Provider of financial markets data and infrastructure, Refinitiv announced this Friday that China CITIC Bank International has adopted its electronic trading platform to expand its foreign exchange (forex) trading capabilities and distribution workflow.
China CITIC Bank International is one of the major lenders in China. The bank has taken on the platform after seeing strong demand for electronic pricing and execution efficiency. The bank said that it would be using the platform to offer competitive prices in CNH.
The Refinitiv Electronic Trading platform is an e-commerce forex trading solution currently used by more than 300 banks across 80 countries. The platform uses e-commerce products to shape, configure and automate forex prices to customers via a number of distribution channels and FX venues.
Commenting on the partnership, David Day, Head of North Asia at Refinitiv, said in the statement: “As a leading trading venue and data company for financial markets, we are proud to strengthen our partnership with China CITIC Bank International, one of the most prominent Chinese banks in the offshore market.
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“Through Refinitiv Electronic Trading, CNCBI will have access to an efficient and digitized FX trading platform to drive the on-going growth of its foreign exchange business in both local and international markets. Enabling e-commerce solutions for the industry two decades ago, Refinitiv sits at the intersection of currencies FX venues, technology and regulation globally. We will continue to promote the development of efficient, fair and effective markets.”
China CITIC Bank Chose Refinitiv to Respond to Demand
Refinitiv Electronic Trading is equipped with auto-execution and smart order routing methods. According to the market data provider’s statement today, this allows it to deal with larger volumes from remote or virtual work environments.
“In today’s FX market, we see a strong demand for electronic pricing, execution efficiency and stability as the partner of our clients,” added Lijun Bai, Executive Director ACEO, Head of Wholesale Banking Group and Treasury & Markets Group at CITIC International in the statement.
“Through the Refinitiv Electronic Trading platform, we will be offering competitive prices in CNH and other major FX currency pairs electronically, which we believe will improve the operational and risk controlling efficiency for both our bank and our customers.”