Reuters Launches eFX Broking Service in India
Reuters has announced the launch of Reuters Dealing 3000 Forwards Matching service, the fully electronic forward broking system, in India.
Reuters has announced the launch of Reuters Dealing 3000 Forwards Matching service, the fully electronic forward broking system, in India. This follows the earlier launch of Reuters Spot Matching service and introduction of the Indian Rupee to its electronic trading services. These moves support Reuters aims to be the leading emerging markets electronic broker. Additionally, Reuters has introduced its cross matching service, enabling banks in India to trade approximately 39 global currencies in Spot, and 29 currencies in forwards with global financial institutions including the US Dollar, Euro, Japanese Yen, and Sterling. Previously, banks in India could only trade the USD/Indian Rupee spot matching.
R.N. Subramanian, Dealer, Canara Bank, said: "The Foreign Exchange Market in India has benefited a lot from Dealing 3000 Spot Matching System. The inclusion of forwards on its matching system has seen increasing interest and when customisation to Indian month end convention is made available, volumes are likely to go up."