(Yicai Global) May 27 -- Hong Kong Exchanges and Clearing penned an agreement with leading global index provider MSCI to introduce 37 futures and options contracts that track Asian and emerging markets in an innovative milestone in Hong Kong's derivatives market, it said in a statement today.

The derivatives will cover the MSCI Emerging Markets and Asia Index, MSCI China Free Index, MSCI Japan Index, MSCI Taiwan Index, MSCI Singapore Index and MSCI India Index, per the statement. The release date, which will be subject to regulatory approvals and market conditions, is to be announced at a later date.

This agreement will expand HKEX’s existing relationship with New York-based MSCI following the successful launch of the MSCI Asia ex-Japan Index Futures and last year’s joint announcement of the planned start of the MSCI China A Index Futures, the bourse said on its website.

Hong Kong Exchanges and Clearing’s wholly-owned Hong Kong Futures Exchange unit debuted the Hang Seng Index Futures in 1986. It tracks the Hong Kong Main Board market. The financial derivatives market in Hong Kong mainly comprises the Hang Seng Index Futures and Options Contracts, as well as the Hang Seng China Enterprises Index and Sector Index Futures of the Hang Seng Indexes.

Hong Kong Exchanges and Clearing struck a deal with MSCI to introduce the MSCI China A Index Futures Contract after obtaining regulatory approval, it announced in March last year. MSCI completed the entire process of including A shares into its MSCI Emerging Market Index in three batches in November.

Editor: Ben Armour