Best RMB FX Trial Market Making Institution、Best RMB FX Swap Trial Market Making Institution、Best Technical Service Supporting Institution
The China Foreign Exchange Trade System (CFETS) issued notice of Interbank FX Market Trial Market Making Institution guidelines in Jan 2021, in order to regulate interbank FX market development, further enhance RMB exchange rate forming mechanism and improve market price discovery. This would also increase the market makers' size (after increase, market maker and trial market maker numbers will reach 25 and 20 respectively). After receiving the notice, OCBC Wing Hang China Global Treasury responded quickly to the opportunity, and submitted its trial market maker application to CFETS. In Feb 2021, CFETS approved OCBC Wing Hang China's application for the trial market maker. Once obtaining the approval, OCBC Wing Hang China Global Treasury got in touch with the quote engine vendor to conduct system development and testing. The quote engine was launched in Jun 2021,and then GT FX traders fulfilled trial market maker obligations diligently and engaged in market quotations actively to provide liquidity to the market.