Oct 30, 2013
Hong Kong, October 24th 2013 - Thomson Reuters, the world's leading source of intelligent information for businesses and professionals, and State Bank of Vietnam today announced the launch of a real-time trade monitoring and post-trade system for collecting and extracting information in the interbank foreign exchange market. The real-time system will leverage Thomson Reuters Dealing, the company’s industry standard trading platform for foreign exchange (FX) that enables trading professionals to connect with one another, hold conversations about different FX products and prices, and conduct FX transactions. It also builds upon a footprint of over 60 local and foreign financial institutions that are signed up to Thomson Reuters Dealing in Vietnam.
“The implementation of this system marks a positive shift towards automation in managing post-trade foreign exchange information,” said Pham Bao Lam, Director General of Central Banking Department, State Bank of Vietnam. “The ability to access accurate, real-time information will help modernize how the State Bank of Vietnam monitors foreign exchange transactions and increase transparency across the industry as well as promoting the long-term growth of interbank foreign exchange market.”
Used by more than 18,000 trading professionals globally in more than 5,000 organizations across 120 countries Thomson Reuters Dealing is the industry standard for FX trading professionals for price discovery and seamless integration with back office processes. Through Thomson Reuters Dealing users can quickly and efficiently contact their trading counterparties across a highly secure and reliable network, find liquidity in the instruments they are trading and get a clear view of where the FX markets are heading. The system also utilizes the Thomson Reuters Deal Tracker Service, which provides firms with a centralized view of conversation data, deal tickets and third-party post-trade information.
“Thomson Reuters Dealing serves the world’s largest professional trading community and we are delighted to be working with the State Bank of Vietnam on this initiative,” said Alfred Lee, managing director, Financial & Risk, ASEAN, Thomson Reuters. “This represents a new era in post-trade transparency, efficiency and automation in the FX market in Vietnam as it becomes one of the few countries in the world to participate in post-trade transparency and reporting in the FX markets.”
Thomson Reuters has had a presence in Vietnam for 21 years working closely with the financial industry and the banking community and is the leading international financial provider to operate in the country. In 1995 Thomson Reuters became the first organisation to introduce electronic trading of the Vietnamese Dong (VND) against the US dollar through its electronic Reuters Dealing Direct service.
Re-disseminated by The Asian Banker