Bombay â âUnion Bank of India (UBI), a leading public sector bank in India, has selected Reuters (LSE: RTR), the global information company, to implement an online foreign exchange trading portal. UBI selected Reuters Electronic Trading for Automated Dealing (RET-AD) and will use it to serve its corporate customers throughout the country.
Mr. Bhasker Sen, General Manager, Treasury at UBI, said: âThe bank wants to expand and grow its FX volumes by implementing a comprehensive Reuters electronic trading service that can add value to our business. "
Alex Hungate, Reuters Managing Director in Asia, said: âWe are very pleased that Union Bank of India has selected a best in class electronic trading solution from Reuters to support their business strategy. Indiaâs FX market is growing exponentially and we believe UBIâs choice of RET-AD will further strengthen the bankâs position in electronic trading of FX and money market instruments.â
The RET-AD system will be installed by mid-2006, and this leading-edge technology will enable the bankâs customers to conduct FX and money market transactions in a real-time environment over the Internet. This will enable UBI customers to trade on real-time foreign exchange prices by accessing the Bankâs website from any standard internet browser on their bankâs internal systems.
Asoka Markandu, Head of Sales, Reuters Transactions Group, Asia said: "By selecting Reuters Electronic Trading system, the bank can reduce the dealersâ workload, provide competitive transparent pricing, reduce costly errors, protect existing client base and improve customersâ experience in online trading and thereby enhance the Bank's position as a leader in the FX marketplace. We are confident our solution will address the bankâs requirements for performance, stability and resilience."
Reuters Electronic Trading has been developed by Reuters to address the e-commerce trading requirements of its clients. Products based on this platform include Reuters Electronic Trading â Automated Dealing & Limit Order Management, Reuters Trading for FX, Reuters Trading for Fixed Income, Reuters Trading for Futures as well as the China Foreign Exchange Trading System (CFETS) FX multi-bank portal. Reuters Electronic Trading is used by over 100 global financial institutions including ABN AMRO, Bank of America, Bank of New York, CFETS, HSBC, JP Morgan, amongst others.