ABN offers home-grown electronic currency trading service

Investment bank ABN Amro is to launch a hosted electronic trading service for mid-tier banks.

Investment bank ABN Amro is to launch a hosted electronic trading service for mid-tier banks.

The service, accessed via a web portal, allows banks to offer clients electronic trading services in foreign currencies branded as their own service.

The worldwide launch of the service, due in the last quarter of this year, is a success story for ABN’s IT department which, initially, developed the technology for internal use.

“This is for large institutions and mid-tier banks who want to offer their customers foreign exchange services without investing huge amounts of money [in developing electronic trading platforms],” said Steven Metzler, head of global foreign exchange non-traditional products at ABN Amro.

Metzler estimated that it would cost a firm millions of pounds to develop an electronic foreign exchange trading service.

ABN offers two foreign trading services; a “streaming” system, allowing customers to receive real time quotes and then trade them, and a request for quotes system (RFQ), which can be used for less commonly traded currency pairs.

ABN’s trading services are based on a mixture of off-the-shelf software, bespoke messaging product and workflow systems. Consultancy Stentra helped ABN develop the services, although ABN owns all the intellectual property rights and any profits from sales of the technology.

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