The China Europe International Exchange (CEINEX) has signed a Memorandum of Understanding with Bank of China, with an initial focus on the RMB-denominated payments and processing of trades in products listed on the CEINEX using Bank of China’s infrastructure.
Partnership Targets International Clients
As part of the co-operation, Bank of China will act as facilitator for clients in China and the wider Asian region interested in getting access to the products traded on CEINEX, a statement by Deutsche Boerse Group reads. CEINEX is a joint venture between the German group, the Shanghai Stock Exchange, and the China Financial Futures Exchange. It is also the first exchange to offer RBM-denominated financial products outside mainland China.
The two parties will start working on new proprietary products
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The new bourse will start operations on November 18, offering first cash market products. At a later stage, the two parties will start working on new proprietary products, to be offered to both European and Asian clients, as well as on investor education and marketing activities.
Bank of China, the only emerging markets financial institution to be considered systemically important on a global scale for three years in a row (2011-2014), mainly conducts business in the area of commercial banking, in China and abroad.
Last year, the Chinese lender signed an agreement with the Moscow Exchange (MOEX) for strategic cooperation, aimed at strengthening the ties between the two large financial markets. The deal, as Finance Magnates reported https://www.financemagnates.com/institutional-forex/technology/chinese-bank-extends-russian-collaboration-yuan-ruble-trading/, followed an increased trading volume in the CNY/RUB pair as well as plans by the leaders of the BRICS countries to set up a common bank.