ICAP plc (IAP.L) and the China Foreign Exchange Trading System and National Interbank Funding Center (CFETS), on the 13th September, formally launched their joint venture: the Shanghai CFETS-ICAP International Money Broking Co. Ltd. (CFETS-ICAP).
CFETS-ICAP is a joint venture interdealer broking business, providing voice-broking services to the money, bond and derivative markets in both the Renminbi and international markets. CFETS-ICAP commenced voice broking operations, following approval for operation by the China Banking Regulatory Commission (CBRC).
The joint venture will be run by Danny Cheung, General Manager and Pan Sizhong, Deputy General Manager. Li Yu, Vice President of CFETS, says “China is making great strides in developing its financial markets and the interbank market will continue to play a key role in this.”