Standard Chartered Bank is implementing Reuters' hosted foreign exchange dealing platform which it will use to connect to China's national interbank foreign exchange system as a liquidity provider.
The bank will use the Reuters Electronic Trading Automated Dealing platform to connect to the China Foreign Exchange Trading System (CFETS), which is operated by the Peoples' Bank of China.
CFETS started trading in May this year and is the only organisation licensed to provide inter-bank foreign exchange trading service in China. The system currently offers trading in eight foreign currency pairs - the US dollar against the Euro, Yen, Hong Kong dollar, Sterling, Swiss franc, Australian dollar and Canadian dollar, plus the Euro versus the Yen.
Mike Bass, global head for rates and FX at Standard Chartered Bank, says: "Our clients need quick time-to-market solutions, ease of connectivity and local support, and this electronic trading solution is key to our ensuring we provide them with premium quality service."