Bear Stearns First Financial Company to Extend a Next Generation FX Dealing Facility, Forexster, to Its Clients.Business Editors NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , NY--(BUSINESS WIRE)--March 25, 2003 The Bear Stearns The Bear Stearns Companies, Inc. (NYSE: BSC) is the parent company of Bear, Stearns & Co. Inc., one of the largest global investment banks and securities trading and brokerage firms in the world. Companies Inc. (NYSE NYSE See: New York Stock Exchange :BSC (Binary Synchronous Communications) See bisync. ) today announced that its wholly-owned foreign exchange trading Foreign Exchange Trading or FX Trading, clients are able to hedge against, or speculate upon, changes in the exchange rate of two currencies. For example, a speculator can long EUR/USD in foreign exchange market in order to profit from capturing the appreciation of Euro against the subsidiary Bear, Stearns Forex Forex See: Foreign exchange Inc. will participate in Forexster, a sophisticated on-line foreign exchange (FX) trading facility. Bear Stearns is the first financial institution in the FX community to announce its intention to embrace this application. Forexster's patents-pending trading application provides on-line FX dealing services that are open to all participants on an equal footing. Bear Stearns and its clients, and all other supporting banks and their clients, may directly participate with one another as price-takers and price-makers. Forexster, thus, enables all participants to trade with each other without the need for direct credit relationships. Forexster supports direct order matching and "request-for-quote'' services between any set of participants. All users, financial institutions and their clients, will be able to trade anonymously with all credit-providing financial institutions and their clients. In addition, a participant's legal counterparty relationship with respect to settlements, is preserved at all times, regardless of their ultimate trading counterparty. "We believe that Forexster is part of the next-generation of FX trading applications. It is this type of innovation that we have always tried to make available to our clients," said Ross Taylor Ross Luteru Taylor (born 8 March 1984 in Wellington, New Zealand) is a cricketer. He has captained the New Zealand Under-19 side in youth internationals. Taylor has scored 132* in the State Shield in 2003-2004, and 184 in the State Championship in 2004-2005. , senior managing director at Bear Stearns. "This facility offers our clients an additional option in trading FX. " "We are delighted that Bear Stearns is the first financial institution to support a trading facility that represents the next evolutionary change in on-line FX dealing," said Arman Glodjo, founder and chairman of Forexster. "We believe that others will follow and that Forexster will provide a large, liquid, and a truly efficient mechanism for FX trading." Founded in 1923, The Bear Stearns Companies Inc. (NYSE: BSC) is the parent company of Bear, Stearns & Co. Inc., a leading investment banking and securities trading securities trading, financial activity involving transactions of property such as stocks, bonds, commodities, and currency (see securities). Although the trading of stocks and bonds dates back several centuries in many Western nations, the development of the and brokerage firm serving governments, corporations, institutions and individuals worldwide. With approximately $32.0 billion in total capital, the company's business includes corporate finance and mergers and acquisitions, institutional equities and fixed income sales, trading and research, private client services, derivatives, foreign exchange and futures sales and trading, asset management and custody services. Through Bear, Stearns Securities Corp., it offers prime broker and broker dealer clearing services, including clearing and securities lending Securities Lending When a brokerage lends securities owned by its clients to short sellers. Notes: This allows brokers to create additional revenue (commissions) on the short sale transaction. . Headquartered in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. , the company has approximately 10,500 employees worldwide. For additional information about Bear Stearns foreign exchange, please visit the department's Web site at http://www.bearstearns.com/fx. Forexster.com Limited's patents-pending suite of products provides a groundbreaking environment for efficient dealing in FX. It does so by enabling buyers of a currency pair to seek out and deal directly with sellers of a currency pair at best possible spreads offered by such sellers on the network given the buyers' and sellers' existing credit lines with their banks and the topology of the interbank in·ter·bank adj. Relating to, involving, or connecting two or more banks: interbank borrowing; an interbank network of automated teller machines. credit network at the time a deal is made. Forexster's ``network-dealing'' model, thus, enables direct dealing between parties at natural buyer/natural seller spreads for a particular FX instrument as if the instrument was traded directly on a central exchange, without a need for a central exchange. Forexster is able to provide financial institutions sophisticated pricing engines, single-dealer applications, FX prime-brokerage services as well as full-featured network-dealing which links all participants across explicit or implicit lines of credit. For additional information about Forexster, please visit the company's Web site at http://www.forexster.com. |
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