Reuters and Northern Trust Company (Chicago) are to supply a customised, Web based foreign exchange dealing system to clients of Northern Trust.
The system, which will enable the bank's clients to execute foreign exchange transactions from their desktops, is expected to be rolled out to investment management firms worldwide during the third quarter of this year.
The system, which will be co-branded as a joint offering from Reuters and Northern Trust, will operate over any TCP/IP network. As well as electronic trading facilities it will also incorporate Reuters domestic equities news and quotes. Users will also be able to chat with Northern foreign exchange dealers to obtain the latest market insights.
"The rapid growth of cross border investments has made foreign exchange trading an intrinsic component of the investment management process," said Patrick McDougal, executive vice president and director of foreign exchange at Northern Trust.
"Northern Trust, with more than $1.3 trillion of custody assets and a leading foreign exchange presence worldwide and Reuters, with its strong presence in the global foreign exchange market and cutting edge technology, will make for a tremendous strategic partnership."
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