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GFI Group, Thomson Reuters and SDIC Trust form joint venture
Publication date: 23 July 2012
GFI Group Inc., a leading provider of wholesale brokerage services for the global financial markets, and Thomson Reuters, the world’s leading source of intelligent information for businesses and professionals, today announced that they will be forming a joint venture with SDIC Trust Co., Ltd. of China to create a foreign exchange and money broker for the domestic Chinese financial markets.
The joint venture money broker to be established by GFI, Thomson Reuters and SDIC Trust will be located in Beijing, and would support the needs of financial institutions within China when trading the Renminbi (RMB) and other regulated market instruments. The establishment of the joint venture marks the clearance of the first step in the process to launch a full service voice and electronic brokerage for the domestic money markets in China. It also underscores the three parties’ commitment to supporting the further development of China’s financial markets.
GFI Group, Thomson Reuters and SDIC Trust meet the prerequisites required to obtain an application for a license; the official application materials are being completed and will be filed with the appropriate Chinese regulatory authorities.
“Thomson Reuters has a long history in China and in serving the professional money markets, both in China and globally,” said David Craig, president, Financial & Risk, Thomson Reuters. “We are excited to bring this heritage to our joint venture with GFI Group and SDIC Trust and look forward to fulfilling the remaining requirements to obtain the license and support China as it continues to develop its money markets. Following the recent launch of Eikon, our next generation financial desktop, in Chinese, this joint venture is another example of how Thomson Reuters is working to meet the needs of financial professionals in China.”
“We believe that by joining forces and combining our industry leading strengths in technology, broking, communications and infrastructure, we will create a strong business that will be beneficial to the development of the China’s financial markets,” said Colin Heffron, president, GFI Group Inc. “We also believe the timing is right for our joint venture to enter the marketplace and assist in the development of new financial products, and in the continuing internationalization of the RMB.”
“As the Chinese shareholder of the joint venture, we believe in the industry leading advantages which both Thomson Reuters and GFI Group will bring to our company,” said Lv Yimin, general manager and top executive at SDIC Trust. “All three parties of the joint venture are optimistic about the development of the money broker industry in China, and will focus on the business with a long-term perspective. Through our joint cooperation and efforts, we aim to provide our clients with the best possible money brokerage services.”
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