1988
Research Group of China Zhengzhou Grain and Oil Futures Market was set up.
1990
In 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
In March 1991, China 's first forward contract was signed under the organization and supervision of CZGWM.
1992
In 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
In 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
In 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
In 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
In 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
In 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
In 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 Exchange，Futures 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.