Standard Chartered has received in-principal approval from the China Foreign Exchange Trading System [CFETS] to become a liquidity provider to CFETS’ FX portal.
The portal was launched on 18 May 2005 using Reuters FX technology to offer trading in eight foreign currency pairs. Seven global banks and three Chinese banks act as liquidity providers [See SquawkBox 23 May 2005].
Mike Bass, Singapore based Global Head for Rates and FX at Standard Chartered says the bank’s entry into the market was part of its commitment “to developing our business in China.”
CFETS is a subsidiary of the Peoples’ Bank of China and is the country’s only organisation licensed to provide an interbank foreign exchange trading service.
Dr. Li Yu, vice president of CFETS, says “the past months have witnessed dramatic market volume growth in our foreign currency trading platform.”