Shanghai Futures Exchange ranks at the front of the global second tier, according to the world's first comprehensive futures exchange ranking released by the School of Economics at Fudan University.

The new ranking fills a longstanding gap in global financial evaluation standards and highlights how China's fast-growing commodities trade is elevating domestic futures markets and narrowing the gap with top-tier exchanges.

The ranking reviewed 16 major futures exchanges worldwide over 10 years, from 2016 to 2025. The Chicago Mercantile Exchange, Intercontinental Exchange, and Hong Kong Exchanges and Clearing Limited took the top three positions globally.

In the Asia-Pacific region's commodities segment, Hong Kong Exchanges and Clearing Limited (including the London Metal Exchange) ranks first, with the Shanghai Futures Exchange in second place.

The ranking was compiled by a research team led by Zhang Jun, dean of the School of Economics at Fudan University. It marks the first comprehensive, scientific, and data-driven evaluation of futures exchanges.

The team developed a multidimensional evaluation system covering functional performance, governance performance, and macro performance, supported by 11 secondary indicators — including price influence, risk management, and resource allocation — as well as 30 quantifiable tertiary indicators for cross-exchange comparison.

Functional performance assesses the exchange's effectiveness as the core hub of the futures market; governance performance reflects core competencies and institutional strength; and macro performance assesses the broader external environment in which the exchange operates.

The strong performance of the Shanghai Futures Exchange in the ranking is reflected in its expanding product portfolio. The exchange now lists 25 futures and 18 options products across metals, energy, chemicals, and services, steadily aligning its offerings with national industrial priorities.

Recent milestones underscore this momentum. In June, the exchange introduced cast aluminium alloy futures, the first recycled metal futures product in China. Three months later, it launched futures and options for offset printing paper, marking the world's first financial derivatives for cultural-use paper.

Source: Wenhui Daily