Bank of China Hong Kong (BOCHK) has adopted Thomson Reuters electronic trading and FXall through the firm’s platform FXT.
Thomson Reuters said BOCHK will use its FX services to increase its access to liquidity, streamline workflows and improve overall efficiency.
BOCHK is currently the sole clearing bank for RMB business in Hong Kong, a designated CNH primary liquidity provider and the sole gateway of cross-border capital transfer between China Interbank Bond Market and Hong Kong under the Bond Connect scheme.
General manager of global markets at BOCHK, Tony Wang, explained through the Thomson Reuters FX all platform, the bank will offer competitive prices in RMB and other FX currency pairs, “which we believe can help improve the offshore RMB liquidity and enhance customers’ execution experiences”.
Michael Go, head of FX market development for Asia-Pacific at Thomson Reuters, explained with 21% of global FX volumes now centred in the region, the deal with BOCHK strengthens its commitment to the market.
“With FXT, BOCHK has access to increased liquidity, connections to all market participants and improved productivity,” he added.
In 2015, Thomson Reuters merged all of its FX transaction venues onto one platform to create a single point of access to liquidity in various currency pairs.
The FXT platform trades over $350 billion in average daily volume with more than 14,000 dealing counterparties, 1,500 FXall buy-side liquidity takers and 300,000 Eikon messenger contacts.