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Foreign Exchange

CFETS ramps up its tech partnership with NEX

China’s interbank market trading platform and infrastructure provider has ramped up its technology partnership with NEX to capitalize on the ever-increasing appetite for algorithmic trading.

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China Foreign Exchange Trade System (CFETS) is a sub-institution directly affiliated to the People’s Bank of China.

Under the strategic objective of becoming the leading global trading platform and pricing centre for renminbi and related products, it provides a series of services covering issuance, trade, post-trade processing, information, benchmarking and training services for the interbank FX market.

The first phase of its new trading platform – known as CFETS FX 2017, which replaces the previous version CFETS FX 2009 – went live with a central limit order book (CLOB) platform for spot onshore Chinese renminbi (CNY) in December 2017.

An anonymous execution capability for the Chinese market, it provides market participants with access to a central pool of liquidity and a public reference point for spot renminbi pricing.

CFETS launched phase two of the new platform in early February, introducing a next-generation relationship-based platform for CNY trading of spot, forwards and swaps.

Through this disclosed, bilateral trading model, liquidity consumers can choose from a full range of bank and non-bank liquidity providers to access tailored executable streaming prices.

On the first day of trading, 480 institutions logged on to the new platform with 307 institutions conducting deals.


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