ICBC Strengthens FX Market Presence with Thomson Reuters Electronic Trading

The partnership allows ICBC Singapore to better cater to the needs of its client base while improving efficiency.

Industrial and Commercial Bank of China Limited (ICBC) Singapore Branch has adopted Thomson Reuters FX e-commerce solution Electronic Trading to strengthen its presence in the foreign exchange market.

In doing so, ICBC becomes the first Chinese bank to partner with Thomson Reuters.

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Electronic Trading provides efficient market making capabilities and allows ICBC to price CNH and a range of other G10 currencies across Asia with various branches, interbank clients and corporate clients – strengthening ICBC’s strength and presence in the foreign exchange market.

Emerging Market Currencies

The importance of major emerging market currencies is growing, mainly due to the internationalization of the renminbi. Furthermore, in today’s evolving FX markets, banks need flexible trading solutions that provide control over electronic pricing, distribution and hedging to meet the changing demands of their client base and improve efficiency.

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With Thomson Reuters Electronic Trading, banks across 60 countries globally are able to benefit from a next-generation electronic FX trading platform which incorporates a powerful suite of solutions to shape and automate FX prices.

World’s Largest Bank

ICBC in Singapore is the official CNH clearing and fully licensed bank that has a strong business footprint in treasury, asset management, corporate banking and trade finance in Asia-Pacific markets and globally. ICBC is ranked as the world’s largest bank by asset value.

Zhang Weiwu, General Manager of ICBC Singapore, said: “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. The electronic trading solution provided by Thomson Reuters meets our Treasury team’s varied needs for strong infrastructure support.”

Alfred Lee, Managing Director, ASEAN, Financial and Risk, Thomson Reuters, added: “With 25% of global FX trade taking place in Asia, ICBC’s decision to deploy Thomson Reuters Electronic Trading solution fully enables the bank’s FX market making capacity to both interbank and corporate clients and also streamlines risk management. Considering the prominent theme of Renminbi internationalization, we look forward to collaborating with ICBC.”

Finance Magnates last reported on a further Thomson Reuters deal earlier this month after the company partnered with Overbond, the first fintech platform in the new bond issuance market, to integrate fixed income market data and analytics within its platform.

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