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 Peopleâs 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: âChina 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 worldâs 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 marketsâ.
Mark Yallop, Group Chief Operating Officer of ICAP plc said âChina 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 â potentially one of the largest in the world. Combining the expertise of the worldâs premier interdealer broker and one of Chinaâs most significant financial institutions will ensure that Chinaâs expansion in the interbank market will continue at a rapid pace and that ICAP is at the forefront of this growth.â