CFETSChina Foreign Exchange Trading System
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Pei Chuanzhi, President of CFETS, said: Our cooperation will be mutually beneficial to both organisations and facilitate the opening-up of the financial markets of China and Europe.
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.
In addition, a long expected market maker system for USD/RMB trade was finally introduced in November 2005 based on the CFETS platform.
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.
Earlier this year, we entered into a multi-year agreement with CFETS, China's interbank foreign exchange and bond market, under which Chinese financial institutions and investors will gain access to electronic trading of CME FX and interest rate products.
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.
As part of the agreement, CFETS will become a CME super-clearing member, providing services for investors based in mainland China who will be trading CME interest rate and FX products.
Standard Chartered Bank's China treasury operations recently received the approval from CFETS, a subsidiary of the Peoples' Bank of China, to participate on its multi-bank portal as a liquidity provider.