Thomson Reuters and GFI Group have formed a joint venture with Chinese outfit SDIC Trust and filed an application to launch a foreign exchange and money brokerage in the country.
The partners say that they meet the prerequisites required to obtain an application for a license and are preparing to file with regulators for the Beijing-based JV.
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If things go to plan they will offer a full service voice and electronic brokerage for the domestic money markets in China, supporting the needs of financial institutions within the country when trading the Renminbi and other regulated market instruments.
Colin Heffron, president, GFI Group, says: “We believe that by joining forces and combining our industry leading strengths in technology, broking, communications and infrastructure, we will create a strong business that will be beneficial to the development of the China’s financial markets.”
David Craig, president, financial and risk, Thomson Reuters, adds: “Following the recent launch of Eikon, our next generation financial desktop, in Chinese, this joint venture is another example of how Thomson Reuters is working to meet the needs of financial professionals in China.”