ChinaFICC

ChinaFICC is a United Kingdom-based financial technology and market infrastructure venture whose stated mission is to support the internationalisation of China's financial markets. The company develops execution and trade management products that help international investors participate in China's domestic bond and equity markets, which are among the largest in the world. Its offering is positioned as an end-to-end ecosystem covering pre-trade, post-trade and execution workflows, designed to increase automation and reduce cost and risk for foreign institutions accessing China. The firm describes itself as building a multi-jurisdictional regulated venue and states that it is in the process of acquiring authorisations to operate in Hong Kong, Singapore, the United Kingdom, the United States and other major financial centres. Its first solution targets the access, control and competitive issues surrounding participation in the domestic RMB (CNY) market for international investors in bonds and equities. ChinaFICC argues that using CNY rather than CNH can reduce hedging costs and remove unnecessary basis or tracking risk, while transparent, auditable execution gives buy-side firms full control. ChinaFICC is led by co-founders with deep experience in Western and Chinese financial markets and infrastructure. CEO and co-founder Peter Best has held senior roles at major trading venues, including Head of Strategy for NEX Group's FinTech division, Chief Operating Officer of ICAP's SEF/MiFID licensed entities, and Head of FICC Product Development at NYSE Liffe. CTO/CPO Jason Grusauskas has served as Head of Execution at the RegTech firm Droit, Head of FX e-Trading Europe at Bank of America Merrill Lynch, and in FICC emerging markets roles at Goldman Sachs. The company publishes insights on China market access, including pieces on the cost of participation, the growth of foreign ownership, and the inclusion of Chinese bonds in global indices. Its stated mission is to develop and manage products that allow international participation to scale at pace, free from avoidable costs, risks and capacity limitations, and to collaborate with buy-side, sell-side, custodians and regulators. ChinaFICC is privately held and, as of the available evidence, remains in a pre-authorisation phase relative to its ambition of becoming a fully regulated venue.

ChinaFICC is a relatively young financial technology and market infrastructure venture based in the United Kingdom. It emerged to address a specific structural gap: although China has grown to host the world's second-largest bond and equity markets after the United States, foreign ownership remained a fraction of its potential. As China liberalised access for foreign investors through its 'Access Schemes', international participation began to grow rapidly, but regulation continued to evolve and challenges persisted across trading, data and post-trade workflows. The company was co-founded by Peter Best and Jason Grusauskas, both of whom brought extensive experience from Western and Chinese financial markets and infrastructure. Peter Best had held senior leadership positions at major trading venues, including Head of Strategy for NEX Group's FinTech division, Chief Operating Officer of ICAP's SEF/MiFID licensed entities, and Head of FICC Product Development at NYSE Liffe. Jason Grusauskas had served as Head of Execution at the RegTech firm Droit, Head of FX e-Trading Europe at Bank of America Merrill Lynch, and in FICC emerging markets roles at Goldman Sachs. Their combined expertise in trading venue operations, electronic execution and regulatory technology shaped ChinaFICC's product direction. ChinaFICC's stated mission is to support the internationalisation of China's financial markets by developing and managing the products needed to ensure that international participation can scale at pace, free from avoidable costs, risks and capacity limitations. The company aims to employ the latest technologies to ensure rapid product delivery, constant innovation and long-term sustainability, and to collaborate closely with buy-side, sell-side, custodians and regulators. By the early 2020s, ChinaFICC was publishing insights on China market access. A 2020 article by Peter Best, 'Bridging the gap', noted that China had the second-largest bond and equity markets in the world but that foreign ownership was a fraction of its potential, and that this was changing as China carefully liberalised access via its Access Schemes. A 2021 article, 'China's Capital Markets – Developed World Flows, Emerging Market Costs', argued that despite the large size and appetite to invest in China, the costs of participating still resembled those of smaller emerging market countries. Another 2021 piece discussed China bonds after FTSE inclusion. The company describes itself as aiming to become a multi-jurisdictional regulated venue and states that it is in the process of acquiring authorisations to operate in Hong Kong, Singapore, the United Kingdom, the United States and other major financial centres. As a fully regulated venue, ChinaFICC says it will be well positioned to assume all regulatory obligations, meeting relevant Western regulatory requirements while also aiming to establish itself as a fully approved regulated entity to meet China's regulatory requirements. Its first solution seeks to address the access, control and competitive issues surrounding participation in the domestic RMB market (CNY) for international investors in the bond and equity markets. The company remains privately held and, as of the available evidence, is still in the process of obtaining the authorisations needed to operate as a regulated venue.

• Publication of 'Bridging the gap' insight by Peter Best, discussing China's second-largest bond and equity markets and the growth of foreign access via Access Schemes.

• Publication of 'China's Capital Markets – Developed World Flows, Emerging Market Costs' insight by Peter Best.

• Publication of an insight by Peter Best on China bonds after FTSE inclusion.

A financial technology and market infrastructure provider positioning itself as a future multi-jurisdictional regulated venue that connects international investors to China's bond and equity markets, emphasising automation, transparency, cost reduction and risk reduction.

• Execution and trade management solutions for international investors in Chinese markets

  An ecosystem covering full end-to-end workflows across pre-trade, post-trade and execution, dedicated to international access to China. Developed using the latest technologies with high performance architecture, low latency and responsive workflows.

• First solution for domestic RMB (CNY) market access

  Addresses the access, control and competitive issues surrounding participation in the domestic RMB market (CNY) for international investors in the bond and equity markets. Aims to improve portfolio returns by unlocking price competition, reduce risk by removing unnecessary basis/tracking risk (CNH vs CNY), and provide full audit and control through transparent and auditable execution.

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