London – Reuters (LSE: RTR; NASDAQ: RTRSY) today unveiled a new secure trade notification system that enables financial institutions to manage their trading capital and risk exposures better as well as improve operational efficiency. The service has been selected by several leading institutions – including ICAP Plc, RP Martin Brokers, Calyon and Lehman Brothers. This service further supports Reuters growth aims in the electronic trading arena.
Don McClumpha, Managing Director of Electronic Broking at ICAP, said: "Direct integration of ICAP’s voice and electronic broking systems with those of our customers is a key part of our technology strategy. Using additional channels like RTNS extends direct integration. We can rapidly transfer post trade information and improve the operating efficiencies of those banks where direct integration would be both costly and time consuming."
Reuters Trade Notification Service (RTNS) is a trade messaging hub that facilitates the electronic transfer of all trade related messages. The service is already operational and is undergoing a controlled introduction. Initially, RTNS will focus on trade affirmation and confirmation, and will be expanded to cover allocation and settlement instructions, amongst others. The service will support industry standard message formats such as FIX, FPML and TWIST as well as provide direct connectivity into risk and trade management systems, such as Kondor+. RTNS supports FX spot, FX forwards, non-deliverable forwards, FX swaps and currency deposits and will be expanded to cover FX options, fixed income, interest rate and credit products over the coming months.
ICAP went live on RTNS earlier this year and banks including Calyon and Lehman Brothers will follow later this year.
RP Martin, which will go live later this month, selected Reuters Trade Notification Service after conducting a thorough review taking cost considerations and customer needs into account. Their customer feedback reflected the need for a consolidated ‘Community of Interest Network’ where multi-contributor sources can provide straight through processing in a single system.
David Caplin, CEO of RP Martin Brokers, commented: "RP Martin is pleased to be working with Reuters at the forefront of this technology initiative, designed to link the financial services community better and establish best market practice. We have already received positive feedback from our customers and aim to continue to match customer demand with new initiatives like RTNS. We believe RTNS is a comprehensive service utilising the Reuters global presence, thereby reducing time consuming and costly deployment issues often experienced with alternative approaches."
Banks and brokers can use the service to deliver trade related messages electronically to their respective counterparties. In addition, RTNS will act as a single straight through processing channel for Reuters new trading platforms, including the recently launched Reuters Trading for Fixed Income, Reuters Trading for Foreign Exchange, CME FX on Reuters and Reuters Electronic Trading – Automated Dealing.
"The more complex the instrument, the more costly and complicated it is to process the transaction, especially given the number of technologies employed by the involved parties. The release of RTNS is in direct response to customer needs and allows users to lower their costs and operational risk by supporting all trade related messages – whether conducted by voice or over an electronic platform," commented Rich Kiel, Senior Vice President of Transactions, Reuters. "With the broadest community and distribution network, Reuters has the unique position to make the service a success."
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