Hong Kong’s CITIC Ka Wah Bank Launches Internet Based U.S. Securities Trading, Teaming With ADP and Marketware International
NEW YORK, New York -- October 16, 2006 -- CITIC Ka Wah Bank (“CKWB”), a local bank in Hong Kong, announced today that it is now offering its customers the ability to trade securities on U.S. Markets via the Internet. Partnering with Marketware International (“MWI”) and ADP Clearing & Outsourcing Services, Inc. (“ADP Clearing”), this offering represents one of several initiatives by CKWB to become the PRC bank of choice through maximizing the latest technologies available to the marketplace.
CKWB is offering customers U.S. Stock trading to expand its wealth management services and provide its customers with access to the largest securities market in the world through the NYSE, AMEX and NASDAQ.
Designed with ease of use in mind, the CKWB trading site supports three languages -- English, traditional Chinese and simplified Chinese. It also enables customers to have immediate trading capability for U.S. stocks upon opening a U.S. securities trading account and offers same day funds transfer service in support of that trading.
Ms. Phoebe Wong, Senior Vice President and Head of Wealth Management and Strategic Planning Department of CKWB, commented, “We aspire to be the ’best of class’ full-service offshore PRC bank, offering value-creating financial solutions to Greater China and overseas customers to define and exceed both their wealth management and international business objectives. This U.S. securities trading offering places CKWB in a leadership position in this market.”
CKWB selected MWI to implement this trading solution and MWI then introduced ADP Clearing as the clearing service provider because of their combined industry experience. MWI, the developer of the TD Waterhouse internet trading system in the 1990s, provided both the business and technology level consulting on cross-border securities trading including introduction of relevant corporate parties and their related services that MWI then integrated into the CKWB trading system. ADP Clearing and MWI worked with CKWB to create a powerful, yet intuitively user-friendly trading platform.
ADP Clearing’s implementation:
* Provides ease-of-use trading functions that support the time difference considerations of global trading; specifically the availability of market, limit, stop limit and good till orders.
* Helps to build an efficient cash management process that enables customers to transmit funds for trading on the same day.
* Offers dual fulfillment -- CKWB customers can now access their e- transaction confirmations and monthly statement online at any time, anywhere.
Mr. Joe Barra, President of ADP Clearing, said, “ADP is a leader in providing cross-border processing services that sees Greater China as a strategic growth opportunity so we are delighted to be the transaction services provider for CKWB’s i-banking trading offering. CKWB is uniquely positioned to develop global securities trading in its market and we at ADP look forward to tailoring our capabilities to their unique market and regulatory requirements.”
The MWI implementation includes:
* A single log-on process to CKWB’s i-banking where a customer can access the world’s largest stock market, in their language of choice English, traditional Chinese, or simplified Chinese.
* Straight through trading -- Customers can enjoy “One Click” trading throughout the web site.
* Customized cash up front business calculating model -- Customers, with a single view, can track funds availability for trading, taking into consideration all pending settlement transactions and open orders.
Mr. Jose Pierre, President of MWI, commented, “Working on the implementation of this system is very significant because we are creating a new system with new functions in a new market and that market is Greater China. We are also creating new business relationships bringing together top tier financial services firms from multiple continents, with the objective of offering a trading platform that features ease of use, outstanding market analysis, and cross-border funds handling that should result in a very satisfying trading experience for the CKWB end-user investor.”
CITIC Ka Wah Bank Limited
CITIC Ka Wah Bank Limited (“CKWB”) is a wholly owned subsidiary of CITIC International Financial Holdings Limited, which in turn is approximately 56% owned by CITIC Group. By providing value-creating financial solutions to define and exceed both the wealth management and international business objectives of our Greater China and overseas customers, CKWB aspires to be the PRC bank of choice, with the best international standards and capabilities. CKWB operates 31 branches in Hong Kong and also has an established presence in China through its branches in Shanghai and Macau, and its wholly owned finance company, China International Finance Company Limited (Shenzhen). CKWB’s overseas branch network covers New York and Los Angeles. CKWB is rated “Baa2” by Moody’s Investors Service and “BBB+” by FITCH. More information about CKWB can be found on its website at www.citickawahbank.com.
ADP Brokerage Services Group
As a premier provider of transaction services to the financial industry, ADP has the capacity and technological expertise to assist its clients in differentiating themselves in the marketplace. ADP brings to financial intermediaries advanced, integrated systems for securities processing, desktop productivity and investor communication services, all focused on providing solutions for straight through processing and World Class Service.
ADP (NYSE: ADP), with over $9.0 billion in revenues and more than 570,000 clients worldwide, is one of the largest providers of a broad range of premier, mission-critical, cost-effective transaction processing and information-based business solutions. For more information about ADP Brokerage Services Group, please visit our web site at www.bsg.adp.com and for other ADP services and investor information, please visit www.adp.com.
Marketware International Inc.
Marketware International Inc. (“MWI”) is one of the world’s most experienced companies in providing business and technology solutions for web-based trading. As a technology and professional services company with a prestigious list of clients and alliance partners, MWI provides turnkey solutions for timely, cost-effective and risk averse cross border market access by managing both the implementation of its market-ready products and the services of its clearing and custodial alliance partners.
MWI’s EZLink.net Suite provides financial institutions with options for either full multi-language front-end through back-end solutions or middle-tier technology integrated with clearing and custodial services for multiple markets. MWI’s vision and goal continues to be to provide Financial Institutions with ’E-Z access to the World.
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