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SBI, other banks may incorporate Reuters online trading solutions
Atmadip Ray
Mumbai. Jan 28: The State Bank of India (SBI) and a few other banks are considering to incorporate `TIB- Mercury FX,' a Reuters Trading Solutions' product for a real-time foreign exchange and money market trading application for online transactions.Speaking to The Financial Express, Reuters Trading Solutions' managing director for Asia-Pacific region Les Clemenson said: "We have approached a number of banks including private, foreign and public-sector banks of India". Mr Clemenson was in Mumbai to market the solution for online trading.Mr Clemenson is of the view that with the increasing volumes of operations in the banking sphere worldwide, this kind of treasury solutions will be necessary for the banks. "Most of the leading banks in the world are our customers. Indian banks are doing reasonably well in the face of increasing complexities of the global markets. I see the banks here are looking out to expand their operations towards the universal banking norms", he said.Touching upon the bank merger mania, Mr Clemenson opined: "If banks can take this route (mergers) to survive stiff competition, why will they lag behind in incorporating IT solutions? Banks have to use IT-solutions if they want to grow. The volume of transacations has increased manifold, it is quite impossible to operate without the help of online trading solutions. I see a readymade market for our products in India".Reuters Treasury Solutions enables banks to provide their corporate clientele and institutional customers trading service through the net. This allows for real-time trading across the time-zones. It also offers modular solutions that allows banks to take as much or little of the solution as they need.ICICI Bank has alraedy selected this solution for their onlinetradings.Copyright © 2001 Indian Express Newspapers (Bombay) Ltd.
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