Royal Bank of Scotland launches FX electronic order book
26 January 2006 | 1601 views | 0
The Royal Bank of Scotland, Global Banking and Markets, announces the launch of its FX Electronic Orderbook - an addition to its foreign exchange dealing platform, RBSTrade.
It is an Orderbook that allows clients to submit directly orders for automatic or manual execution via the RBS trading desks – both for Spot and Forward rollover orders.
The FX Electronic Orderbook can handle a full range of orders ranging from the simple to the more complex, e.g., Take Profit, Stop Loss, One Cancels Other (OCO), If Done Other (IDO), on a Good Until Cancelled or Good Till Time basis. The way it works is also very simple. Clients can submit orders via Trade, the bank's online trading service for FX, Money Markets and Global Treasury Funds. Orders can be submitted, monitored, amended, cancelled, and booked, directly through RBSTrade's real-time blotter or via an application Protocol Interface (API) allowing straight through processing with clients' own systems. Once submitted, and unless cancelled orders that reach their limit will be fully executed.
The benefits to clients include preference for automatic or manual execution, transparency of spreads, direct control of the order for the client and the ability to create complex strategies. Upon execution, cancellation or expiration clients will receive email and sms notifications. The new FX Electronic Orderbook can be used by real money managers, global corporate clients, hedge funds and financial institutions.
Commenting on the launch, Tom Roche, Head of eCommerce and Agency Treasury Services said: "We developed the FX Electronic Orderbook in response to client feedback and demand. We aim to service clients better and deliver more choice to them in how they interact with the bank. The online market is increasingly competitive and clients want more sophistication from online offerings."