18 September 2020 | AtoZ Markets – COVID-19 has caused economic turmoil in almost every sector of the world. However, COVID-19 has helped the Forex market with the volatility that has not been seen for years. Trading activities of the forex market have increased due to lockdown and social distance.
China Citic Bank Will Use Refinitiv EFX Trading Platform
China Citic Bank International has adopted the Refinitiv EFX distribution platform to power its electronic transaction. Refinitiv said it would allow greater transparency and efficiency for both banks and their customers. David Day, Head of North Asia at Refinitiv, said:
"We are proud to strengthen our partnership with China CITIC Bank. Through Refinitiv Electronic Trading, CNCBI will have access to an efficient and digitized FX trading platform to drive its foreign exchange business's on-going growth in both local and international markets. We will continue to promote the development of efficient, fair, and effective markets."
Refinitiv platform offers complete end-to-end workflow solution for Forex trading. It gives multi-bank trading platform capabilities, servicing all market participants, and liquidity. The platform also provides real-time credit screening, enhanced price discovery, efficient execution, and automated transaction capture and reporting. Lijun Bai, Executive Director ACEO, Head of Wholesale Banking Group and Treasury & Markets Group at CITIC International, said:
"In today's FX market, we see strong demand for electronic pricing, execution efficiency, and stability as the partner of our clients. Through the Refinitiv platform, we will be offering competitive prices in CNH and other major FX currency pairs electronically. We believe will improve the operational and risk controlling efficiency for both our bank and our customers."
According to the bank, the platform will enhance price discovery and execution while minimizing its impact on the market. It will also provide CITIC with specialized data on the money market and access to the FX Liquidity Pool with enforcement tools across multiple major exchanges.
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