CME FX on Reuters launched in Hong Kong

Source: Reuters

CME, the largest U.S. futures exchange and the largest regulated marketplace for foreign exchange (FX), and Reuters (NASDAQ:RTRSY), the global information company, today launched CME FX on Reuters in Hong Kong.

Following the successful launch of the service in Europe and North America last month, the introduction of CME FX on Reuters in Hong Kong is part of several launches in the Asia Pacific region, including Japan, Singapore and Australia which are taking place this month.

Going forward, the service in Hong Kong will be facilitated by a number of the launch banks and clearing firms. Clearing organizations play an essential function in the roll-out of CME FX on Reuters as they enable the Reuters and CME communities to trade with one another. CME FX on Reuters has been expanded to include 11 clearing firms - including ABN AMRO, Bank of America, Barclays Capital, Calyon Financial, HSBC, JPMorgan, Lehman Brothers, Refco, Royal Bank of Scotland, Skandinaviska Enskilda Banken, Societe Generale and Fimat International Banque SA - most of which will also provide clearing services in Hong Kong. It is anticipated that other banks will soon join the service, further expanding the impact of this offer.

Kenneth Tsui Managing Director, Reuters North Asia, said: "As the Chinese government is taking steps to grow the official foreign exchange market, Hong Kong plays a very important role to put in place measures and new instruments to strengthen its financial system. We're pleased to bring CME FX on Reuters to Hong Kong in such a quick timescale. Reuters and CME are the leading players in the FX spot and futures markets respectively. By providing tradable CME currency futures rates on Reuters Dealing platform, our customers in Hong Kong will benefit from access to greater liquidity.

Dan O'Sullivan, Head of Spot and Forward Trading, HSBC Bank USA said: "Since the launch of the CME FX on Reuters we have found it to be a viable avenue for market access. Liquidity has been deep, STP trade processing has been smooth and efficient, and the technology is stable. We are extremely pleased with how things have gone thus far, and with the prospects for the future. We plan to continue the roll-out of CME FX on Reuters within the global FX business at HSBC."

"Asia is an increasingly important market to CME, and we have active relationships with several exchange partners in China," said Bryan Hunter, Director, CME Foreign Exchange. "Therefore, the launch of CME FX on Reuters in Hong Kong is especially meaningful. We are confident that Hong Kong FX traders will find our markets as attractive as their colleagues in New York and London have."

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