NEX Group has partnered with China Foreign Exchange Trade System (CFETS) to launch a trading platform for the Chinese FX market.
The CFETS FX2017 platform offers multi-execution, low-latency trading of spot, forwards and swaps for Chinese Renminbi (CNY).
The interbank trading platform and infrastructure provider chose NEX in June 2016 to deliver the underlying technology for the new service, with the central limit order book rolled out in December last year.
FX2017’s central limit order book for spot onshore CNY allows anonymous execution via a central pool of liquidity and public CNY pricing.
Phase two of the project went live in February with a relationship-based platform for CNY spot, forwards and swaps trading.
NEX Group said 480 institutions logged on to the new platform on the first day of trading with 307 institutions conducting deals.
“NEX has a strong track record of innovation in financial markets technology and I am pleased that we have been able to work with our longstanding partners CFETS, to launch a public market for CNY spot FX and a next generation disclosed trading platform for CNY spot, forwards and swaps,” said Michael Spencer, CEO of NEX.
“This is a significant milestone in the development of the domestic FX market, and we will continue to support our CFETS partners as they roll-out further phases and we explore further partnership opportunities in the future.”
CFETS president, Zhang Yi, added the launch of FX2017 is a major upgrade to CFETS financial trading infrastructure.
“It effectively ensures the safe, stable and efficient operation of the inter-bank foreign exchange market, enforcing the pricing power of the domestic Chinese market and opening it up to the global foreign exchange market,” Yi said.