EnTie Commercial Bank a leading Taiwanese bank has implemented Reuters Electronic Trading – Automated Dealing (RET-AD) for automating real-time foreign exchange (FX) transactions between retail branches and its treasury function. EnTie is the first bank in Taiwan to leverage the RET-AD system, joining 130 global institutions that use RET to improve operational efficiency for FX transactions.
The RET-AD platform is built on proven, industry standard technologies – powering FX trading in 60 countries, using 16 different languages. The RET-AD system that is being employed by EnTie also marks the first time the platform utilises the Traditional Chinese-language interface, another value-added feature that expands the scope and reach to Chinese-speaking financial markets.
With increasing trading volumes in FX markets and pressure on margins, electronic trading is a cost-effective option for banks. EnTie will lead the way in improving its FX operational efficiency in a banking sector that is being described as “overly crowded” – by the country’s regulator Financial Supervisory Commission.
Commenting on the Thomson Reuters RET-AD system, EnTie’s CEO Jesse Ding: “We have strengthened our competitiveness in recent years via investments in infrastructure and a professional team. EnTie became the first Taiwan bank to offer the RET-AD foreign exchange system to its customers, helping them leverage FX market opportunities. We strive to make this a win-win for our customers with RET through speed and professional customer service.”
Paul Allmark, Global Head of Electronic Trading for Thomson Reuters, commented, “Thomson Reuters has a strong history of helping countries develop their financial markets, so I am particularly delighted that EnTie has become the first Taiwanese bank to use RET-AD to grow its FX business.”
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By automating large numbers of trades, RET-AD will free up EnTie sales traders to build customer relationships, focus on complex sales and reduce processing times and errors. Thomson Reuters’ low-latency automated solution will also create more opportunities for the bank to get closer to its customers and facilitate straight through processing to the bank’s back-office system for real time risk management position keeping.
Jeson Liu, Head of Financial Markets of EnTie, also remarked: “Thomson Reuters has an industry-leading electronic trading-platform that is proven and well-rounded. Apart from the ability to simplify the process with its extensive scalability, the RET-AD system also provides a single sign-on interface for a wide range of financial transactions. This will significantly increase our competitiveness in the FX market while better managing risks in today’s volatile financial markets.”
The Thomson Reuters RET-AD, which operates online, allows banks to offer their corporate customers and branches the ability to have direct interaction-increasing performance and client satisfaction. With an independent tried-and-tested system, RET-AD can reduce processing times and errors. It also serves a larger customer base or branch network by increasing the capacity of orders captured online.
Taiwan’s average daily turnover was US$24.5 billion. Transactions between banks and customers accounted for 26.8 percent of total net turnover, with interbank transactions making up the remaining 73.2 percent .