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Trading

Kx technology powers R5-SHCH Connect, a new high-speed link between China and the London FX market

Kx technology powers R5-SHCH Connect, a new high-speed link between China and the London FX market

Kx, a division of First Derivatives plc (AIM:FDP.L, ESM:FDP.I), announces that R5 has implemented Kx technology to power R5-SHCH Connect, a new service which links banks in China with London’s foreign exchange (FX) market.  UK Prime Minister Theresa May announced the launch of R5-SHCH Connect during a state visit to China on 2 February 2018.

Kx for Flow is an established eFX trading platform, which combines order management, trade execution, risk management, transaction analytics and alerts management. This provides R5 and its clients with superior electronic execution and effective risk management with the added benefits of being on a centrally cleared platform. Kx for Flow is built upon the market leading kdb+ database platform.

R5 is a London-based FinTech company, which is driving the digital transformation of Emerging Markets FX as this market migrates from slow, opaque and inefficient voice trading to new electronic channels.

R5-SHCH Connect is an electronic marketplace, which enables domestic banks located in China, and their branches, to trade G10 currencies in the London FX market while being centrally cleared through the Shanghai Clearing House. It acts as a high-speed link between China and London, which provides Chinese banks with increased access to FX trading, and enhanced liquidity in major currencies. The first phase of R5-SHCH Connect has gone live with eight Chinese banks connecting to the London FX market. During 2018 many more onshore Chinese banks will be added to the marketplace.

Jon Vollemaere, CEO of R5 commented, “R5-SHCH Connect went live in a short timescale, the result of a good working relationship between R5, the Shanghai Clearing House and Kx, which was efficient and highly responsive. By using Kx technology R5-SHCH Connect is not only fast  and robust, it gives us a foundation for future growth and expansion as we continue to transform Emerging Markets FX. We are particularly happy to be announcing this partnership today at the City of London RMB Roundtable at the Guildhall in London, in association with the People’s Bank of China.”

Rich Kiel, Head of FX Solutions for Kx commented, “We are very pleased to be working with R5 on this important initiative to further support the ‘electronification’ of Emerging Markets FX.  R5-SHCH Connect demonstrates how Kx technology continues to be at the forefront of technical innovation in electronic trading bringing these two important markets together while providing R5 with a platform for future growth.”

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