The China Foreign Exchange Trade System (CFETS) has recently signed a multi-year license agreement with Cicada for the use of the company’s leading data management and dissemination platform, Cicada Composer. The two organizations are working on the development and implementation of the solution which is expected to go into production in the first quarter of 2008.

Cicada Composer was selected by CFETS to strengthen the organization’s financial market data dissemination capabilities. The software infrastructure will serve as CFETS’ primary foreign exchange data management and feed dissemination platform. Composer will give CFETS increased performance and scalability, as well as full flexibility in product development and distribution to data vendors and directly to trading participants.

Founded in 1994, the CFETS provides services in foreign exchange trading and financial products for Chinese enterprises, joint ventures and foreign-funded firms in China. Using advanced technology and communications, the CFETS has established platforms for trading, information management and supervision. CFETS plays an increasingly important role in facilitating financial institutions’ liquidity management and capital structures; improving the RMB exchange rate regime; communicating and implementing RMB monetary policy; forming RMB exchange rates, interest rates and yield curves; and offering online surveillance to supervisory authorities. The CFETS system includes interbank FX trading, RMB interbank lending and bond trading, searching and quotation of commercial paper transaction, information and supervision and surveillance.

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