Hansen explained the change in distribution: "We had a nice start with CFET
some time ago.
Through the use of advanced information technology, dedicated lines and the internet, CFETS provides a series of services covering issuance, trading, information and post-trade for cash and derivative RMB-denominated interest rate, exchange rate and related products.
We are pleased to sign this agreement with CFETS and strengthen our close working relationship," said Terry Duffy, Executive Chairman and President of CME Group.
Major parties involved in the FX market are: (a) the CFETS which functions as the trading platform for the inter-bank market and is responsible for clearing the market and providing the supervisory authorities with market information; (b) the PBOC and the SAFE as regulatory authorities: the PBOC authorised SAFE to regulate the inter-bank spot and forward markets and regulate the retail market through the SAFE; (c) designated FX banks and other non-bank financial institutions and non-financial enterprises authorised by the SAFE to engage in foreign exchange business; (20) (d) enterprises that earn and spend FX; (21) and (e) individuals who have FX trading needs.
The addition of the CFETS data gives investors insights into real-time tick-by-tick movement, volumes and market participant information in China's onshore interbank market," said Tod Van Name, Bloomberg's Global Head of FX, Economics and Commodities.
The two of the firms have also committed to greater connectivity in product distribution, with CME Group facilitating its customers to trade China interbank products, and CFETS helping China interbank market participants to trade CME Group's products.
As China continues on its path of financial market liberalization and RMB internationalization, we believe that there are unique opportunities for CME Group and CFETS to work closely together to create a marketplace that best serves needs of the derivatives industry.
To support the evolution of the Chinese foreign exchange market, CFETS chose Reuters to develop its new foreign exchange trading system, following an international tender.
TCS' trading solution at CFETS is scalable and can handle rapid growth in volumes with ease.
The cooperation with CFETS on promoting the Russian ruble on the Chinese internal foreign exchange market enables the branch to provide ruble clearing services to Chinese financial institutions and carry out a wide range of customer operations in the Russian ruble in the People s Republic of China.
Reuters new generation of trading products which include -- Reuters Trading for FX, Reuters Trading for Fixed Income, CME FX on Reuters, CFETS multibank portal and the recently launched Reuters Trade Notification Service -- are all based on the proven platform.
CFETS member banks will benefit from a real-time, leased line-based foreign exchange multi-bank portal, thereby facilitating the growth of FX trading in China.