China CITIC Bank International launches Refinitiv EFX distribution platform

By Edil Corneille

Today, London-based Refinitiv announced the selection of its Refinitiv Electronic Trading platform by China CITIC Bank International to enhance the Foreign Exchange (FX) trading and distribution workflow.

Lijun Bai, Executive Director ACEO, Head of Wholesale Banking Group and Treasury & Markets Group at CITIC International apprised, “In today’s FX market, we see a strong demand for electronic pricing, execution efficiency and stability as the partner of our clients. Through the Refinitiv Electronic Trading platform, we will be offering competitive prices in CNH and other major FX currency pairs electronically, which we believe will improve the operational and risk controlling efficiency for both our bank and our customers.”

The current evolving FX markets require banks to have flexible trading platforms and tools that provide control over electronic pricing, distribution, and hedging to meet the growing demands of their client base and improve internal efficiency and mitigate operational risks.

David Day, Head of North Asia at Refinitiv expounded, “As a leading trading venue and data company for financial markets, we are proud to strengthen our partnership with China CITIC Bank International, one of the leading Chinese banks in the offshore market. Through Refinitiv Electronic Trading, CNCBI will have access to an efficient and digitized FX trading platform to drive the on-going growth of its foreign exchange business in both local and international markets. Enabling e-commerce solutions for the industry two decades ago, Refinitiv sits at the intersection of currencies FX venues, technology and regulation globally. We will continue to promote the development of efficient, fair and effective markets.”

With Refinitiv Electronic Trading, over 300 banks across 80 countries globally are said to be already benefiting from a turnkey, next-generation e-commerce FX trading solution. The platform offers a suite of e-commerce products to shape, configure and automate FX prices to customers through a number of distribution channels and FX venues while streamlining risk management. The platform’s auto-execution and smart order routing methods enable enhanced price discovery and execution with minimal market impact, which is critical in helping clients safely cope with much larger volumes from their remote or virtual work environments.