3rd Jun 2016 06:10
LONDON (Alliance News) - ICAP PLC, the interdealer broker and trading platform provider soon to be renamed NEX Group PLC, on Friday said it has secured a contract to provide fixed income and foreign exchange electronic execution services in mainland China through the China Foreign Exchange Trade System, the country's official inter-bank market trading platform.
EBS BrokerTec, ICAP's electronic foreign exchange and fixed income platform business, will handle the contract, which will be worth USD65.0 million over three years.
ICAP has worked with China Foreign Exchange Trade System for more than nine years since the founding of the Shanghai CFETS ICAP, a joint venture broking and information services business for the onshore and offshore interbank foreign exchange, money market, bond and derivatives market.
"ICAP has invested meaningfully in financial technology over many years, which will continue to be part of the NEX Group plc strategy. Our EBS BrokerTec business has a strong track record of innovation in the development of electronic OTC markets," said Michael Spencer, ICAP's chief executive.
"This is a hugely exciting project for EBS BrokerTec and we are looking forward to working with CFETS to shape market development in the Chinese FX and fixed income," added Gil Mandelzis, the chief executive of EBS BrokerTec.
By Sam Unsted; [email protected]; @SamUAtAlliance
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