CFETS provides trading systems to interbank FX market, money market, bond market and derivatives market and organizes trading. It fulfills market regulatory responsibility, ensuring smooth, sound and efficient market operation.

The Interbank FX Market 

The interbank FX market consists of the interbank RMB/FX market, the foreign currency pairs market, the foreign currency lending market, and the related derivatives market. With the membership system and a market making mechanism, it supports FX trading among market participants. 

CFETS provides the interbank FX market with a unified and efficient e-trading system that supports anonymous trading, bilateral trading and matched trading, and offers system services such as trade analysis, market making interface, and real-time communication tool. 

Transaction Confirmation Service 

CFETS provides a confirmation service for the transactions concluded by market participants through the Post-Trade Processing Platform (PTPP), covering products such as interest rate swap (IRS), FX spot, forward, swap and option bilateral trading, and gold spot, forward and swap bilateral trading. 

The service offers unified confirmation text and an electronic confirmation mode to help market participants effectively reduce labor costs and operational risks, thus to improve the efficiency of market operation. 

Transaction Unwinding Service

The transaction unwinding service provides bilateral and multilateral trade compression for participants of the IRS and FX swap market. The service allows market participants to terminate their outstanding IRS contracts to the greatest possible extent without changing their exposure to market risks, so as to free their line of credit and occupied capital, effectively reduce the credit risks faced by the market as a whole, and improve the capital utilization efficiency of financial institutions.

Straight-through Processing Service

CFETS provides the Straight-Through Processing (STP) service for the interbank market. The trading system is seamlessly connected with the internal management systems of market participants, and the interbank settlement and clearing systems through Application Programming Interfaces (API). The entire trading process has been totally digitalized to avoid data loss or incorrect data during data landing, thus improving the transaction processing efficiency of market participants and reducing their operational risks.

CFETS provides comprehensive data and information services covering spot and derivative products in China’s interbank FX market, money market, and bond market. CFETS offers a variety of data products based primarily on quotations and transaction data from the interbank trading platforms, and supplemented by post-trade, primary issuance, and third-party data.

Data Products

Market Data : CFETS leverages the interbank trading platforms to provide users with complete and high-quality market data on quotes and deal information in a timely and accurate manner. This includes real-time data, closing data and historical data.

Benchmarks : CFETS has developed a comprehensive system of benchmarks that covers the spot and derivative products in the interbank FX market, money market and bond market. Among them are benchmark indicators, curves, valuations, and indices (see Benchmark Services for more information).

iData, data mining products : CFETS offers iData, multi-dimensional data mining products, covering the interbank FX market, money market, bond market, etc. Leveraging a comprehensive trading database and data mining capabilities, iData provides users with overviews and analytics, including sub-market volume and price trends, institutional behavior analysis, individual bond trading performance, issuer analysis, and the user’s own performance analysis.

Benchmark Services

CFETS’s benchmark services are widely used in a number of areas, such as pricing, mark-to-market valuations, trading analysis, performance comparison, portfolio investment, and risk management. These benchmarks are recognized as key references for spot and derivative products in China’s interbank FX market, money market and bond market.

Benchmark Indicators : Authorized and guided by the People’s Bank of China, CFETS calculates and releases benchmark indicators for exchange rates and interest rates, including the CNY central parity rate, the Shanghai Interbank Offered Rate (SHIBOR), the Loan Prime Rate (LPR), the CNY reference rate, fixing repo rate, etc.

Curves: CFETS provides a variety of curves derived from quotes and trades on the interbank trading platforms. These curves include bond yield curves, interest rate swap (IRS) curves, FX swap curves, FX option implied volatility curves, etc.

Valuations : CFETS offers valuation services for all kinds of bonds in China’s interbank market, along with valuation for outstanding contracts of derivatives, including interbank interest rate swaps, interest rate options, FX swaps and options, etc.

Indices : Empowered by comprehensive data on the interbank trading platforms, CFETS has compiled RMB indices and bond indices. The latter includes rate bond indices, credit bond indices, composite bond indices, custom indices, real-time bond indices, as well as thematic indices such as green bond indices.

Distribution Channels

CFETS Official Website: The official website of CFETS (https://www.chinamoney.com.cn/english/) is designated by the PBOC to publish interbank market information, including benchmarks of RMB exchange rates and interest rates. The website also releases regulatory and market announcements, regulations and rules, market data and statistics, information disclosure.

Shibor Official Website : Shibor official website (https://www.shibor.org/shibor/homeen/), hosted by CFETS, is the PBOC designated platform for the release of the Shanghai Interbank Offered Rate (Shibor) and the Loan Prime Rate (LPR). The website also provides access to quotation data and information disclosure.

Data Interface: CFETS offers a wide range of data interfaces to interbank market participants, including APIs, CFETS Market Data Service (CMDS) and iFTP interfaces, covering the interbank FX, money and bond markets. These interfaces provide market participants with access to market quotes, deal prices, benchmarks, market data spreadsheets, and data mining products (iData) in the standardized message or file format.

Trading Terminal: CFETS provides interbank market participants with accurate, complete, and real-time market quotes, deal prices, benchmarks, and other information services via trading terminals.

iDeal: CFETS launched iDeal, an instant messaging application for the interbank RMB and FX markets. This internet-based product combines business and technological functions, such as real-name authentication, audit trail, trading support, system integration, and open ecosystems. It also offers information services, including market data, benchmarks, and data mining products (iData).

Authorized Information Vendors: CFETS has authorized several eligible information vendors to distribute various data of the interbank market to market participants, domestic and foreign investors, and the general public via terminals and interfaces.

Authorized and guided by the regulators, CFETS commits itself to building a pricing center for RMB and related products, as well as calculating and releasing FX and interest rate benchmarks, such as RMB central parity rate, Shanghai Interbank Offered Rate (Shibor), Loan Prime Rate (LPR), CFETS RMB Index, RMB reference rate, fixing repo rate.
.

CFETS has built 82 systems, offering various services such as trading, post-trade processing, information, value-added and regulation services, so as to ensure technical support for market participants.

Network Access Service 

CFETS allows clients to access its network via dedicated lines and 3/4G virtual private dial-up network (VPDN). To enable easier access across China, CFETS has set up network relay stations in Guangzhou, Shenzhen, Shantou, Xiamen, Chongqing, Chengdu, Qingdao, Jinan, Tianjin, Dalian, and Hong Kong. Domestic clients can directly access the CFETS network in Shanghai or Beijing via dedicated lines or through nearby relay stations. The relay station in Hong Kong supports access via SDH and MSTP dedicated lines of local mainstream telecom operators such as PCCW, HGC and WT&T. Offshore customers can directly access CFETS Shanghai headquarter, Beijing back-up center or Hong Kong relay station via international dedicated data lines, or through the BT Radianz network and the TNS MPLS network both with global coverage. Given sufficient bandwidth, offshore customers can also access to the CFETS network via the dedicated lines used by their branches in China.

Security Service 

CFETS has set up a complete information security service system. On the principle of “defense in depth”, CFETS has established multi-layered security and protection solutions that cover various areas such as network access, core network, system service, and operation terminal. Furthermore, CFETS continues to develop the Security Situation Awareness System to strengthen security analysis and information auditing. The system has been authenticated by the ISO27001 information security management system. Through cooperation with the China Financial Certificate Authority (CFCA), CFETS provides market members with legal and authoritative digital certificates of various kinds, including those adopting high-performance algorithms such as SM series algorithms developed by the China Office of State Commercial Cryptography Administration (OSCCA) and RSA 2048 encryption. 

Help Desk 

The CFETS Help Desk is ready to solve any operational and technical problems client facing while using CFETS systems. It also provides 24-hour (Monday to Friday) hotline support and WeChat customer service, as well as on-site service if necessary.