CLIENT TESTING OF NEW REUTERS DEALING SYSTEM IN JANUARY
CLIENT TESTING OF NEW REUTERS DEALING SYSTEM IN JANUARY LONDON, Nov. 7 /PRNewswire/ -- Reuters today announced it is
planning live tests of its automated trading system for foreign exchange in January, with a view to launching it early in 1992.
The tests will be carried out by around 30 major banks in London and New York. Actual trading will begin after their successful completion. The system represents the second phase of the existing Reuter Dealing 2000 product. It adds a computerized matching facility, allowing automatic conclusion of trades between dealing banks when their buying and selling prices coincide. This is designed to produce faster and cheaper trading. A significant portion of the world's daily foreign exchange business is already transacted through Dealing 2000, the first phase of which provides foreign exchange dealers with electronic access to an 80-country network to negotiate trades. They do this by contacting and conversing with one another through the use of their screens and keyboards. This conversational facility will continue alongside the phase two automated matching of trades. Reuters first dealing service in foreign exchange, the Reuter Monitor Dealing Service, was launched in 1981. Today the Reuter dealing network reaches some 16,000 users, generating more than a million dealing "conversations" a week, some of which are rate inquiries and some of which lead to a trade. The new automated matching facility will initially be offered only to a small number of these existing users, but will progressively be extended to other users and other financial centers. Reuters Holdings PLC (NASDAQ: RTRSY) supplies the global business community and news media with a wide range of products including real- time financial data, transaction systems, access to numeric and textual historical databases, news and news pictures. Reuters has a controlling interest in Visnews, the international television news agency, and Reuter Group companies design and install trading room systems. Information is obtained from around 170 exchanges and over-the-counter markets, from some 3,660 subscribers who contribute data directly to Reuters, and from a network of about 1,300 journalists, photographers and cameramen. Reuters distributes information through
approximately 205,000 video terminals and teleprinters. This includes clients' own terminals that receive Reuter data.
-0- 11/7/91 /CONTACT: Robert A. Crooke (media), 212-603-3587, or Michael J. Reilly (investors/analysts), 212-603-3580, both of Reuters America/ (RTRSY) CO: Reuters Holdings PLC; Reuters America Inc. ST: New York IN: FIN SU: GK-JT -- NY030 -- 2136 11/07/91 10:36 EST
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|Date:||Nov 7, 1991|
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