Reuters says its Treasury Broking Services business achieved record trading volumes in the first quarter of this year. The company also announced the introduction of additional Emerging Market currencies to its electronic foreign exchange broking service.
“Reuters electronic broking service is experiencing strong and year-on-year growth,” says Mark Robson, Managing Director, Treasury Broking Services, at Reuters. “We posted record volumes in January and February this year and in March experienced a record day where we reached $130 billion in Forward FX and some 30,000 Spot FX matches, the second best day since the service was introduced. The growth in Forwards is driven by interest rate moves in the G7 economies and in Spot by currency volatility due to the Gulf and the equity markets. Reuters has established itself as the Emerging Market broker, following success in the Common Wealth currencies and Sterling and Euros majors. The addition of these new currencies supports Reuters position as the primary electronic venue for Spot and Forwards trading for both the emerging and converging markets.”
Reuters Dealing 3000 Matching service now includes the Slovak Koruna Forwards and Turkish Lira Spot against the US Dollar and Euro for both immediate and next day settlement. Additionally, the company has launched electronic broking services in Cyprus. The addition of these new currencies follows strong growth in Czech Republic, Hungarian, Indian, Mexican, Polish and Singapore currency trading. Following today’s announcement, Reuters electronic matching service provides liquidity in 39 key currency pairs in Spot and 29 currencies in Forwards. Over the coming months, Reuters plans to add the Indian Rupee to its Forwards matching service.
Dealing 3000 is Reuters premium multi-function dealing desktop for foreign exchange and money markets professionals. It connects dealers to 18,000 counter-parties in up to 39 countries.