CBOT fills board seats for Singapore venture
CBOT Holdings, the parent of the Chicago Board of Trade, and the Singapore Exchange have named a board of directors for its joint venture, the Joint Asian Derivatives Exchange.
The board includes Hsieh Fu Hua, chief executive officer of the Singapore Exchange; Ang Swee Tian, vice chairman of the exchange's derivatives trading; and Christopher Malo, executive vice president of marketing and business development of the CBOT.
Seck Wai Kwong, senior executive vice president and head of strategy and business development at the Singapore Exchange, will serve as an alternate director to Hsieh Fu Hua.
Bernard Dan, president and chief executive officer of the CBOT, was also named to the board and will serve as chairman. The chairman of the four-member board will rotate every two years between the CBOT and the Singapore Exchange.
The CBOT and Singapore Exchange also named Chong Kim Seng as managing director for the venture, to be known as JADE. He was previously head of global customer solutions for R1 International, a company specializing in the natural rubber industry.
"Mr Chong brings with him a wealth of knowledge, having more than 20 years of experience in the international trading and management of commodities and natural resources. We look forward to working closely with him to launch JADE," said Kwong.
JADE will be an all-electronic commodities derivatives market based in Singapore. It is expected to start operations in the third quarter.
Yesterday the CBOT's larger rival, the Chicago Mercantile Exchange, posted record profits of $307m (€253m) for 2005 as trading volumes for every product rose to all-time highs.