Icap and the China Foreign Exchange Trading System & National Interbank Funding Center (CFETS) formally launched their joint venture – the snappily named Shanghai CFETS-ICAP International Money Broking Company – yesterday. One of the wires actually reported that Icap had gained approval for the JV, which it holds 33% of, a couple of days before the official announcement.
The company will provide voice broking to the money, bond and derivative markets in both Renminbi and other currencies.
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