SCB China Launches Direct Trading for UAE, Saudi Currencies

Standard Chartered Bank (China) announced today that it has launched a direct trading business for RMB/AED and RMB/SR and that it has become the first batch of direct trading Market Makers Market Makers Market makers or called dealing desk brokers represent a type of broker that internalize flows and are taking the opposite side of a transaction submitted by their clients. The market making broker is only quoting a feed of prices to its clients. These feeds may or may not be the exact same as the prices quoted on the interbank market.Any order a client enters is processed internally and never goes out to the market, except in rare cases where a market making brokerage identifies a client as a v Market makers or called dealing desk brokers represent a type of broker that internalize flows and are taking the opposite side of a transaction submitted by their clients. The market making broker is only quoting a feed of prices to its clients. These feeds may or may not be the exact same as the prices quoted on the interbank market.Any order a client enters is processed internally and never goes out to the market, except in rare cases where a market making brokerage identifies a client as a v Read this Term for RMB against AED and SR in China’s inter-bank FX market.

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Sami Mahfouz, Head of Financial Markets UAE, commented: “Standard Chartered has a broad network and historical presence in the Middle East and we offer one-stop products and solutions covering cash, trade, foreign Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term and commodities.”

“China is the UAE’s second-largest trade partner, and Saudi Arabia’s largest trade partner. Direct transactions for RMB against AED and SAR will benefit the formation of direct exchange rates between the RMB and these two currencies, the reduction of exchange transaction costs, the promotion of bilateral trade and investment between China and these two countries, as well as driving the internationalisation of the RMB."

The bank has been at the forefront of the promotion of RMB internationalisation, and now provides RMB trading settlement, cash management, RMB bond issuance, and investment services to corporate clients in 34 markets, as well as providing RMB clearing and bond issuance services to banks in 72 markets.