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FIS in first RMB denominated FFA trade in China

FIS in first RMB denominated FFA trade in China
Shanghai: Freight Investor Services (FIS) has carried out the first RMB-denominated FFA trade in China.

The first trade made on Monday in China was based on the Baltic Exchange Indices was a December 4TC contract at RMB45,000, equivalent to $7,150 per day, between FIS as buyer a local broker Windely as seller.

“We are delighted to be the broker for the first FFA trade made in RMB and cleared with the Shanghai Clearing House and we think this heralds a new era in swaps trading in China,” said John Banaszkiewicz, managing director of FIS.

FIS said it spent 12 months working with Shanghai Clearing House to launch RMB denominated FFA trades based on Baltic Exchange indices.