China Credit BGC Money Broking Company (CCTBGC), a joint venture between BGC Partners and China Credit Trust, has been granted a license by the State Administration of Foreign Exchange (SAFE) to broker FX options to the interbank market in China.
CCTBGC was established in 2009. The following year it became the first Sino-foreign joint venture inter-dealer broking company to be granted a business license by the China Banking Regulatory Commission to operate in Beijing and has since offered interest rate swaps, bonds, interbank cash deposit products and FX forwards to Chinese and foreign banks in China.
"I am delighted that BGC has received its license to broker FX options in China," says Daniel M LaVecchia, executive managing director, North America and global head of FX products. "Since commencing brokering of FX options at the end of March we have seen strong interest and demand from our valued clients. The addition of FX options to BGC's suite of products means we are well placed to meet the needs of the marketplace in China through an extended and comprehensive array of FX products."
"We are pleased the marketplace has responded swiftly and positively to our joint venture, largely due to the application of our world-class technology as well as our deep access to liquidity," says Shaun D Lynn, president of BGC. "Our ability to now offer FX options in addition to other financial instruments is being welcomed by our clients, further strengthening our position in the market and underscoring BGC's commitment to China and the Asia-Pacific region."