Reuters has launched its electronic forward broking system, Dealing 3000 Forwards Matching, in India.
The release follows the earlier launch of Reuters' spot matching service and the introduction of the Indian Rupee to its electronic trading services.
Mitya New, managing director, Reuters South Asia, says 28 major banks in India are now using the Reuters dealing forwards matching system.
"Reuters is investing significantly to customise our global forwards matching software to meet local Indian forwards trading conventions requirements by year-end, as an interim solution until India converts to international trading conventions in the next two to three years," says New.
Additionally, Reuters has introduced its cross matching service, enabling banks in India to trade 39 global currencies in spot and 29 currencies in forwards, including the US Dollar, Euro, Japanese Yen and Sterling. Previously, banks in India could only trade the USD/Indian Rupee spot matching.