(Yicai Global) June 28 -- China's first clearing house specializing in commodities opened for business on June 26. Connecting five commodity exchanges, its total annual transactions are forecast to reach CNY150 billion (USD22.6 billion).
As of May, exchanges linked to Guangzhou Clearing Corp. included Guangdong Shunde Enterprises Mergers & Acquisition Services, China Emissions Exchange, Guangzhou Shipping Exchange and Guangzhou Data Exchange. Guangzhou Clearing was registered in March 2015.
Guangzhou Clearing "can prevent behaviors such as fraudulent transactions, price manipulations, and the misappropriation of deposits so as to effectively protect investors' rights and interests, ensure the safety of investors' funds and prevent financial risks," according to one of its managers.
Guangzhou Clearing is China's second over-the-counter clearing house, the first being Shanghai Clearing House, which mainly specializes in interbank services.