Bank of China (BOC), Bank of Communications, Bank of Montreal, China Construction Bank (CCB), Industrial and Commercial Bank of China (ICBC) have all recently signed agreements for Reuters Dealing 3000 Matching service. These moves support Reuters aims to be the leading electronic broker in China.
With Reuters Dealing 3000 matching, Banks in China can trade approximately 39 global currency pairs in Spot FX, including the US Dollar, Euro, Japanese Yen, and Sterling.
Rod Jones, Executive Managing Director of International Capital Market, Bank of Montreal, said: âWe are taking Reuters Spot Matching service in order to enhance the liquidity in the fast growing China Market.â
Zhang Wei Zhong, Chief Dealer, Bank of Communications in Shanghai, said: âWe are now able to access a large number of counterparties, giving us a much greater pool of liquidity. Reuters Dealing service is a great help as our trading volume in G7 currencies has increased tremendously following China's economic and trade growth.â
Sun Xiao Fan, Global Head of FX, Bank of China in Beijing, said: "As one of the major participants in the China market, we look forward to working with Reuters as it is an established member in the global FX market. We would like to develop a long and fruitful relationship with Reuters."
Alexander Hungate, Managing Director, Reuters Asia, said: âThese moves by the five major banks to trade on the Reuters Dealing 3000 Matching service show China is moving forward towards greater currency flexibility and major players in China are riding on the current and potential opportunities to grow their treasury FX businesses.â
Reuters Dealing 3000, the premium FX & money markets trading system, is used by nearly 18,000 FX and money market professionals across 4,000 organizations to trade FX spot, forwards, options, futures, in addition to interest rate and overnight index swaps and commodities such as bullion.