BANDS offers seamless trading solutions across all major global markets including the LME, CME, COMEX, NYMEX, ICE, SGX, HKEX, BMD, JPX, and more along with their Chinese counterparts in Shanghai, Dalian, Zhengzhou and Guangzhou — all from a single account. Visit our Markets page for more details.
BANDS is an award-winning commodity and financial futures broker, providing access to the international and Chinese markets. Our team has extensive experience working with industrial and financial firms across the globe, with clients in Asia, Europe, the Americas, the Middle East, and Africa. We have experience in guiding industrial hedgers to the safest and most suitable markets and assisting them with hedging their price risk, as well as supporting globally active hedge funds with market entry into China and efficient trade execution solutions. Learn more about our Solutions.
Yes. BANDS offers the Esunny trading system free of charge. Clients can access live market data for all major global markets directly through Esunny. Alternatively, clients can connect via their own CQG or TT systems or through our API. Explore our Solutions.
Contact our team at info@bands.financial to begin the account opening process or request more information. Our team will reach out to you directly and guide you through the entire process.
BANDS has extensive experience working with industrial clients, both large and small, to support their entry into the futures market. We guide our clients through the entire process and collaborate with them to establish appropriate hedging strategies and risk limits. Our customer service team is always available to discuss questions and concerns.
We encourage clients new to the futures market to start small and build up experience gradually. With no minimum account fees, our clients are under no pressure to trade more than is suitable for them. While some of our clients may trade thousands of contracts per month, others may only trade a few lots occasionally based on their hedging needs.
BANDS also hosts regular webinars and in-person events to bring market participants together. With our position in Hong Kong at the intersection of the Chinese and international markets, we help our clients understand the dynamics that drive these markets.
Yes. Clients can connect directly to our trading and market data servers via API.
Yes. BANDS offers the Esunny electronic trading system to clients free of charge. Alternatively, clients can connect their own CQG or TT systems or connect via API for electronic trade execution. Clients who prefer to trade by phone can call our trading desk to place orders on their behalf
Yes. For physically settled contracts, BANDS can support clients in making or taking physical delivery, subject to exchange rules and regulations.
No. BANDS does not charge clients any minimum account fees. Clients only pay commissions for the contracts they trade.
BANDS Financial Limited is authorised and regulated by the Securities and Futures Commission of Hong Kong. The latest status of BANDS Financial's registration can be found in the SFC's Public Register of Licensed Persons and Registered Institutions.
Yes. BANDS is licenced by the Securities and Futures Commission of Hong Kong to hold client assets. Client assets are held in segregated accounts, and clients can both execute and clear trades through BANDS.
Yes. While most clients choose to execute and clear with BANDS, we also offer clients the flexibility to execute trades through BANDS and give them up to a clearing broker of their choice.
No. BANDS Financial is a pure brokerage company and does not engage in any form of proprietary trading. Client trades and positions are confidential, and BANDS Financial employees are prohibited from engaging in any futures or options trading either on their own or on behalf of BANDS, except to execute client orders.
Companies or individuals looking to trade futures or options cannot directly trade on an exchange. Instead, they need to go through brokers who conduct the necessary risk and background checks to determine if the potential client is qualified to trade derivatives.
After onboarding a suitable client, the broker provides trading access to the desired markets, typically via an electronic trading screen or by phone. It is the broker's responsibility to collect initial and variation margins from the client and to route trading orders to the exchange, where orders are then matched with other market participants' orders.
When an order is matched, the broker holds the resulting position on behalf of the client until the client either decides to close it or the contract expires. Throughout the entire process, the broker acts as an intermediary between the client and the exchange.
Regulated futures brokers offer access to exchange-novated futures contracts that protect the client from counterparty risk. Even if the other party defaults on a trade, the exchange guarantees that the client receives their trading profit.
This is different from over-the-counter (OTC) contracts, which tend to be less regulated and leave clients directly exposed to their counterparty in case of a default.
If you have any further questions or would like to learn more about our services, please feel free to contact us directly at info@bands.financial or call us at +852 3903 6000.
To receive regular updates about the futures market, consider subscribing to our China Metals Update, Freight Futures Update, or China Market Update.
Yes. BANDS provides access to exchange-traded futures and options across the globe, including contracts traded in the IDB market such as SGX iron ore, COMEX lithium hydroxide, and ICE crude, gasoil, or jet fuel. Visit our Markets page to learn more about the available contracts.
Yes. BANDS provides voice-trading services for all LME contracts, including 3M, monthly (3rd Wednesday), and odd-date contracts. We work with a wide range of brokers in London to ensure our clients have access to the best prices in the market. Visit our Metals page to learn more about trading metals on the LME, COMEX, and their Chinese counterparts in Shanghai and Guangzhou.
Yes. The LME's 3M contract and its monthly (3rd Wednesday) contracts can be traded directly on-screen. BANDS offers market data and trading screens directly to clients to provide maximum convenience and price transparency. The LME is actively working to improve liquidity in the electronic marketplace so that market participants can buy and sell 3rd Wednesday contracts directly without having to do a 3M + adjust trade first in the voice market.
Yes. BANDS firmly believes in price transparency and is committed to making trading as seamless as possible for clients. Clients can use our free Esunny trading software to directly buy and sell 3M and 3rd Wednesday contracts electronically, without having to go through the voice market for a 3M + adjust trade first. This allows clients to trade quickly, independently, and save on commissions when opening or closing positions on the LME's monthly 3rd Wednesday dates. Visit our Esunny page to learn more about our electronic trading solutions or contact us at info@bands.financial to request a demo.
With direct access to the electronic LME marketplace, clients benefit from quick and easy trade execution and full price transparency. Clients can follow the market price for the LME's monthly contracts in real-time through their own trading screen, without having to rely on quotes from the voice market, which may not always reflect the latest market price. Clients can also track their trading PnL in real-time, set price alerts, and follow price movements when using their own trading screen.
Yes. BANDS provides the Esunny trading software to clients. Esunny comes with powerful tools such as an inbuilt spreader that enables clients to trade in up to four markets simultaneously. The Python integration also allows clients to design and run their own custom strategies directly inside Esunny. For more information about Esunny, visit our Esunny page or contact us at info@bands.financial to request a demo.
Clients can also trade via their own CQG or TT systems or connect to our API.
Yes. Since 2018, China's futures market has been gradually opening up, with onshore regulators and exchanges steadily expanding the range of available contracts. In recent years, regulators have created several mechanisms for accessing the Chinese market, including the Overseas Intermediary (OI) and Overseas Special Brokerage Participant (OSBP) routes as well as the Qualified Foreign Institutional Investor (QFII) scheme.
Trading "specific products" via the OI route gives foreign entities, including industrial and financial firms, direct access to regulated, exchange-traded futures and options.
"Specific products" in China fall into two categories: internationalised products and bonded products.
Internationalised products are existing domestic Chinese contracts that have been opened up to overseas market participants. They are traded in RMB, and their price reflects the VAT-inclusive domestic Chinese price.
Bonded products are products launched on China's first bonded exchange, the Shanghai International Energy Exchange (INE). They are launched as RMB-traded international products from the very beginning and are VAT-exclusive.
A list of all specific products available to international market participants can be found on our China Market page.
BANDS provides real-time Chinese market data to clients free of charge. Chinese market data is also available in Bloomberg and Refinitiv Eikon, and on the Chinese exchanges' websites: SHFE, INE, CFFEX, DCE, GFEX, ZCE.
No. Only licenced Overseas Intermediaries (OI) or Overseas Special Brokerage Participants (OSBP) like BANDS Financial can offer direct trading access to the Chinese market. Unlike over-the-counter (OTC) contracts such as total return swaps (TRS) offered by some brokers and banks outside of China, which fall into a regulatory grey zone, market access via licenced OI/OSBP brokers outside of China is fully regulated by China's market regulator, the CSRC, and the Chinese futures exchanges.
OIs/OSBPs are brokers outside of the Chinese mainland that have been approved to provide access to the Chinese futures market to investors outside of China. It is the only officially recognised mechanism for direct market access to exchange-traded contracts, as opposed to largely unregulated lookalike OTC contracts. When using an OI/OSBP broker, it is not necessary to open an account with a domestic Chinese broker or use an onshore Chinese entity or non-resident bank account (NRA) in China.
OIs are international brokers based outside the Chinese mainland that have been approved by China's domestic market regulator, the CSRC, to offer trading access to China's futures exchanges. As international brokers, they generally offer clients the ability to fund their accounts in USD, CNH, or other international currencies and provide account opening and trading services in both English and Chinese.
They are also fully regulated by their local regulator, such as the SFC in Hong Kong, and generally have experience in servicing international clients and operating in and understanding both the international and domestic Chinese markets.
OIs also manage cross-border fund transfers in and out of China on behalf of the client. Thanks to our efficient setup, BANDS Financial can typically transfer client funds in and out of China in less than two hours.
No. When using an Overseas Intermediary (OI) like BANDS Financial, clients do not need to set up or use any onshore entity or bank account in China. The account is set up in the jurisdiction of the OI broker and regulated by the respective local regulator.
No. Overseas Intermediaries (OI) like BANDS Financial can offer both international and Chinese market access from a single account.
No. The Overseas Intermediary (OI) mechanism was established specifically to allow efficient overseas access to the Chinese futures market. BANDS Financial can move client funds in and out of China in less than two hours, with no restrictions on how much can be repatriated in a single day.
Three of China's six futures exchanges rank among the top 10 globally in terms of trading volume, according to the FIA's Exchange Rankings. Due to China's role as a global manufacturing hub, there is a wide range of industrial users that form the foundation of the Chinese futures market. With a strong focus on serving the industry, China's exchanges are able to tap into this large pool of domestic market participants, and in the process attract funds, trading houses, and retail speculators.
China's Zhengzhou Commodity Exchange recorded a total trading volume of 2.6 billion lots and a turnover of RMB 85.1 trillion in 2024, while the Dalian Commodity Exchange boasts 2.1 million individual investor accounts and a record annual volume of 2.3 billion lots. The Guangzhou Futures Exchange became the global pricing venue for lithium carbonate soon after it launched its first contract in 2023, while the Shanghai Futures Exchange's nickel contract traded over 250,000 lots per day on average in 2024.
There are six futures exchanges in China. They are state-owned companies and serve different industries with their contracts. The INE and DCE were the first to open up to overseas investors in 2018, with the other exchanges gradually following suit.
The Chinese futures market is regulated at the state level by the China Securities Regulatory Commission (CSRC) and its respective provincial bureaus at the local level. They oversee the futures exchanges in their jurisdiction, which manage their individual Risk Reserve Funds to protect investors in case of a default.
China's exchanges have implemented daily price limits across their contracts to ensure single-day price fluctuations cannot exceed the initial margin amount, while position limits cap the risk due to individual market participants defaulting on their obligations.
The day-to-day operation of the market is supervised by the China Futures Market Monitoring Center (CFMMC), which, thanks to China's unique trading code system, conducts its own end-of-day settlement for every single market participant based on data received from margin depository banks, futures brokers, and the exchanges to protect investors' funds. The CFMMC is working to implement a real-time monitoring system in the future. It also manages the Futures Investor Protection Fund to protect investors in case of a default.
The China Futures Association (CFA) acts as a self-disciplinary organisation for the Chinese futures industry and the body in charge of certifying and registering industry professionals. It is overseen by the CSRC and China's Ministry of Civil Affairs.
The cross-border fund transfer mechanism that enables foreign investors to participate in the Chinese market via Overseas Intermediaries (OI) is managed by the People's Bank of China's State Administration of Foreign Exchange (SAFE).
OIs are superivsed by their respective domestic regulators, such as the Securities & Futures Commission for brokers based in Hong Kong.
OIs are international brokers based outside the Chinese mainland that have been approved by China's domestic market regulator, the CSRC, to offer trading access to China's futures exchanges. As international brokers, they generally offer clients the ability to fund their accounts in USD, CNH, or other international currencies and provide account opening and trading services in both English and Chinese.
They are licenced to offer trading access to so-called "specific products" traded on China's futures exchanges. OIs use the services of domestic Chinese exchange members to route client orders to the exchange and handle cross-border fund transfers on behalf of their clients.
Similar to OIs, OSBPs are international brokers based outside the Chinese mainland that have been approved by China's domestic market regulator, the CSRC, to offer trading access to China's futures exchanges. As international brokers, they generally offer clients the ability to fund their accounts in USD, CNH, or other international currencies and provide account opening and trading services in both English and Chinese.
Unlike OIs, they are trading members of an exchange in China and do not rely on domestic Chinese brokers for order routing. Instead, they can provide direct market access and even co-location services to international market participants. As exchange members, they can also provide market access to other foreign brokers and their clients.
BANDS Financial became the first operational OSBP in 2021, and the first overseas broker to make it into the daily Top 20 ranking of any Chinese exchange in 2023.
QFIIs are foreign institutional investors licenced by the CSRC to invest in a range of domestic financial markets in China. The QFII scheme was launched in 2002 as the first mechanism to allow licenced international investors to invest in China's domestic capital markets. Its scope was expanded to include limited futures market access in 2020, with more products being opened up to QFIIs in 2025. However, concerns regarding onshore tax liabilities remain to this day.
China's futures exchanges open at 09:00 Beijing time (GMT+8), and the day session finishes at 15:00. Some contracts also feature a T+1 night session beginning at 21:00.
Trading Hours:
China's futures exchanges operate for the most part just like their counterparts in the international market. However, there are some key differences to be aware of:
No. When trading Chinese futures and options contracts via the Overseas Intermediary (OI) route, clients are not subject to taxation in China.
To learn more, visit our China Market page, take a look at our Accessing the Chinese Market video series, or reach out to our China market team at info@bands.financial. Alternatively, you can speak to us directly at +852 3903 6000.
To receive regular updates about the futures market, consider subscribing to our China Metals Update, Freight Futures Update, or China Market Update.