THE ROYAL BANK OF SCOTLAND FINANCIAL MARKETS ADDS MORE EMERGING MARKET CAPABILITY TO RBS FiX

9th June 2005

The Royal Bank of Scotland Financial Markets (RBS) has today announced a further upgrade to its online foreign exchange service RBS FiX.

RBS FiX generates tradable Spot and Forward foreign exchange benchmark prices, providing users with a transparent market benchmark price that is independently audited and published to the market.

RBS FiX now provides forward foreign exchange benchmark prices for 12 new emerging market currencies: Kuwaiti Dinar (KWD), Hong Kong Dollar (HKD), Singapore Dollar (SGD), Polish Zloty (PLN), Hungarian Forint (HUF), Czech Koruna (CZK), South African Rand (ZAR), Israeli Shekel (ILS), Slovakia Koruna (SKK), New Turkish Lira (TRY), Mexican Peso (MXN) and Slovenia Tolar (SIT). This is for forwards up to 12 months tenor. These are in addition to the existing EM currencies.

Commenting on the upgrade, Tom Roche, Global Head of eCommerce and Agency Treasury Services, RBS, said: "This new capability is a very important addition to our eCommerce service and is in direct response to customer demand. By using RBS FiX customers can gain absolute confidence that the pricing of transactions is from multiple market sources."

The RBS FiX allows the use of FX rates from multiple sources including EBS VWAP prices (volume and rate) and Reuters rates. These rates are then blended into an algorithm, which takes into consideration time decay and width, thus allowing RBS to calculate what it considers a true market price. RBS FiX is independently audited by Deloitte & Touche at SAS70 Type II standard.

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