FXall, a multi-bank foreign exchange electronic trading platform, has announced the addition of deliverable offshore Chinese yuan (CNH) trading to its QuickTrade request-for-quote mechanism.
FXall said that many of the liquidity providers on its platform are now pricing a number of over-the-counter trades in Chinese yuan in response to customer demand.
To develop the new CNH functionality – which allows clients to trade the renminbi (RMB) exchange rate offshore in Hong Kong via designated liquidity providers – FXall worked with firms including Bank of America Merrill Lynch, HSBC and Royal Bank of Canada.
“The addition of offshore deliverable Chinese yuan onto FXall has met client demand, especially from Bank of America Merrill Lynch's large corporate client base, for hedging exposures in Asia by providing an electronic execution path to access the firm's substantial liquidity pool,” said Kan Fung Li, managing director, global rates and currencies trading at Bank of America Merrill Lynch.
“We have worked closely with market participants to deliver trading solutions that meet their needs and our ability to provide CNH request-for-quote trading was driven by mutual interest from both our real money clients and our liquidity providers who want access to the growing offshore RMB market,” commented Phil Weisberg, CEO at FXall. “As a trusted, neutral marketplace, FXall is a strategic execution partner that can efficiently connect counterparties and create the right community and environment to exchange risk.”