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Screenshot of a breaking news alert e-mail from Q2 2017
ParFX, the wholesale electronic trading platform owned by interdealer broker Compagnie Financiere Tradition SA (SWX:CFT), today officially announced the addition of the offshore renminbi (CNH) to the lineup of tradeable currencies on the platform.
The USD/CNH pair went live on September 14, 2015, after extensive testing, and is a result of global demand from ParFX’s founder banks and customer base, which has expanded significantly since the platform’s launch in 2013.
Over the past several years, China has stepped up its efforts to promote the yuan as an international currency. After the introduction of spot trading in the offshore market in 2010, trading levels have kept increasing exponentially, with liquidity supported by rising levels of interest from investors across the globe, as well as the emergence of renminbi trading centres in Hong Kong, London and Singapore.
Dan Marcus, CEO of ParFX, said:
“The Chinese currency is one of the fastest growing in the world, but is still in the early of stages of its internationalisation. As demand for the offshore renminbi continues to grow, our founders and customers recognised the need to trade the CNH in an environment where there is genuine trading interest and liquidity, and not let it become another tool for disruptive traders.”
“We think now is a prime opportunity to introduce and instil the ‘pure’ ethos of ParFX – transparency, fairness, genuine trading interest and equality in access, market data and fees – to the offshore renminbi before it becomes a major, full-floating currency.”
Chris Knight, Head, e-FX Trading (East) at Standard Chartered Bank, comments: Offshore renminbi trading was almost non-existent five years ago but today ranks amongst the top-five most traded currencies globally. Given China’s role as a regional and global business hub at the centre of economics and commerce, it has become critical for us to trade CNH in an orderly and fair environment.
“We founded ParFX for this very reason; its concept is rooted in transparency and the platform has already proven to be a strong deterrent against disruptive trading behaviour. For this reason, we are delighted introduce the offshore renminbi to the ParFX trading community.”
Roger Rutherford, COO of ParFX, added: “The addition of the offshore renminbi marks an exciting milestone in our expansion and will significantly strengthen our presence in Asia in particular. The number of institutions trading on our platform globally continues to grow, and with our randomised matching engine, firmness of pricing and a truly level playing field for all participants, we believe ParFX offers the benchmark model for an efficient and transparent trading environment.”
To view the official announcement on the new offering, click here.