan assigned as the Secretary of Party Committee & President of ZCE.


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