Thomson Reuters, GFI team up with SDIC to form brokerage in China
Thomson Reuters and GFI have formed a joint venture (JV) with the Chinese state-owned asset and wealth management firm SDIC Trust to create a foreign exchange and money broker for the domestic Chinese financial markets.
The JV signifies the first step in providing a full-service voice and electronic brokerage for the domestic market in China. Located in Beijing, the brokerage will support the needs of financial institutions within China when trading renminbi and other regulated market instruments. “Following the recent launch of Eikon – our next-generation financial desktop – in Chinese, this joint venture is another example of how Thomson Reuters is working to meet the needs of financial professionals in China,” says David Craig, president, financial and risk, Thomson Reuters, in a statement.
“[We] look forward to fulfilling the remaining requirements to obtain the licence and support China as it continues to develop its money markets.”
SDIC Trust is a subsidiary of the State Development and Investment Corporation (SDIC), the largest investment-holding company in China.
It is the second venture it has established with a foreign financial institution, after it set up a JV with UBS to operate a fund management business in 2005.