GFI Group, a provider of wholesale brokerage services for the global financial markets, and Thomson Reuters, a business data provider, will form a joint venture with SDIC Trust of China to create a foreign exchange (FX) and money broker for the domestic Chinese financial markets.
The joint venture money broker will be located in Beijing, to support the needs of financial institutions within China when trading the renminbi (RMB) and other regulated market instruments. The establishment of the joint venture marks the clearance of the first step in the process to launch a full service voice and electronic brokerage for the domestic money markets in China.
“Thomson Reuters has a long history in China and in serving the professional money markets, both in China and globally,” said David Craig, president, financial and risk, Thomson Reuters. “We are excited to bring this heritage to our joint venture with GFI Group and SDIC Trust and look forward to fulfilling the remaining requirements to obtain the license and support China as it continues to develop its money markets. Following the recent launch of Eikon, our next generation financial desktop, in Chinese, this joint venture is another example of how Thomson Reuters is working to meet the needs of financial professionals in China.”
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