GFI Group and Thomson Reuters are teaming together with state-owned SDIC Trust to create a foreign exchange and money broker for domestic financial markets in China.
Based in Beijing, the joint venture will support the trading of reniminbi and other market instruments. The companies call it the first step in the process to launch a full service voice and electronic brokerage for the domestic money markets in China. It currently meets the prerequisite necessary for obtaining a license, and official application materials are in the process of being filed with Chinese regulatory authorities.
Thomson Reuters has a long history in China and in serving the professional money markets, both in China and globally, says David Craig, president of Financial & Risk at Thomson Reuters. We are excited to bring this heritage to our joint venture with GFI Group and SDIC Trust and look forward to fulfilling the remaining requirements to obtain the license and support China as it continues to develop its money markets.
As the Chinese shareholder of the joint venture, we believe in the industry leading advantages which both Thomson Reuters and GFI Group will bring to our company, says Lv Yimin, general manager and top executive at SDIC Trust. All three parties of the joint venture are optimistic about the development of the money broker industry in China, and will focus on the business with a long-term perspective. Through our joint cooperation and efforts, we aim to provide our clients with the best possible money brokerage services.
(OS)