Reuters will develop a TWIST interface, fine tuning it with customers for its recently launched Reuters Trading for Foreign Exchange (RTFX) service. This will enable organisations trading on RTFX to receive real-time post trade notifications directly into their internal trade processing systems, avoiding the costs and errors associated with less integrated trade capture methods.
Mark Robson, Head of Reuters Treasury and Fixed Income services, said: "Reuters is collaborating with TWIST to bring the financial markets more efficient transaction processing by adopting a standard developed to meet the specific needs of the corporate treasury community. We look forward to extending the same benefits of lower transaction costs and reduced errors to the corporate treasury professionals as enjoyed by the inter-bank market today."
To meet the needs of its full range of customers, Reuters will continue to use its internal data model to store and represent completed trades executed on its various trading platforms. To meet the needs of corporate treasury professionals, Reuters plans to convert completed trade notifications into the widely known TWIST standard and offer TWIST as one of the standard formats used within post trade STP workflows. Initially, the implementation will provide completed trade affirmations (using the TWIST protocol) from the RTFX platform.
Tom Buschman, Chairman of TWIST, said: "TWIST's non-proprietary XML-based standards cover three key, interlinked financial processes: wholesale financial market transaction processing, commercial payments/collections, working capital finance and cash management. Our interest is in facilitating innovation in the market through publishing standards which break down existing barriers to straight through processing. We are, therefore, keenly interested in not just the standards development, but also in their practical implementation. Reuters support for TWIST in their RTFX initiative helps enable the interoperability that corporate treasuries are demanding in order to gain the efficiencies of STP that standardization brings."
Reuters has the largest foreign exchange community with roughly 112,000 foreign exchange professionals across 125 countries relying on the companyâs news and information. Reuters Dealing 3000 platform is used by nearly 18,000 FX and money market professionals across 4,000 organizations to trade FX spot, forwards, options and futures, plus interest rate and overnight index swaps.