Thomson Reuters provides trade reporting solution to Bank of Uganda
Posted: 18 October 2012 | Source: Thomson Reuters
Deal supports Thomson Reuters vision to arm banks and governments with tools to enhance supervision over FX & MM activity
Thomson Reuters, the world's leading source of intelligent information for businesses and professionals, today announced that the Bank of Uganda will use Thomson Reuters Trade Reporting solution to automate the process of tracking market volumes and activity. The Bank of Uganda will utilize both Thomson Reuters Deal Tracker and Thomson Reuters Trade Notification services giving them greater automation and transparency across the entire trade lifecycle.
The progressively fragmented nature of trading coupled with greater regulatory oversight and scrutiny from investors means that operational efficiency is becoming ever more important. Firms increasingly need solutions that enable them to handle high volumes of voice and electronic trades from multiple venues across all asset classes whilst enabling them to control and manage risk.
Thomson Reuters Deal Tracker provides a suite of tools for monitoring and processing FX trades from the front to the back office, enabling the automatic review of conversational deals, confirmed tickets and post-trade notifications before, during and after trading. Thomson Reuters Trade Notification is a neutral, independent platform that takes advantage of Thomson Reuters extensive post-trade network, currently servicing more than 500 institutions across 70 countries world-wide. The solution removes barriers to straight-through processing by connecting banks, brokers and ECNs seamlessly with their counterparties and allows firms to receive trade notifications electronically and return affirmations, rejections or modifications to the source.
“The volatile currency market demands a clear visibility of Foreign Exchange (FX) and Money Market (MM) trades in Uganda,” said Dr. Louis Kasekende, deputy governor, Bank of Uganda. “Following strong currency depreciation, the Central Bank of Uganda decided to target inflation and therefore Thomson Reuters Trade Reporting solution was a natural fit for us.”
“Thomson Reuters has a key focus on expanding its business into Central Banks across the Middle East and Africa region,” said Basil Moftah, Managing Director of Middle East, Africa, and Russia. This agreement supports this vision and positions Thomson Reuters as the go-to firm to enable central banks and governments with the tools they need to enhance supervision over market activity and be better informed of when intervention is needed. Furthermore, this deal will strengthen our desktop content as all traded data in Uganda will be fed into Eikon.”