Nex and CFETS launch renminbi Clob

FX2017 allows anonymous execution on a central pool of liquidity and a public reference point for CNY pricing

Michael Spencer: pleased to launch public market for CNY spot FX and next-generation disclosed-trading platform for CNY spot, forwards and swaps

Financial technology company Nex has partnered interbank platform and infrastructure provider the China Foreign Exchange Trade System to launch a new renminbi-trading platform called CFETS FX2017 for the Chinese currency market.

CFETS selected Nex in June 2016 to deliver the underlying technology for the new service. The partners launched the first phase of FX2017 on December 4, 2017, with a central limit order book platform for spot onshore Chinese renminbi (CNY).

The Clob facility provides an anonymous execution capability for the Chinese market, with market participants able to access a central pool of liquidity and a public reference point for spot CNY pricing.

In phase two of the project, CFETS went live with a relationship-based platform for CNY trading in spot, forwards and swaps on February 5.

“The launch of FX2017 is a major upgrade of our financial trading infrastructure. It effectively ensures the safe, stable and efficient operation of the interbank foreign exchange market, enforcing the pricing power of the domestic Chinese market and opening it up to the global foreign exchange market,” says Zhang Yi, president of CFETS.

Through this disclosed bilateral trading model, liquidity consumers can choose from a full range of bank and non-bank liquidity providers to access tailored, executable streaming prices. Nex says 480 institutions logged on to the new platform on the first day of trading, with 307 of them conducting deals.

The launch of FX2017 is a major upgrade of our financial trading infrastructure
Zhang Yi, CFETS

“Nex has a strong track record of innovation in financial markets technology, and I am pleased we have been able to work with our long-standing partner CFETS to launch a public market for CNY spot FX and a next-generation disclosed-trading platform for CNY spot, forwards and swaps,” says Michael Spencer, group chief executive officer of Nex.

“This is a significant milestone in the development of the domestic FX market, and we will continue to support our CFETS partners as they roll out further phases and we explore further partnership opportunities in the future,” Spencer adds.

Volumes traded on the first day stood at $62.8 billion and average daily volumes in the first week of trading were consistently high, Nex says. The launch of FX2017 supports the expansion of the domestic renminbi market by offering multi-execution capabilities in a low-latency environment, the company adds.

“I’m extremely proud that Nex Markets has been able to leverage our trading technology expertise to jointly develop FX2017 with CFETS. As a result, the Chinese FX market now has access to multiple execution options in a robust and low-latency environment,” says Seth Johnson, chief executive officer of Nex Markets.

“The launch of this new Clob platform in mainland China will play a fundamental role in providing a public reference point for spot CNY pricing in the domestic FX market,” he adds.

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