ICAP Initiates Versatile CNH Hub for Renminbi Market Participants

ICAP has built on its Global Broking portal, launching a new CNH Hub for renminbi users across a number of

Markets operator and provider of post-trade risk mitigation, ICAP plc, has initiated its ICAP CNH Hub, a newly designed currency-delimited portal, aggregating Chinese renminbi (CNH) data into a single consolidated vantage point, according to an ICAP statement.

Indeed, ICAP CNH Hub relies on a multitude of data, garnered from all corners of services within ICAP’s disposal, affording users a unified view of the market as a whole for their trading purposes.

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The initiative assimilates CNH data from a number of respected sources, including Global Broking, EBS, and ICAP Information Services (IIS). Furthermore, the ICAP CNH Hub will extend to a vast suite of asset classes, including fixed income, interest rates and FX.

Among the many attributes and figures to be included in the portal, the CNH Hub will be streaming renminbi specific market news, futures pricing and clearing data. ICAP has also revealed that it plans to eventually integrate equity derivatives, energy and commodities data, and regulatory updates.

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ICAP CNH Hub draws upon its Global Broking’s eCommerce portal – the portal was launched in 2013, having established a customer base of more than 1,000 users from over 100 institutions globally across multiple asset classes.

According to Hugh Gallagher, Chief Executive Officer (CEO), Asia Pacific (APAC), ICAP, in a recent statement on the launch, “The internationalisation of the offshore Chinese renminbi is the most significant global currency development since the creation of the euro. With growing global interest in CNH, Global Broking has seen increased business in the currency, in addition to EBS where spot USD/CNH is now within the top five most traded currency pairs.”

“As we continue to expand our Global Broking offering in numerous asset classes, ICAP has taken the strategic step to use the electronic capabilities of Global Broking to maximise the value of ICAP’s unique combination of businesses and provide a much-needed, value-added service to our customers,” he added.

“The pace of growth in the CNH requires ICAP to be prepared for markets to shift from a nascent, illiquid trade currency to that of an investing currency of choice. For CNH, ICAP has a versatile and scalable solution to facilitate market participants’ trading, and provide real-time and historical market information across multiple asset classes. We are delighted to play a leading role in the CNH market by offering this unique service and look forward to expanding it in 2015,” noted Dean Berry, Global Head of eCommerce, ICAP, in an accompanying statement.

Earlier today, ICAP’s Australian futures broking arm, ICAP Futures (Australia) Pty Ltd, was fined by the local regulatory body $50,000 for compliance failures. The Australian Securities and Exchange Commission (ASIC) determined that the brokerage intentionally executed trades to exclude other participants and failed to inquire through the message facility and wait out the prescribed period for executing the deals.

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