ABN installs new foreign exchange system


ABN installs new foreign exchange system

Antony Savvas

ABN Amro has implemented a new electronic foreign exchange system across its global trading sites, to improve functionality for its staff.

The Dutch-owned bank has chosen the STPlatform from TraderTools to deliver a real-time foreign exchange dealing system.

The new system is being adopted across 25 sales sites worldwide. It combines a global limit order book, an automated system for filing electronic foreign exchange orders and an intuitive graphic user interface.

All the functionality is delivered from within a single platform. In September, ABN Amro signed a five-year outsourcing deal with five suppliers worth a total of £1.23bn - one of the largest such deals by a European bank.

Indian outsourcer Tata Consultancy Services (TCS) is providing applications support and IT improvements across the bank. TCS will also bid for extra applications development work against other outsourcing firms, in addition to the fixed five-year deal. The IT outsourcing contract is worth over £143m.

Under the contract, Accenture, IBM and Indian suppliers Infosys, Tata Consultancy Services and Patni can all bid for application development work, though IBM alone is now managing most of the bank's global IT systems, including servers, storage and desktops.

Hundreds of ABN staff transferred to TCS as part of the deal.

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