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).
