Monday, 5 June 2006
Johannesburg – Reuters (LSE: RTR, NASDAQ: RTRSY) has won a significant contract with Standard Bank of South Africa to provide electronic trading technology. The deal follows a competitive review and makes Standard Bank the first South African bank to make use of Reuters leading electronic trading technology to power its foreign exchange e-commerce trading platform for its corporate customers.
Standard Bank’s eMarketTrader, as the new service is known, went live today. It will allow corporate customers to access and trade on real-time, executable foreign exchange prices by accessing any standard internet browser. Standard Bank, which has trading offices in Johannesburg, Hong Kong, London, New York and other locations, will launch initially in South Africa, with plans to make Reuters Electronic Trading – Automated Dealing the bank’s global electronic trading platform.
Jas Singh, Global Head of Treasury, Reuters, said: “We are delighted to have been entrusted by Standard Bank on this project to support a key part of its FX business strategy. This sale marks our first in Africa and also the 50th sale of the hosted RET-AD service. This project with Standard Bank underscores Reuters strength in providing flexible transaction services to the global FX markets. Our global presence enables us to support our clients in every major market in which they operate.”
Richard de Roos, Director and Head of FX Sales, Standard Bank, said: “Standard Bank handles over 30 percent of South Africa’s foreign exchange volume and we are committed to delivering cutting-edge foreign exchange solutions to our corporate, institutional and retail clients. The supplier review that we conducted showed that Reuters is best placed to support us in these objectives. Standard Bank will be the first bank to launch an automated dealing service with live streaming prices in South Africa. It will enhance our existing e-trading systems, which are already class leading products.”
Reuters has established itself as a global leader in FX transaction technology for the fast-paced treasury marketplace. Its Reuters Electronic Trading suite of products has been developed to meet the e-commerce requirements of its clients. RET-AD is used by more than 80 banks globally and counts five of the 10 largest banks in foreign exchange. Reuters new generation of trading products -- which include Reuters Trading for Foreign Exchange, Reuters Trading for Fixed Income, CME FX on Reuters, CFETS multi-bank portal and the recently launched Reuters Trade Notification Service -- are all based on the proven platform.