Today, provider of infrastructure and market data Refinitiv, said it has entered into a partnership with China’s CITIC Bank International to enhance its FX trading network using Refinitiv’s Electronic trading platform.
Refinitiv’s e-commerce FX trading platform is used by more than 300 banks in 80 countries in the world. The platform provides a solid blend of e-commerce products for shaping configuring, and automating FX prices, making it easier for users to see price quotes in real-time.
More efficiency is price discovery and execution
The portal utilizes several FX venues and distribution channels while streamlining risk management. Refinitiv’s smart order and auto-execution routing methods offer enhanced price discovery and execution. It offers clients and customers the opportunity to deal with larger trade volumes while working from a virtual environment or a remote place.
With the rapidly evolving market, it has been a prerequisite for banks to have flexible tools and trading platforms which gives them control over hedging, distribution, as well as pricing of their products. With an improved platform, the banks can meet the growing needs of their customers while keeping operational risks as low as possible.
Refinitiv platform will improve operational efficiency
According to the head of the wholesale banking group at CITIC international Lijun Bai, there is a high demand for efficiency within the banking sector. As a result, banks must maintain a platform that encourages efficiency and reduce the cost of operation to its barest minimum.
He said the high demand for stability, execution efficiency, and electronic pricing has created a need for a better platform that can meet such needs.
That is why Refinitiv is providing an electronic trading platform that will offer competitive prices in major FX currency pairs, including CNH. With the new platform, there will be more efficiency in operation and risk control for both banks and customers, he reiterated.
Refinitiv’s head of North Asia, David Day, commented on the partnership by starting the company is excited to be working with China CITIC Bank, one of China’s top banks in the offshore market.
David said with the Refinitiv platform, CNCBI can access a digitalized and efficient FX trading platform that will enhance the growth capacity of foreign exchange business in the international market, as well as the local market. Refinitiz’s goal is to make FX transactions more efficient and less time-consuming with its platform.
“We will continue to promote the development of efficient, fair and effective markets,” he concluded.