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ICAP launches CNH Hub

First Published 15th May 2015

ICAP's CNH Hub provides a consolidated view of the market in offshore Chinese renminbi.

Hugh Gallagher, ICAP

Hugh Gallagher, ICAP

"The internationalisation of the offshore Chinese renminbi is the most significant global currency development since the creation of the euro."

Hong Kong, London and New York - ICAP has launched the ICAP CNH Hub, a currency-specific portal which pulls together offshore Chinese renminbi (CNH) data from various services within the ICAP Group to offer a single, consolidated and holistic view of the market.

Incorporating CNH data from Global Broking, EBS and ICAP Information Services (IIS), the ICAP CNH Hub covers all related asset classes including: fixed income, interest rates and FX. The portal also streams renminbi specific market news, futures pricing and clearing data and in time will include equity derivatives, energy and commodities data and regulatory updates. Development is underway to allow customers to trade CNH through the platform and will be launched in stages, by asset class in the future.

Through Shanghai CFETS-ICAP International Money Broking Co., ICAP's partner in mainland China, the company plans to add onshore Chinese renminbi (CNY) data to the ICAP CNH Hub, derived from the Global Broking business.

The ICAP CNH Hub is accessed via ICAP Global Broking's eCommerce portal, for all products and services. Launched in 2013, the eCommerce portal has established a customer base of more than 1,000 users from over 100 institutions globally across multiple asset classes. This is the first time that the eCommerce portal has pooled information from the wider ICAP businesses.

Hugh Gallagher, CEO, Asia Pacific, ICAP said: "The internationalisation of the offshore Chinese renminbi is the most significant global currency development since the creation of the euro. With growing global interest in CNH, Global Broking has seen increased business in the currency, in addition to EBS where spot USD/CNH is now within the top five most traded currency pairs. As we continue to expand our Global Broking offering in numerous asset classes, ICAP has taken the strategic step to use the electronic capabilities of Global Broking to maximise the value of ICAP's unique combination of businesses and provide a much-needed, value-added service to our customers."

Dean Berry, Global Head of eCommerce, ICAP, said: "The pace of growth in the CNH requires ICAP to be prepared for markets to shift from a nascent, illiquid trade currency to that of an investing currency of choice. For CNH, ICAP has a versatile and scalable solution to facilitate market participants' trading, and provide real-time and historical market information across multiple asset classes. We are delighted to play a leading role in the CNH market by offering this unique service and look forward to expanding it in 2015."