FXall and Thomson Reuters Matching to be Adopted by Bank of China HK

The Hong Kong unit of Bank of China aims to boost access to liquidity.

Bank of China (Hong Kong) will adopt electronic trading solutions for FX made by Thomson Reuters. This is the second major Hong Kong subsidiary of a Chinese bank to adopt the use of the platform in 2017. Back in February 2017, the Industrial and Commercial Bank of China (Asia) became the first institution to do so.

Bank of China HK will use both Thomson Reuters Electronic Trading (ET) and FXall via the FX Trading (FXT) platform. The changes give the operations better access to liquidity as the presence of the solutions in Asia continue increasing.

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After the acquisition of FXall in 2012, Thomson Reuters has streamlined the solutions into a single offering that is accessible via the company’s flagship desktop platform FXT. The consolidation of the offering was enacted in 2015 as Thomson Reuters sought to provide a single point of access to both its FX platforms.

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Commenting on the news, the Head of FX Market Development for Asia Pacific at Thomson Reuters, Michael Go, said: “21% of global FX volumes are now centered in Asia. We are delighted to further strengthen our commitment to the FX market with BOCHK’s decision to use Thomson Reuters FX solutions.”

“With FXT, BOCHK has access to increased liquidity, connections to all market participants and improved productivity. In an age of interconnected global financial markets, Thomson Reuters trusted and robust FX solutions and transaction platforms lead the industry,” he elaborated.

The Bank of China HK is the the sole clearing bank for RMB business located in the region’s top financial centre, Hong Kong. The Hong Kong Monetary Authority has designated the bank the primary liquidity provider for CNH. As such it is the only vehicle for cross-border capital transfer between the Chinese interbank bond market and Hong Kong.

The General Manager of Global Markets of BOCHK, Tony Wang, explained: “Through the Thomson Reuters FXall platform, we will be offering clients competitive prices in RMB and other major FX currency pairs electronically, which we believe can help improve the offshore RMB liquidity and enhance customers’ execution experiences.”

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