Under the terms of the agreement users of the Reuters Trader UK product can now receive Proquote functionality that enables direct trading on the SETS order book of the London Stock Exchange and allows access to Proquoteâs Retail Service Provider Network and Order Management System. The SETS trading system and order management system will also be available on Reuters 3000 Xtra, the companyâs premium product.
Reuters will use Proquoteâs permissioning system, known as âcontentionâ, which enables the client company to control the number of users accessing the Trader UK service at a given time rather than each user having their own unique access. This allows companies to manage their Exchange fee costs by providing a charging structure for a pool of licenses as opposed to each user needing their own license.
The new offering has received the support of Charles Stanley, one of the UKâs largest independently-owned, stockbrokers, with the announcement today that it has signed an agreement to use Reuters Trader UK in its London head office and a number of regional offices.
Stephen Wilson, Global Head of Exchange Traded Instruments at Reuters, commented: âThe addition of the Proquote capabilities to Reuters Trader UK make it a very attractive proposition. It is a cost effective, hosted service which includes a contention capability. It is also sophisticated, combining a quality user interface with the breadth and depth of data and news coverage you would expect from a Reuters product. Iâm particularly pleased this has been endorsed by Charles Stanley, which has decided to take on Reuters Trader UK.â
Karen Young, Head of Business Development, Information Services at the Exchange, added: âWe are committed to using open standards in our product development so that our trading technology can be easily integrated with systems like Reuters Trader UK as well other back and middle office and portfolio management systems. This agreement will also benefit Proquoteâs Retail Service Providers because it offers them an additional channel to market.â