Recently, ICBC formally signed the Market Maker Agreement with China Foreign Exchange Center, becoming one of the first market makers of the market, and it conducted quotation and trading successfully. Moreover, ICBC also signed the Member Bank Agreement with China Foreign Exchange Center, and so ICBC participates in inter-bank foreign currency trading business as a member at the same time.
It is told that inter-bank foreign currency trading market adopts market maker's quotation-driven electronic pricing contest, i.e. China Foreign Exchange Center selects Chinese or foreign banks with certain strength in foreign exchange market as market makers, who continuously provide buying and selling prices of tradable currency pairs to the market to provide fluidity to the market. Currently, tradable currencies in the market only include Euro, Japanese yen, Hong Kong dollar, English pound, Swiss franc, Canadian dollar and Australian dollar, altogether eight currency pairs.
At the same time, for coordinating the plans of China Foreign Exchange Center to realize foreign exchange trading business that comes from domestic inter-bank market, ICBC has also successfully developed and put into operation foreign exchange trading market maker system, which has passed the acceptance inspection of China Foreign Exchange Center smoothly. People from ICBC expressed that the successful operation of the foreign exchange trading market maker system not only explores new of unchanged closing of foreign exchange buying and selling, but also will further enhance ICBC's competitiveness in the industry.
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