London - Reuters, the global news, information and technology group, announced today that UBS Warburg has deployed Reuters Market Data System and the Reuters Internet Finance Platform as part of an ongoing initiative to drive down market data costs in its FX and Cash Collateral Trading (CCT) business.
RMDS unites the best components from leading market data systems Reuters Triarch and the TIB Market Data Distribution System to manage quality financial content in real-time across UBS Warburg's trading and distribution environment. Based in Zurich, the system utilizes existing Triarch data sources to feed 500 users globally including centres in Switzerland, USA, UK, Singapore, Hong Kong and Tokyo. Using a global feed from a centralized hub eliminated the need and associated costs for installation, maintenance and IT resources in each country.
Reuters worked in collaboration with UBS Warburg to develop a browser-based desktop using the capabilities of the Reuters Internet Finance Platform. Named "MDS Lite" by UBS Warburg, the application delivers integrated Reuters prices, news, and information, along with UBS Warburg's own internal rates, vendor data, and other web services directly to end users at the Bank. Its flexibility means that individuals can adapt their screens to match their own requirements.
UBS Warburg' FX and CCT business decided in late 2001 to invest in a new flexible and scalable market data system which would give the company greater competitive advantage and efficiency. Thanks to a rapid development programme, Reuters installed a pilot system at UBS Warburg in Zürich within months. Following user feedback a final solution was provided to the bank by April 2002, with global rollout to UBS Warburg staff occurring over the past few months.
Peter Healey, Managing Director, Interest Rates and Foreign Exchange Business Management, UBS Warburg commented, "This project was a great example of how our two organisations in cooperation could rapidly develop a high quality, light-weight professional market data tool. Reuters commitment to rapid development and client collaboration provided us with an easy to use, tailored and flexible Market Data System solution in a very short time frame. Deploying this system has helped UBS Warburg achieve a key objective of cost leadership. The project has been so successful, in terms of cost savings, that UBS Warburg is now piloting the system across other business areas."
Peter Lankford, Head of Reuters Content Management and Distribution said, "We are extremely pleased that UBS Warburg has met its objectives so successfully by utilising Reuters Market Data System. The project has effectively demonstrated both the adaptability of our technology and our commitment to forging closer collaborative working relationships with global clients."
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