Reuters has announced the launch of Reuters Dealing 3000 Forwards
Matching service, the fully electronic forward broking system, in
India. This follows the earlier launch of Reuters Spot Matching
service and introduction of the Indian Rupee to its electronic
trading services. These moves support Reuters aims to be the
leading emerging markets electronic broker. Additionally, Reuters
has introduced its cross matching service, enabling banks in India
to trade approximately 39 global currencies in Spot, and 29
currencies in forwards with global financial institutions including
the US Dollar, Euro, Japanese Yen, and Sterling. Previously, banks
in India could only trade the USD/Indian Rupee spot matching.
R.N. Subramanian, Dealer, Canara Bank, said: "The Foreign
Exchange Market in India has benefited a lot from Dealing 3000 Spot
Matching System. The inclusion of forwards on its matching system
has seen increasing interest and when customisation to Indian month
end convention is made available, volumes are likely to go up."