Thomson Reuters, GFI and SDIC Form Chinese Brokerage

Thomson Reuters, GFI Group and SDIC Group have entered into a joint venture to establish a foreign exchange (FX) and money brokerage firm based in Beijing, China.

The consortium has submitted its proposal to the appropriate regulators in the country, and believes that it will fulfill the requirements for the operation. The stated aim of the venture is to launch a full-service voice and electronic brokerage for the renminbi (RMB) and regulated instruments within the country.

The news follows increased interest in Chinese capital markets, as well as the launch of Eikon, Thomson Reuters' financial desktop, in a Chinese-language format.

"We believe that by joining forces and combining our industry leading strengths in technology, broking, communications and infrastructure, we will create a strong business that will be beneficial to the development of the China's financial markets," says Colin Heffron, president at GFI Group. "We also believe the timing is right for our joint venture to enter the marketplace and assist in the development of new financial products, and in the continuing internationalization of the RMB."