China Europe International Exchange AG (CEINEX) is a German share corporation (AG) registered in Frankfurt am Main. Its three shareholders are Shanghai Stock Exchange, Deutsche Börse AG and China Financial Futures Exchange. It is the first trading venue specialised in the development and distribution of China- and RMB-related investment products outside Mainland China.

The CEINEX trading market is designed to be fully integrated in the existing market structure of Deutsche Börse Group, therefore the products offered by CEINEX are subject to European regulations, as well as exchange rules and standards of Deutsche Börse’s respective markets and product segments.

The CEINEX market operates fully within Deutsche Börse’s (DBAG) operational infrastructure which means that listing, trading, clearing and settlement of CEINEX products follow and apply the same procedures and interfaces as DBAG’s markets. This allows international market participants of all kinds to access the products conveniently, efficiently and with familiar procedures.

Currently, CEINEX does not operate an exchange license on its own, and it completely outsources its market structure and operational infrastructure to Deutsche Börse. All CEINEX products are listed on Deutsche Börse’s respective markets and product segments. Therefore, trading CEINEX products requires exchange memberships of Deutsche Börse’s respective markets, depending on which markets the products belong and are listed in. Deutsche Börse members are automatically eligible for the trading of CEINEX products. Please find detailed information about CEINEX products here.

Investors can trade CEINEX products via services providers that offer brokerage service and have access to CEINEX products.

All these abbreviations and terms refer to the currency of the People’s Republic of China. RMB is the official abbreviation for the Chinese name “Renminbi”. “Yuan” is used in China as currency unit. CNY is the ISO code for the currency and used in Swift messages. CNH is neither an official code nor another currency other than CNY or RMB. It is commonly used as a term in the financial market to refer to CNY or RMB that is deposited outside of Mainland China, also known as offshore RMB. “H” stands for Hong Kong, the place where the offshore RMB market started.

CEINEX is specialised in China and RMB-related financial products. Currently there are around 200 products available at CEINEX, including ETFs tracking China’s capital market developments and RMB denominated bonds. Further A-share based Depositary Receipts, D-shares and derivatives are currently in the product pipeline. 

Issuers are highly welcome to get in touch with CEINEX and introduce China- and RMB-related products on the CEINEX platform, joining this continuous growing liquidity pool. As long as the planned product concept fits into the product scope and fulfills the applicable issuance and listing requirements, it is eligible to be introduced on CEINEX.

CEINEX products are introduced in Deutsche Börse’s cash market (depending on product type and issuer preferences). Therefore, the listing requirements and processes of Frankfurt Stock Exchange (FWB) apply.

Based on Deutsche Börse’s infrastructure and technologies, CEINEX supports trading in various currencies. In line with its product focus, CEINEX products are China-related and/or traded in RMB. For some products, trading and settlement will be available in various currencies, e.g. Euro and RMB, while other products are traded and settled only in RMB, Euro or potentially other currencies. The currency code for RMB in all of Deutsche Börse’s cash market trading, clearing and settlement systems is the ISO code “CNY”.

To download the product list with detailed product specifications and information, please click here.

As an exchange member of FWB you are eligible to participate in CEINEX products trading directly. In order to trade RMB products, please check whether your clearer offers CNY clearing. In addition you have to make sure that your internal operational system fully supports CNY transactions and is connected with your clearer’s CNY clearing interfaces.

In order to activate your membership for CNY trading, you need to submit required forms to Deutsche Börse Member Services. For questions please contact your account manager with Deutsche Börse Member Services.

Forms are available here:

• An Info Memo listing all required steps to take
• The actual form to activate accounts

In order to trade products from this new instrument group ‘FYC0’ on Xetra (MIC: XETR), the trader needs to be assigned to the instrument group. This assignment of trader IDs to instrument groups has to be executed by the member’s system administrator.

Börse Frankfurt (MIC: XFRA) is the trading venue currently used to trade CEINEX bonds. All bonds (Regulated Market, Open Market or respective transparency standards Prime Standard or Entry Standard) can be traded on Börse Frankfurt. The assignment of trader IDs to instrument groups is not required on Börse Frankfurt.

Currently, trading data of CEINEX products is bundled into Deutsche Börse’s data offering. Deutsche Börse Market Data + Services distribute market data for all CEINEX products as part of its data packages “Xetra Ultra”, “Spot Market Germany” and “Deutsche Börse Indices and Xetra ETF”. Exchange members have access to these data packages and market data is also available at many third party data providers.

In order to trade CEINEX cash market products, a membership with Frankfurt Stock Exchange (FWB), the cash market of Deutsche Börse Group, is required.

Detailed information on requirements and procedures for becoming a FWB member is available at:
Admission Requirements and Process for Trading on Xetra and the Frankfurt Stock Exchange

For further questions regarding membership and joining CEINEX product directly please contact info@ceinex.com.

Individual investors or entities without an exchange membership can access CEINEX products via brokers offering brokerage services for CEINEX products.

Yes. For CCP cleared RMB-ETFs, the effective Clearing Conditions of Eurex Clearing AG apply.

First, your firm needs to become a clearing member of EUREX Clearing AG, the clearing house of Deutsche Börse Group, who also performs clearing for CEINEX products. In order to perform clearing and settlement for RMB products, a Clearstream Banking Frankfurt’s (CBF) 6-series Account is required and needs to be enabled for CNY. This account is used to perform CNY cash settlement and buy-in process etc.

Only the cash settlement shall be performed in CNY, margin shall be calculated and paid in EUR and fees shall be converted and paid in EUR according to your account set up with Eurex Clearing.

In order to activate your membership for CNY clearing and settlement, you need to submit the following two forms to your key account manager of Deutsche Börse Member Services:

• Application for Set Up / Deletion / Change of CCP Settlement Accounts and
• Application for Set Up / Deletion / Change of Collateral Accounts and Clearer Cash Accounts

Forms are available here.

The 6-series Account is available for Clearstream Banking Frankfurt (CBF) customers by default, and it supports multi-currency business. In order to facilitate settlement, clients may use the intra-day financing facility ("ITOF"). Clients wishing to use the ITOF need to request a RMB limit with their relationship manager.

For CCP eligible securities Eurex Clearing AG acts as a Central Counterparty (CCP) for the buyer and seller of the securities.

CSC stands for Collective Safe Custody. It is a depository structure for securities regulated under the German Securities Deposit Act. Securities that are kept in CSC are settled within the CASCADE system of Clearstream Banking Frankfurt (CBF), which is the national Central Securities Depository in Germany. Cash settlement in CNY is performed via the 6-series Creation Accounts of Clearstream Banking Luxembourg (CBL).

Please see below the illustration of the settlement process for a typical CCP eligible CSC product.

To download the process, please click here.

For CCP eligible securities Eurex Clearing AG acts as a Central Counterparty (CCP) for the buyer and seller of the securities.

NCSC stands for Non-Collective Safe Custody, and refers generally to depository structures other than CSC (Collective Safe Custody, a depository structure regulated under the German Securities Deposit Act), e.g. the International Central Securities Depository Clearstream Banking Luxembourg (CBL) and global or national depositories outside of Germany.

Securities that are kept in NCSC are settled through the Creation system of CBL. Cash settlement in CNY is performed via the 6-series Creation Accounts of CBL. Please see below the illustration of the settlement process for a typical CCP eligible NCSC product.

Please see below the illustration of the settlement process for a typical CCP eligible CSC product.

To download the process, please click here.

CSC stands for Collective Safe Custory. It is a depository structure for securities regulated under the German Securities Deposit Act. Securities that are kept in CSC are settled within the CASCADE system of Clearstream Banking Frankfurt (CBF), which is the national Central Securities Depository in Germany. Cash settlement in CNY is performed via the 6-series Creation Accounts of Clearstream Banking Luxembourg (CBL). Non-CCP-eligible securities are traded bilaterally without Eurex Clearing AG being involved as a Central Counterparty (CCP).

Please see below the illustration of the settlement process for a typical non-CCP-eligible CSC product.

To download the process, please click here.

NCSC stands for Non-Collective Safe Custody, and refers generally to depository structures other than CSC (Collective Safe Custody, a depository structure regulated under the German Securities Deposit Act), e.g. the International Central Securities Depository Clearstream Banking Luxembourg (CBL) and global or national depositories outside of Germany.

Securities that are kept in NCSC are settled through the Creation system of CBL. Cash settlement in CNY is performed via the 6-series Creation Accounts of CBL. Non-CCP-eligible securities are traded bilaterally without Eurex Clearing AG being involved as a Central Counterparty (CCP).

Please see below the illustration of the settlement process for a typical non-CCP-eligible NCSC product.

To download the process, please click here.