“ICAP plc (IAP.L), the world’s premier voice and electronic interdealer broker, and the China Foreign Exchange Trading System & National Interbank Funding Center (CFETS), today formally launched their joint venture – the Shanghai CFETS-ICAP International Money Broking Co. Ltd. (CFETS-ICAP). CFETS-ICAP is a 67/33 joint venture interdealer broking business, providing voice broking services to the money, bond and derivative markets in both the Renminbi and international markets.”

This JV has started as voice-only, however it will no doubt add electronic trading in due course and help open the debt markets in China.