South Africa's Standard Bank has installed electronic trading technology from UK news and information group Reuters to power its new foreign exchange dealing system, eMarketTrader.
The bank has rolled out the vendor's hosted foreign exchange dealing platform, Reuters Electronic Trading - Automated Dealing (RET-AD), which it is using to power its eMarketTrader system, which went live at its South Africa operations today.
The system allows corporate customers to access and trade on real-time, executable foreign exchange prices via the Internet.
Richard de Roos, Standard Bank's director and head of FX sales, says the bank currently handles over 30% of South Africa's foreign exchange volume and "Standard Bank will be the first bank to launch an automated dealing service with live streaming prices in South Africa".
Reuters says Standard Bank is the first in Africa to use its electronic trading technology, and the bank plans to make RET-AD its global electronic trading platform.
Jas Singh, global head of treasury, Reuters, says: "This project with Standard Bank underscores Reuters strength in providing flexible transaction services to the global FX markets."