China Construction Bank joins EBS FX trading platform

Source: EBS

EBS, the world's leading provider of electronic trading and market data solutions to the interbank and professional trading FX community, today announced it is further strengthening its presence in the Asian market by signing China Construction Bank Corporation (CCB) as an EBS Spot and EBS Prime customer.

As the latest Asian bank to sign up as both an EBS Spot and EBS Prime customer, the benefits to CCB include access to higher levels of liquidity and thus optimum prices in the most actively traded global currencies – the US dollar, Japanese yen, euro and Swiss franc (CHF).

CCB was incorporated in China in 1954 and is a bank operating in a commercial capacity. With an extensive network of more than 25,700 branches in China, CCB launched its initial public offering in Hong Kong on 14 October as the first of China's big four banks to list on an overseas stock market.

"Banks in China understand the need to join a global FX platform," explained KC Lam, Head of Sales Asia Pacific, EBS.

"EBS' clients generate increased revenues through FX trading as they are able to directly enter the interbank FX market to access tighter pricing and global liquidity. China and its banks are an important part of our global offering."

Mr. Guo Zhi Peng, FX Trading Division, Treasury Department, China Construction Bank Corporation stated: "As one of the leading banks in the domestic banking sector, CCB retains leadership roles in key market segments.

"The bank continues to pursue innovative banking services to retain a competitive edge. By partnering with EBS, we gain access to the most competitive prices, which we are confident will enhance our profitability and further strengthen our position in the industry."

Global counterparties on EBS can exceed more than 1,000 deals done per minute during peak trading periods.

EBS is strengthening its already leading presence in Asia. Counterparties trading on EBS accounts for 70% of USD interbank trading and offers exceptional liquidity in US dollar, euro and yen currency pairs.

The volumes trading through EBS Spot (daily average of USD 120 billion single count) provide exceptional liquidity and spot FX market data, particularly in the most actively traded currency pairs.

In addition to China Construction Bank Corporation, EBS' other customers in China include Bank of Communications, CITIC Industrial Bank, Agricultural Bank of China and Bank of Montreal. In May 2005 EBS signed Bank of Tokyo-Mitsubushi as its first Asia-based EBS Prime Bank, and Standard Chartered became the 18th Prime Bank in September 2005.

The 18 Prime Banks are: ABN AMRO, AIG, Bank of America, Barclays Capital, Bear Stearns, Calyon, Citigroup, Credit Suisse First Boston, Deutsche Bank, HSBC, JPMorgan, Lehman Brothers, RBS, SEB, SG, Standard Chartered Bank, Bank of Tokyo-Mitsubishi and UBS.

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