Cleartrade Exchange Pte Ltd (CLTX) announced August 9 the signing of a Memorandum of Understanding (MoU) with Singapore-based Tradex Systems Pte Ltd (Tradex) to begin work on the integration of a Chinese-language Graphical User Interface (GUI) for the CLTX marketplace. This new development will be implemented through an API between CLTX’s platform and Tradex’s MultiTradeX system.
The development is seen as a major step forward for both CLTX members and Tradex clients who want a Chinese-language trading screen and enriched OTC order strategy capability. Tradex has a well-established client base in China, who will now be able to access the CLTX market through the Tradex platform, by becoming members of CLTX. Similarly, members of CLTX wishing to use a Chinese-language front-end will be able to licence the Tradex MultiTradexX GUI and then use the MultiTradeX system to access the CLTX market.
Zhi Rui Ang, Operations Director of CLTX, said: “Since our launch last year we have had growing interest from China, as much of our commodity portfolio relates to demand from the Chinese market. The Chinese-language interface will allow us to offer our Asia-based clients the technical solution they have been asking for. It will also mean that we can offer our service to Tradex’s existing client base in China.
We have always advocated an open API strategy, as it allows us to easily extend and develop our service through partnerships. We are keen to promote a centralised marketplace and increase liquidity, without being constrained by technological limitations. Being able to work with Tradex will also allow us to quickly build on and develop our presence in China.”
Chengchen Li, Managing Director of Tradex, commented: “We are pleased to offer a central OTC marketplace for our clients to trade. Partnering with CLTX was a strategic move for a number of reasons, the most important of which is our support for the concept of a centralised marketplace. We also wanted to make sure that we continue to enhance our product offering for existing clients.”
China’s GDP in 2011 constituted 9.4% of the global economy, with a population which is 19% of the world population. The country’s consumption of iron ore, coal, steel, lead, zinc and aluminium all exceeded 40% of world production, offering excellent potential for expansion for a Chinese-language trading venue.