The Industrial and Commercial Bank of China (ICBC) has become the first bank in the region to adopt Thomson Reuters’ Electronic Trading tool for foreign exchange.
ICBC has implemented the trading solution as part of plans to extend its presence in the foreign exchange market.
Thomson Reuters’ Electronic Trading will allow ICBC to price CNH and other G10 currencies across Asia with different branches, interbank clients and corporate clients.
ICBC in Singapore is currently the official CNH clearing bank and also has businesses across treasuries, asset management, corporate banking and trade finance.
Zhang Weiwu, general manager of ICBC Singapore, said as the official clearing bank of CNH it is “committed to offering a full range of integrated financial services in the CNH and other key currencies to our clients.”
Alfred Lee, managing director of ASEAN financial and risk at Thomson Reuters, added ICBC’s adoption of its Electronic Trading “fully enables the bank’s FX market making capacity to both interbank and corporate clients and also streamlines risk management.”