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Reuters Makes Headway into Online FX Market

Not only did Reuters make front page headlines last month following news of its involvement with Chase, Citibank and Deutsche Bank, but it is also making headway into the online FX market since it merged its DealWeb product with Tibco’s TIBMercury FX to form FX Trade Management.

Since the combination of the two systems in April, Reuters has signed up a number of clients, including ANZ International, Bank One, Israel Discount Bank and National Bank of New Zealand. An official says client numbers are “in the double digits”.

Reuters FX Trade Management enables banks to “white label” the Internet-based FX trading service for their corporate and institutional customers. Clients can request automatically generated price quotations, execute trades and set limit orders. Meanwhile, banks can manage limit orders globally.

The service covers all tradable currencies in spot, forward, date options (popular among export/import clients) and FX swaps, as well as short-term money market products. It also provides a chat facility and news services.

“This is a very flexible product,” says Mike Whitaker, newly appointed director, Treasury Services, for Reuters Trading Solutions. “Depending on what the bank wants, we can provide an off-the-shelf system that can be live in a matter of weeks, or we can offer a totally bespoke solution with local market specialities.”

Whitaker joined Reuters in July from DG Bank, where he was treasurer of the London branch for the past four years.

Whitaker says Reuters is working on expanding its post-trade services, and plans a “major release” later this year, but declines to reveal the nature of the product

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