Tullett Prebon SITICO (China) Ltd. was established on 20th December 2005 in Shanghai, invested by Shanghai International Trust Co., Ltd. and TP ICAP E&C Limited. Located at Lujiazui Financial Center, the company is the first inter-dealer broker (“IDB”) approved for carrying out business by the National Financial Regulatory Administration (“NFRA”) in China and is the first player in China’s inter-dealer broking industry. The opening up of the company indicates the innovation of China’s financial organizational system and has a wide range of active influences for ameliorating China’s financial market structure, improving market service level and increasing the efficiency of market functions.
In line with the relevant stipulations of “The Interim Administrative Regulations of Money Brokering Companies”, the company mainly engages in the brokerage of the following transactions: (1) foreign exchange market transactions both at home and abroad; (2) money market transactions both at home and abroad; (3) bond market transactions both at home and abroad; (4) derivative transactions both at home and abroad; (5) other businesses approved by NFRA.
As the first player in China’s inter-dealer broking industry, the main functions of the company is to audibly and electronically facilitate the funds accommodation, foreign exchange transactions, bond transactions and derivative transactions among the financial institutions on the wholesale market. The company strictly observes the principles of not to create prices and not to act as a principal in any kind of trading.
To the extent permitted by Chinese policies and regulations, the company will establish a platform among various types of domestic and foreign financial institutions (in particular, banks), deliver the excellent and professional broking service to the customers both at home and abroad by leveraging its own expertise and advantages and adopting advanced technology and scientific management methodology, with a view to making contributions to increase market liquidity, enrich the function system of Shanghai as an international financial center, facilitate the level of professionalized divisions on China’s money market and accelerate the development of China’s money market.