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.
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.