TMX Group marks occasion with a market open ceremony in Toronto
TORONTO, March 25, 2015 /CNW/ - Industrial and Commercial Bank of China (Canada) (ICBK), a Canadian Subsidiary of Industrial and Commercial Bank of China Limited (ICBC) and TMX Group today announced the signing of a Memorandum of Understanding (MoU) to enhance their understanding of each other's businesses and explore the possibilities of cooperation. Mingxuan Zhu, President and Chief Executive Officer of ICBK and Brenda Hoffman, Chief Information Officer, Group Head of Technology, TMX Group participated in the signing ceremony.
Under the MoU, TMX Group and ICBK will endeavour to set a framework for communicating on a regular basis to evaluate business opportunities, including joint product development in multiple asset classes, establishing clearing, settlement and risk management mechanisms.
Mr. Shu Gu, Senior Executive Vice President of ICBC, expressed his support in the following statement: "We are very encouraged with the recent progress in trade relations between China and Canada, highlighted by the official launch of RMB clearing in Canada. We believe this progress will also enhance the pleasant business relationship with TMX Group."
"This MoU with ICBK represents an important new relationship for TMX Group," said Lou Eccleston, CEO, TMX Group. "We are pleased to begin work with ICBK to explore ways in which we can collaborate to strengthen our respective organizations and increase our presence in a key global marketplace."
"We are very delighted to formalize our relationship with TMX Group" said Mingxuan Zhu, President and CEO of ICBK, "We are hopeful that the resulting collaboration will provide multiple benefits for Chinese and Canadian markets now and into the future."
"We look forward to working with ICBK to explore business opportunities across our two organizations both in Canada and China," said Brenda Hoffman. "Our technology solutions team is focused on seeking out new markets to leverage our assets and capabilities."
For Market Openings: Media may pick up a feed from the TOC (television operations centre) for all market open ceremonies. The feed is named TSX Transmit 1 (SD-SDI) and is produced at TMX and sent live to the Toronto TOC. The client moves into position for the market open ceremony at approximately 9:27 a.m. and the markets will open with the sound of a SIREN (the traditional market open on Toronto Stock Exchange).
About TMX Group (TSX:X)
TMX Group's key subsidiaries operate cash and derivative markets and clearinghouses for multiple asset classes including equities, fixed income and energy. Toronto Stock Exchange, TSX Venture Exchange, TMX Select, Alpha Group, The Canadian Depository for Securities, Montréal Exchange, Canadian Derivatives Clearing Corporation, NGX, BOX Options Exchange, Shorcan, Shorcan Energy Brokers, Equicom and other TMX Group companies provide listing markets, trading markets, clearing facilities, depository services, data products and other services to the global financial community. TMX Group is headquartered in Toronto and operates offices across Canada (Montréal, Calgary and Vancouver), in key U.S. markets (New York, Houston, Boston and Chicago) as well as in London, Beijing and Sydney. For more information about TMX Group, visit our website at www.tmx.com. Follow TMX Group on Twitter at http://twitter.com/tmxgroup.
About Industrial and Commercial Bank of China (Canada) (ICBK)
Industrial and Commercial Bank of China (Canada), a Canadian Subsidiary of Industrial and Commercial Bank of China Limited (ICBC), headquartered in the financial district of Downtown Toronto. ICBK is dedicated to providing one-stop shop of multinational financial services. The bank also earns great reputation through providing excellent, comprehensive, and efficient financial services to private, corporate and institutional clients. As a pioneer in building a sound and solid bridge for further economic and trade co-operation between China and Canada, ICBK will continue to support the business development of Chinese and Canadian enterprises.
On November 9, 2014, People's Bank of China (PBOC) has decided to authorize the Industrial and Commercial Bank of China (Canada) to serve as the RMB clearing bank in Toronto.
SOURCE TMX Group Inc.
For further information: Press Contact: ICBK, Cindy Shi, Manager, Communications and Public Affairs, Industrial and Commercial Bank of China (Canada), 416-607-2008, Cindy.Shi@icbk.ca; TMX Group, Shane Quinn, Senior Manager, Communications and Public Affairs, TMX Group, 416-947-4609, firstname.lastname@example.org