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ICBC Asia adopts Thomson Reuters’ FXall via Electronic Trading

Posted: 16 February 2017 | ICBC/Thomson Reuters | No comments yet

ICBC (Asia) is now the first Chinese bank to initiate a 24 hour price streaming on Thomson Reuters’ platform FXall via Electronic Trading.

ICBC Asia adopts Thomson Reuters' FXall via Electronic TradingAfter 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 comes after 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 internationalisation 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, formed in 2015 when Thomson Reuters brought together all of its FX transaction venues onto one platform to create a single point of access to 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.

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 scrutinised FX market, Thomson Reuters offers FX solutions that provide transparency, manages trading risk, improves execution efficiency and empowers the financial community.”

Meanwhile, 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.”

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