16 January 2018
visit www.avoka.com

Icap and CFETS to form Chinese JV

26 July 2006  |  1314 views  |  0 Source: ICAP

The China Foreign Exchange Trade System & National Interbank Funding Center (CFETS) and ICAP plc (IAP.L), the world's largest interdealer broker, are approved by CBRC to form a joint venture - Shanghai CFETS-ICAP International Money Broking Co. Ltd., based in Shanghai.

CFETS is owned by the People's Bank of China and runs the country's interbank market and foreign exchange markets. The new joint venture will provide voice broking services to the money, bond and derivatives markets in both the RMB and international markets.

Xie Duo, President of the CFETS, said "With the expansion of market demand there are significant opportunities for the development of the interbank market for financial products. Compared with the global financial market, China's interbank market still has great potential for development and working with ICAP in this joint venture will help us accelerate that development."

Michael Spencer, ICAP Group Chief Executive, commented, "China represents a significant opportunity for ICAP to take part, together with the CFETS, in the rapid development and growth of the interbank financial markets. This is an exciting prospect for ICAP, in the next few years the volume of transactions in Chinese wholesale financial products will rise rapidly and China will be recognised globally as one of the most important and liquid markets."

Comments: (0)

Comment on this story (membership required)

Related company news


Related blogs

Create a blog about this story (membership required)
visit www.capgemini.comvisit www.thomsonreuters.infovisit www.fivedegrees.nl

Top topics

Most viewed Most shared
Buffett rubbishes cryptocurrencies; South Korea preps exchange crackdownBuffett rubbishes cryptocurrencies; South...
10822 views comments | 15 tweets | 17 linkedin
BNP Paribas Asset Management completes fund transaction blockchain testBNP Paribas Asset Management completes fun...
9595 views comments | 14 tweets | 31 linkedin
Transferwise ships borderless debit cardTransferwise ships borderless debit card
9239 views comments | 13 tweets | 22 linkedin
Ripple surge makes waves in stock marketRipple surge makes waves in stock market
8966 views comments | 12 tweets | 9 linkedin
Crypto mining threatened by power capacity concernsCrypto mining threatened by power capacity...
8430 views comments | 17 tweets | 18 linkedin

Featured job

Competitive base + commission + benefits
UK or Germany

Find your next job