Industrial and Commercial Bank of China’s (ICBC) Singapore branch has adopted Thomson Reuters FX e-commerce solution Electronic Trading to strengthen its presence in the foreign exchange market.
Thomson Reuters says ICBC is the first Chinese bank to adopt this solution, which provides efficient market making capabilities and allows ICBC to price CNH and other G10 currencies across Asia with various branches, interbank clients and corporate clients.
“As China's largest bank and the official CNH clearing bank of Singapore, ICBC Singapore is committed to offering a full range of integrated financial services in the CNH and other key currencies to our clients," says Zhang Weiwu, general manager of ICBC Singapore.
After being the first Chinese bank to stream spot CNH prices during the Asian time zone, ICBC (Asia) is now the first Chinese bank to initiate a 24-hour price stream on Thomson Reuters’ FXall platform via Electronic Trading (ET).
Thomson Reuters (TR) says the move supports increasing demand from clients of ICBC to price CNH across Asia, as well as facilitate the development and liquidity of the offshore CNH market.
FXall and ET are available on FXT, TR’s desktop platform.