OREANDA-NEWS. September 14, 2011. ICBC London opened the service of currency trading quotes and FX trading on behalf of Head Office, said ICBC. The two ICBC services, FX trading, buying and selling of precious metal via accounts, were seamlessly connected and offered in Beijing, London and New York round-the-clock. During Asia hours (8:30 - 17:00 Beijing time), currency trading quotes and trades are handled by the Head Office, while ICBC London and New York Branch are in charge of currency trading quotes and trades during Europe sessions (17:00 - 24:00 Beijing time) and US sessions (00:00 - 08:30 next day, Beijing time) respectively. This marks the beginning of a global 24-hour trading system in ICBC and paves the way for the Bank to start financial market business across the globe, reported the press-centre of ICBC.

By taking advantage of London and New York, the two major financial centers in the world, ICBC stays closer to international market after the set up of the global 24-hour trading system for foreign currency and precious metal, said an executive with ICBC. The Bank is able to provide more stable, highly efficient trading services and exclusive analysis on the global market. Meanwhile, the new trading system allows ICBC to scale up the intensive and global operation of its financial market business, which translates to higher business efficiency, higher ability in price negotiation and profitability growth in global financial market, improvement in risk management and financial market services.

According to the ICBC executive, the next move of ICBC is to continue the reform on centralized business processing of financial market business in overseas subsidiaries. More businesses, including bond investment, monetary market, derivative trading, will be placed under centralized trading and management, offering comprehensive services on financial market transactions to all customers around the world.