The Royal Bank of Scotland Financial Markets (RBS) has just been ranked no.1 on the China foreign currency trading system during the first month since it went live on 18 May 2005. RBS had a market share of just under 35% in terms of deals and 40% in terms of volume up to 17 June, 2005.
China foreign currency trading system is the new electronic portal for trading FX online sponsored by the CFETS, a subsidiary of Chinaâs central bank - Peopleâs Bank of China. RBS is one of the ten market makers, three of which are Chinese with the rest being foreign banks. CFETS has over 360 member banks of which over 30 are now trading in China foreign currency trading system.
"Over the past month we have had continual and full support from RBS evidenced by their no.1 ranking in terms of deals done and trading volume. I congratulate RBS for their co-operation and commitment to CFETSâs foreign currency pair trading system as well as Chinaâs FX market development." Said Li Yu, Vice President of CFETS.
Commenting on the achievement Peter Nielsen, Global Head of FX at RBS said: "I am absolutely thrilled with our no.1 ranking on CEFTS, demonstrating the significant effort we have made in this area. As one of the market makers we hope the platform will become a major one insofar as trading volumes are concerned."