Morningstar (NASDAQ: MORN), a leading provider of independent investment research, today announced that Nord/LB, one of Germany's state-owned commercial banks, has selected Morningstar as its preferred provider of snapshot foreign exchange and precious metal data.
Nord/LB receives snapshots every 10 minutes for about 100 forex and money market values for use within their calculation application. The application then automatically calculates derived foreign exchange and precious metals prices and allows approximately 80 German Savings Banks (Sparkassen) access to these values once a day for the production of daily literature pertaining to this sector.
"We are delighted to be working with Morningstar Real-Time Data, as the data allows us to calculate accurate prices that are vital for our community members," said Sascha Ziegler, systems manager of Market Data Systems for Nord/LB. "Alongside the quality of the data, we found Morningstar Real-Time Data's flexible pricing model extremely attractive."
"Nord/LB represents a highly specialized part of the German banking community and we are very pleased that they have selected the foreign exchange and precious metals data from Morningstar Real-Time Data," said Gordon Bloor, CEO of Morningstar Real-Time Data. "The acknowledged quality of our data and the flexibility of our delivery methods have proved to be an attractive combination for many of our clients who are looking for a comprehensive and efficient solution."