Cicada signs China Foreign Exchange Trade System

Cicada signs China Foreign Exchange Trade System

The China Foreign Exchange Trade System (CFETS), the interbank trading and foreign exchange division of the country's central bank, is implementing market data management technology from US-based Cicada.

The vendor says CFETS has signed a multi-year licence agreement for its data management and dissemination platform, Cicada Composer.

The software will serve as CFETS' primary foreign exchange data management and feed dissemination platform.

Cicada says its Composer system will give CFETS increased performance and scalability, as well as full flexibility in product development and distribution to data vendors and directly to trading participants.

"Cicada Composer will help CFETS easily accommodate the growth rates expected in the China markets and enable the organization to offer a greater range of products and services," says Cicada CTO Richard Leung.

Xu Zai Yue, general manager of the technical research and development department at CFETS, says the firm carried out an extensive evaluation of different providers before settling on the Cicada technology.

Both organisations will work on the implementation of the system, which is expected to go live in the first quarter of 2008.

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