OREANDA-NEWS. July 02, 2014. Recently, ICBC has launched and put into operation the Securities Fund Settlement System developed for National Equities Exchange and Quotations (NEEQ). On the day of launch, 64 securities companies selected ICBC system to transfer their NEEQ business funds, making the system the main channel for NEEQ transaction fund settlement.

An executive with ICBC said that the successful launch marked an important move of the Bank to participate in the innovation and development of the securities market, which helps to improve the infrastructure of China’s equity exchange system and the transaction settlement service, develop new transaction modes, and boost the establishment of a small-amount, convenient, flexible and diversified investment and financing mechanism.

NEEQ is established for nationwide equity exchange based on the Securities Law upon the approval of the State Council, primarily serving medium, small and micro-sized enterprises of innovative, start-up and growth nature. The system is operated and managed by National Equities Exchange and Quotations Co., Ltd.

In the next step, by leveraging its strong technological R&D ability and advanced business system, ICBC will strengthen the cooperation with China Securities Depository and Clearing Corporation Limited and National Equities Exchange and Quotations Co., Ltd. to provide comprehensive financial services, boost investment from private sector and development of SMEs and better serve the real economy.