ICAP plc (IAP.L), the world’s premier voice and electronic interdealer broker, and the China Foreign Exchange Trading System & National Interbank Funding Center (CFETS), today formally launched their joint venture – the Shanghai CFETS-ICAP International Money Broking Co. Ltd. (CFETS-ICAP). CFETS-ICAP is a 67/33 joint venture interdealer broking business, providing voice broking services to the money, bond and derivative markets in both the Renminbi and international markets.
CFETS-ICAP commenced voice broking operations on Thursday 13 September 2007, following approval for operation by the China Banking Regulatory Commission (CBRC). Based in the centre of the financial district of Shanghai, CFETS-ICAP comprises 30 staff. The joint venture will run by Danny Cheung, General Manager and Pan Sizhong, Deputy General Manager. CFETS-ICAP was officially inaugurated at an opening ceremony attended by officials from the People’s Bank of China, China Banking Regulatory Commission (CBRC), State Administration of Foreign Exchange (SAFE) and the Shanghai Municipal Government.
Li Yu, Vice President of CFETS, said: “China is making great strides in developing its financial markets and the interbank market will continue to play a key role in this. Working with ICAP, the world’s largest interdealer broker, in this joint venture will further support the growth of this market. This offers an excellent opportunity to apply current practices in the development of deep and liquid financial markets“.
Mark Yallop, Group Chief Operating Officer of ICAP plc said “China is at a critical point in the development of its financial markets and this joint venture offers a unique opportunity to participate in the growth of the Chinese interbank market – potentially one of the largest in the world. Combining the expertise of the world’s premier interdealer broker and one of China’s most significant financial institutions will ensure that China’s expansion in the interbank market will continue at a rapid pace and that ICAP is at the forefront of this growth.”
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