February 16, 2017
ICBC (Asia) Adopts Thomson Reuters FXall and Electronic Trading
HONG KONG – After being the first Chinese bank to stream spot CNH price during Asian time zone, ICBC (Asia) is now the first Chinese bank to initiate a 24 hour price streaming on Thomson Reuters platform FXall via Electronic Trading (ET). The move supports increasing demand from clients of ICBC (Asia) to price CNH across Asia as well as facilitate the development and liquidity of the offshore CNH market.
As financial institutions and corporates continue to be impacted by developments and challenges surrounding the internationalization of the RMB, having 24 hour access to pricing information plays a vital role in supporting liquidity of the currency.
Thomson Reuters FXT platform assists ICBC (Asia) in maintaining its position as one of the leading market makers. Electronic Trading provides efficient market making capabilities and allows ICBC (Asia) to price CNH and across Asia with interbank clients.
FXall and Electronic Trading are available on FXT, Thomson Reuters flagship desktop platform. In 2015, Thomson Reuters brought together all of its FX transaction venues onto one platform to create a single point of access to unrivalled liquidity in hundreds of currency pairs. FXT enables market participants to streamline their trading workflow and comply with regulatory trade requirements by providing access to regulated trading venues and a global trade reporting service. Users can connect with the world’s largest professional FX community, with over 14,000 dealing counterparties, 1,500 FXall buy-side liquidity takers and 250,000 Eikon Messenger contacts.
Michael Go, Head of FX Market Development, Asia Pacific at Thomson Reuters said, “ICBC (Asia)’s selection of Thomson Reuters FX solutions, showcases Thomson Reuters achievements in the FX space. As the leading platform provider for offshore electronic CNH and RMB trading, Thomson Reuters sits at the junction of currencies, commerce and regulation globally. In today’s highly fragmented and increasingly scrutinized FX market, Thomson Reuters offers FX solutions that provide transparency, manages trading risk, improves execution efficiency and empowers the financial community.”
Jimmy Jim, Head of Global Markets Department at ICBC (Asia) said, “ICBC (Asia) is the offshore RMB pricing centre of ICBC Group and one of the most active CNH market makers in Asia. Having been nominated by Hong Kong Monetary Authority as Primary Liquidity Provider, ICBC (Asia) has a mission to support the development of offshore CNH market. With the great support from Thomson Reuters FX solutions, ICBC (Asia) has been the first Chinese bank to stream spot CNH price during Asian time zone, and now becomes the first Chinese bank to initiate a 24 hour price streaming; and we believe that ICBC (Asia) will continue to play a leading role in the expanding offshore RMB market.”
For more information about Thomson Reuters FX solutions, please see here.
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Industrial and Commercial Bank of China (Asia) Limited (“ICBC (Asia)”) is a licensed bank incorporated in Hong Kong. It has 59 retail outlets (including 28 “Elite Club” Wealth Management Centres) and 3 commercial business centres in Hong Kong. It is engaged in commercial banking, investment banking and other financial services including securities, insurance and funds, with a focus on commercial and retail banking as well as financial market related businesses. The total assets of ICBC (Asia) amounted to HK$788.1 billion at the end of June 2016. Chinese Mercantile Bank and ICBC (Asia) Investment Management Company Limited, two wholly-owned subsidiaries of ICBC (Asia), are specialized in RMB services in Mainland China and the investment management business with a focus on Asia respectively. ICBC (Asia) is the flagship for the overseas banking business of Industrial and Commercial Bank of China Limited (“ICBC”) – currently the largest commercial bank in China.
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