Index provider FTSE and developer of intellectual property and technologies Cürex Group are expanding the FTSE Cürex FX index series with the addition of seven new streaming benchmark currency pairs.
The new indices will enable investors to trade offshore renminbi (CNH) against seven major currencies and are aimed at promoting the creation of a new generation in currency risk management tools and investment products linked to institutional electronic over-the -counter FX market liquidity.
"We anticipate significant growth in offshore Chinese renminbi markets and support the development of financial products that promote transparent price discovery at venues where participants have equal access to sustainable liquidity," said William JP Dale, chief executive of Cürex Group. "FTSE Cürex offshore renminbi FIX rates and Cürex ECN [electronic communications network] matching engine technologies are enabling the development of new offshore Renminbi FIX rate financial products representing important innovation for current and future offshore renminbi trading centres and their capital markets infrastructure."
In addition to the FTSE Cürex FX Benchmark USD/CNH FIX published on 12 June, the new offshore renminbi FIX rates includes the FTSE Cürex FX Benchmark EUR/CNH FIX; the FTSE Cürex FX Benchmark GBP/CNH FIX; the FTSE Cürex FX Benchmark SGD/CNH FIX; the FTSE Cürex FX Benchmark CNH/JPY FIX; the FTSE Cürex FX Benchmark AUD/CNH FIX; the FTSE Cürex FX Benchmark CNH/HKD FIX; and the FTSE Cürex FX Benchmark CAD/CNH FIX.
The FTSE Cürex FX index series is a rules-based methodology which features multiple institutional pricing sources at multiple depths of liquidity. Bid and offer FIX rates and indices are calculated on a 24/5 streaming basis with 15 minute 'snap' FIX rates and indices calculated 96 times per day.
FTSE Cürex FIX rates are designed to be executable at the Cürex FX ECN, a unique FX ECN market place built with patent-pending technologies that enable real-time, executable benchmark FIX trading and high speed index data calculation for over-the-counter markets.