Dow Jones Launches PassBook With NatWest Markets, Bank of America, UBS and Westpac.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 , LONDON, GENEVA & SYDNEY--(BUSINESS WIRE)--May 30, 1997-- New Limit Order Management Service Helps Institutions Manage Global 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 In Real Time Dow Jones Dow Jones the best known of several U.S. indexes of movements in price on Wall Street. [Am. Hist.: Payton, 202] See : Finance Markets announced today the commercial launch of PassBook, its order management and routing service for the foreign exchange market that lets financial institutions create, track and execute customers' limit orders globally in real time. A specially configured PassBook system is already in use at U.K.-based NatWest Markets, which worked closely with Dow Jones in developing the product. Installations are proceeding at Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. , Union Bank of Switzerland (UBS UBS Union Bank of Switzerland UBS United Bible Societies UBS United Blood Services UBS United Buying Service UBS Used Bookstore UBS University Business Services UBS Universal Building Society (UK) UBS Ulaanbaatar Broadcasting System ) and Australia's Westpac. The institutions will integrate PassBook into their trading desk Trading Desk A desk where transactions for buying and selling securities occur. Trading desks can be found in most organizations (banks, finance companies, etc.) involved in trading investment instruments such as equities, fixed-income securities, futures, commodities and foreign operations worldwide. The four major financial institutions were ranked by FX Week as being among the top 20 banks worldwide in foreign exchange trading revenue. PassBook is a new, Microsoft Windows-based service for financial institutions that provides real-time control Real-time control is a popular term for a certain class of digital controllers. For effective digital control, it is critical that sample time be constant. Real-time control achieves nearly constant sample time. See also
PassBook is one of the first in a series of strategic new services and applications resulting from a multiyear investment program to expand Dow Jones Markets' content and services across all major market segments. The program also will upgrade delivery systems and presentation technologies. Global development teams are currently working on numerous initiatives, and several new service announcements will be made as the year progresses. "In today's highly competitive foreign exchange market, maintaining and growing market share depends on an institution's ability to enhance its customers' liquidity by accurately and instantly executing orders according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. customer specifications," said Kenneth L. Burenga, Dow Jones president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Dow Jones Markets. "Dow Jones is committed to creating and delivering the kinds of services, like PassBook, that will put institutions at the center of their markets and help them meet their objectives." PassBook delivers a high degree of customization and flexibility. Customer orders can be entered into the PassBook system by authorized personnel anywhere in the world. A built-in authorization feature also lets desk supervisors control traders' access to orders. Once entered, orders can be shared instantly worldwide for execution by appropriate desks and traders. PassBook's electronic order-management and distribution functions help to eliminate lost or duplicate entries. Full audit capabilities are built into the system, so orders are cataloged and can be tracked around the clock. Each order stays under the control of one trader or desk. When control of an order is passed from one center to another, the receiving center must positively acknowledge receipt and a record of the transfer is entered into the system. PassBook can accommodate a broad range of customer trading strategies, ranging from simple "good until" orders, to more complex multi-part and linked orders. The service will automatically track a customer's preferred price point and alert the desk when the pre-specified range is reached. Institutions using the PassBook system also will have access to Help Desk support from Dow Jones Markets' London office, which will operate 24 hours a day, seven days a week. NatWest Markets is the corporate and investment banking arm of NatWest Group, one of the largest and best capitalized banking groups in the world. With some 7,000 employees in 51 offices in 26 countries, NatWest Markets provides strategic advice, equity and debt financing Debt Financing When a firm raises money for working capital or capital expenditures by selling bonds, bills, or notes to individual and/or institutional investors. In return for lending the money, the individuals or institutions become creditors and receive a promise to repay , risk management foreign exchange and securities sales, trading and research expertise to more than 3,000 leading corporations and institutions around the world. Dow Jones Markets is a leading global provider of news and market information, decision-support applications, trading room The notion of "trading room" (sometimes used as a synonym of "trading floor", see below) is widely used in financial markets to refer to the office space where market activities are concentrated in investment banks or brokerage houses. platforms and transaction services for financial institutions. Dow Jones & Co. also publishes The Wall Street Journal, Barron's, other business periodicals, business and financial newswires and community newspapers, and produces business television programing. Dow Jones Interactive Publishing, the electronic publishing An umbrella term for non-paper publishing, which includes publishing online or on media such as CDs and DVDs. arm, provides business and financial news and information products, including The Wall Street Journal Interactive Edition on the World Wide Web and Dow Jones News/Retrieval. CONTACT: Dow Jones Markets Brian Ek, +1-212-416-3782 brian.ek@cor.dowjones.com http://www.dowjones.com |
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