Bank of China upgrades electronic forex capabilities in Hong Kong

The Hong Kong unit of Bank of China, the world’s fifth-largest bank, has picked technology from smartTrade for its electronic forex platform. Reports suggest the bank has not been able to scale its existing system to accommodate its growing client base. The news comes as Chinese banks continue to expand and look to become key players in the rapidly-growing electronic forex markets.

The Hong Kong unit of Bank of China, the world’s fifth largest bank by assets, has picked smartTrade technologies for its electronic foreign exchange dealing business. The solution provided by the technology provider has been actively used by a number of banks, brokers and asset managers alike.

Chinese banks have been steadily expanding their business to become key players in the electronic foreign exchange space with their increasing balance sheets and growing needs of clients. The solution that has been in place for its customers has not been scalable enough to accommodate the bank’s growing client base which has been engaging in more trading activities.

The Hong Kong unit of Bank of China picked smartTrade because of its solid reputation in the industry and in particular in the banking community. The aggregation capabilities of the eFX platform delivered by smartTrade alongside its customizable client pricing distribution system and practical user interface have all been acclaimed by a number of brokers and banks.

Commenting on the announcement, the CEO of smartTrade Technologies David Vincent said: “It is a recognition of the quality of the product’s design and performance that Bank of China (Hong Kong) has chosen our platform. LiquidityFX, will allow them to enhance their Execution Execution Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co Read this Term and Risk Management Risk Management One of the most common terms utilized by brokers, risk management refers to the practice of identifying potential risks in advance. Most commonly, this also involves the analysis of risk and the undertaking of precautionary steps to both mitigate and prevent for such risk.Such efforts are essential for brokers and venues in the finance industry, given the potential for fallout in the face of unforeseen events or crises. Given a more tightly regulated environment across nearly every asset class, One of the most common terms utilized by brokers, risk management refers to the practice of identifying potential risks in advance. Most commonly, this also involves the analysis of risk and the undertaking of precautionary steps to both mitigate and prevent for such risk.Such efforts are essential for brokers and venues in the finance industry, given the potential for fallout in the face of unforeseen events or crises. Given a more tightly regulated environment across nearly every asset class, Read this Term efficiency.”

“By taking advantage of our robust and low latency platform, we will meet their needs in terms of flexibility, scalability, and performance. We see a perfect match between a large visionary institution like Bank of China (Hong Kong) and a focused technology company,” he added.

The Head of Electronic FX trading at Bank of China (Hong Kong) Michael Ng added: “Electronic trading is growing rapidly in currency markets. Hence, we would like to develop a new platform to better serve our growing corporate and institutional clients.”